(MENAFN - Bahrain Tribune) Bahrain-based Gulf Union Insurance and Projects Management Holdings Company announced a bumper year in terms of business with total premium rising to 101.7 million, making it one of the best years in terms of business activities carried out by the company in 2007.
The Chairman of the board Mohammed Abdulla AI Zamil, who chaired the annual ordinary general meeting held at the company's headquarters in Manama, informed the shareholders that company had realised a net profit of 5.83 million for the year 2007 with a return on capital amounting to 25 per cent.
The shareholders' equity increased from 42.46 million to 51.2 million showing an increase of 20 per cent. The company's shareholders ratified the financial statement for the year 2007 in addition to electing a new board for the next term. Highlighting the major areas of business in the year 2007 which had helped the company to achieve yet another healthy financial target, Al Zamil said that the company would continue to pursue all core business activities in 2008 and beyond.
AI Zamil added that Gulf Union Insurance Group of companies has been engaged in insurance and other ancillary insurance services in the Kingdom of Bahrain over the years and the Kingdom of Saudi Arabia. He said: "The Group, along with other Saudi founders, filed an application for the formation of Gulf Union Cooperative Insurance Company with a paid-up capital of SR 220 million.
The legal formalities to establish the company have been finalised and the company received its insurance license from the Saudi Arabian Monetary Agency to engage in insurance and reinsurance activities in the general insurance, health insurance, savings and protection insurance. It is expected that Gulf Union Cooperative Insurance Company commences its insurance operations in the last quarter of the year."
The general assembly also elected the members of the new board of directors for the next three years as follows: Sheikh Ibrahim bin Hamad AI Khalif a, Percy AlbeIt Sequeira, Soleiman Hamad Algosaibi, Tareq Ali AI Tamimi, Abdul Aziz Ali AI Turki, Abdul Aziz Jassim Kanoo, Essam Abdul Kadir AI Muhaidib, Dr. Fouad Abdulsamad AI Falah, Fahd Saad Al Moajil, and Ibrahim Alsayhati. Mohammed Abdulla AI Zamil congratulated the elected officials and wished them good luck in their endeavor. Mohammed Abdulla AI Zamil announced that the Gulf Union Insurance and Projects Management Holdings Company has ambitious future plans to expand in the insurance sector and insurance ancillary services in the GCC Countries .