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02 October 05:36 PM

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18 February 2024 11:45 AM GIG sells entire stake in Buruj Cooperative for SAR 122m
Riyadh – Mubasher: Buruj Cooperative Insurance Company has announced that its majority shareholder Gulf Insurance Group (GIG) entered a binding agreement to sell its entire stake in the company to Cigalah Trading Establishment for SAR 121.83 …
Corporate Actions
Photo Archive
2 June 2022 00:26 PM Moody's affirms 'Ba2' rating of Gulf Insurance's unit in Egypt; outlook negative
Cairo - Mubasher: Moody's Investors Service (Moody's) has affirmed the insurance financial strength rating (IFSR) of GIG Insurance - Egypt (GIG Egypt), a subsidiary of Kuwait-based Gulf Insurance Group (GIG), at 'Ba2' and changed the outlook to …
Ratings
14 September 2021 10:03 AM AXA Med completes sale of stake in AXA GCIC to Gulf Insurance
Mubasher: AXA Mediterranean Holding (AXA Med) has completed the sale of its 28.05% stake in AXA Green Crescent Insurance Company (AXA GCIC) to Gulf Insurance Group (GIG). In early September, GIG has completed the acquisition of AXA’s operations in …
Mergers and Acquisitions
The transaction included AXA Gulf and AXA Cooperative Insurance
7 September 2021 11:52 AM Gulf Insurance completes acquisition of AXA in Gulf
Mubasher: Gulf Insurance Group (GIG) has completed the acquisition of AXA’s operations in the Gulf region in exchange for $474.75 million after obtaining the necessary regulatory approvals. The transaction included AXA Gulf and AXA Cooperative …
Mergers and Acquisitions
Photo Archive
13 June 2021 07:49 PM Kuwait Insurance to start EGP 100m life insurance firm in Egypt
Mubasher: The board of Kuwait Insurance has approved establishing a new life insurance company in Egypt with a capital of EGP 100 million (KWD 1.9 million). The new company will be subject to all regulatory and market authorities in Egypt and …
Companies Investments
The transaction is expected to close in the third quarter of 2021.
2 December 2020 03:42 PM Legal Advisors, Baker McKenzie advise on gig’s acquisition of AXA's Mideast business for $474.8m
Riyadh – Mubasher: Legal Advisors, Abdulaziz Alajlan & Partners alongside Baker McKenzie have advised Gulf Insurance Group (gig) on the acquisition of AXA’s insurance operations in the Gulf region for a value of $474.75 million. Under the terms of …
Companies Investments
Kuwait's Gulf Insurance will acquire 100% of AXA Gulf
30 November 2020 01:45 PM Kuwait's Gulf Insurance to acquire AXA's operations in Gulf for $475m
Mubasher: Gulf Insurance Group (GIG) will acquire French insurer AXA Group's operations in the Gulf region and the share of Yusuf Bin Ahmed Kanoo (YBA Kanoo) in AXA Gulf for $474.75 million. Under the agreement, Kuwait's Gulf Insurance will …
Mergers and Acquisitions
The transaction expected to close in Q3-21
30 November 2020 10:35 AM AXA signs agreement to sell insurance businesses in Gulf region
Mubasher: AXA, one of the largest global insurers, has inked an agreement with Gulf Insurance Group (gig) to sell its insurance businesses in the Gulf region, including AXA Gulf, AXA Cooperative Insurance Company, and AXA Green Crescent Insurance …
Companies Investments
Dividends will be distributed on Tuesday 9 June
3 June 2020 00:49 PM Al Ahleia Insurance to distribute 2019 dividends next week
Mubasher: Al Ahleia Insurance Company announced that distribution date for the 2019 cash dividends. Dividends will be distributed on Tuesday, 9 June, the insurance firm disclosed to Boursa Kuwait on Wednesday. In April, the company’s shareholders …
Cash Dividends
The ratings reflect the insurer’s strong balance sheet
18 May 2020 11:48 AM AM Best affirms ratings of Al Ahleia Insurance; outlook stable
Mubasher: A.M. Best Rating Services has affirmed Al Ahleia Insurance’s financial strength rating (FSR) at ‘A-’ (Excellent) and the long-term issuer credit rating at ‘a-‘.   The outlook for these credit ratings remains stable, according to a bourse …
Ratings
The rating reflects the robustness of the insurer’s balance sheet
17 May 2020 10:18 AM AM Best affirms Kuwait Reinsurance credit rating at “A-“
Mubasher: A.M. Best Rating Services has affirmed the credit rating of Kuwait Reinsurance Company at “A-“ (Excellent), with a ‘Stable’ outlook. The rating highlights the robustness of the insurer’s balance sheet, coupled with its adequate operating …
Ratings
First Takaful's cash liquidity rate grew by KWD 12.14 million
10 May 2020 02:57 PM First Takaful completes exit from Turkey’s Neova Sigorta
Mubasher: First Takaful Insurance (FTI) has completed all procedures to sell its 35% stake in Turkey’s Neova Sigorta Insurance Company, a sister company, for around KWD 12.14 million as per the exchange rate on the sale date.    The Kuwaiti …
Companies Investments
A remuneration totalling KWD 35,000 will be granted to board members for 2019
7 May 2020 00:58 PM Warba Insurance agrees on 2019 dividends, bonus shares
Mubasher: Warba Insurance’s general assembly approved the previously recommended distribution of cash dividends of 7.5 fils per share or 7.5% of the share’s nominal value for 2019 after excluding treasury stocks. The distribution will be to the …
General Assembly
The deal will develop the company's insurance products and services
3 May 2020 10:30 AM Gulf Insurance acquires 9.6% stake in Compareit4me Holdings
Mubasher: Gulf Insurance Group (GIG) announced the takeover of a 9.6% stake in Compareit4me Holdings Limited for $4.25 million. The acquisition deal is in line with the group’s strategy aiming to enhance and develop the deployment of modern …
Companies Investments
The board discussed increasing the issued and paid-up capital to KWD 20.48 million
23 March 2020 03:20 PM GIG approves FY19 dividends; mulls capital rise
Mubasher: The ordinary general meeting (OGM) of Gulf Insurance Group (GIG) approved the board’s recommendation to distribute cash dividends at 38 fils per share, 38% of the share’s nominal value, for the fiscal year (FY) 2019. The approval came …
Board of Directors
The board recommended cash dividends of KWD 1.21 million for 2019
19 March 2020 04:42 PM Warba Insurance’s earnings soar 50% in 2019
Mubasher: Warba Insurance’s profits climbed by 49.8% on an annual basis in the fiscal year (FY) ended on 31 December 2019. The profits for the 12-month period amounted to KWD 1.17 million ($5.53 million) by 2019 year-end, compared to KWD 781,520 …
Board of Directors
Al Ahleia Insurance's profits up 8% YoY
11 March 2020 06:28 PM Al Ahleia Insurance records KWD 10m profit in 2019
Mubasher: Al Ahleia Insurance reported higher annual profits by 7.9% in 2019 at KWD 10.24 million ($33.58 million) as compared to KWD 9.49 million ($31.13 million).   The growth in last year’s financials is attributed to higher operating revenues …
Financial Results
Photo Archive
23 February 2020 05:05 PM Gulf Insurance profits rise 12% in 2019
Mubasher: Gulf Insurance Group reported an increase in profits for last year by 12% to KWD 13.3 million ($44 million), compared with KWD 11.9 million ($39.2 million) for 2018. In 2019, the company’s revenues amounted to a total of KWD 205 million, …
Companies Investments
The deal could be closed within three to six months
11 February 2020 09:44 AM First Takaful predicts earnings from exiting Turkey’s Neova Sigorta
Mubasher: First Takaful Insurance (FTI) expects the proceeds from selling its 35% stake in Turkey’s Neova Sigorta Insurance Company to range from KWD 11.5 million to KWD 13.1 million. The transaction is likely to be completed in three to six …
Companies Investments
FTI owns 35% of Turkey's Neova Sigorta
6 February 2020 09:42 AM First Takaful Insurance to sell stake in Turkish affiliate
Mubasher: First Takaful Insurance (FTI) signed a preliminary agreement to sell its stake in Neova Sigorta Insurance Company, a Turkish associate.   The Kuwaiti firm’s stake amounts to 35% of Neova Sigorta’s capital, according to a statement to the …
Mergers and Acquisitions
The ratings reflected the company’s profitable work model
24 December 2019 03:26 PM Moody's affirms Kuwait Investment’s ratings; Outlook stable
Mubasher: Moody's Investors Service has affirmed the credit ratings of Kuwait Investment at ‘Bb2’, with a stable outlook, according to a bourse statement released on Tuesday. The ratings reflected the company’s profitable work model and ability to …
Ratings
No financial impact shall reflect on Gulf Insurance’s profile
23 December 2019 01:55 PM Kuwaiti gov’t fails to repay KWD 57.8m for Afya Health – Gulf Insurance
Mubasher: The Kuwaiti Ministry of Health has failed to repay KWD 57.8 million arrears to Afya Health, a project offering health insurance for Kuwaiti retirees, Gulf Insurance Group announced. The value of arrears is distributed over KWD 27.2 …
Ministries
Profit grew to KWD 826,240 in 9M/19
13 November 2019 10:12 AM First Takaful Insurance’s profit plummets in Q3-19
Mubasher: First Takaful Insurance (FTI) has reported an 80.2% year-on-year profit decline during the third quarter of the fiscal year 2019. The company’s profit dropped to KWD 10,420 ($34,380) in Q3-19, compared to KWD 52,740 ($173,990) in the …
Financial Results
Profits amounted to KWD 2.6 million in the third quarter of 2019
12 November 2019 10:52 AM Gulf Insurance profits up 36% in Q3
Mubasher: Gulf Insurance Group reported a 35.5% year-on-year (YoY) decline in profits during the third quarter (Q3) of the year, as shown by the company’s financial statements. Profits amounted to KWD 2.6 million ($8.58 million) in Q3-19, compared …
Financial Results
Profits amounted to KWD 775,830 in the third quarter of the year
11 November 2019 05:11 PM Kuwait Insurance profits down 50% in Q3
Mubasher: Kuwait Insurance Company reported a 49.9% decline in profits during the third quarter (Q3) of 2019, as shown by the company’s financial results. Profits amounted to KWD 775,830 ($2.56 million) in Q3-19, compared with KWD 1.55 million …
Financial Results