Latest news with #MuradAliMurad
Daily Tribune
21-04-2025
- Business
- Daily Tribune
Bahrain Kuwait Insurance Co. celebrates 50 years of excellence
Bahrain Kuwait Insurance Co. (GIG Bahrain), a subsidiary of Gulf Insurance Group (GIG), announced its 50th Anniversary Celebration, marking half a century of dedicated service and innovation in the insurance sector. The commemorative event is scheduled to bring together esteemed clients, partners, and stakeholders to honour this significant milestone. Since its establishment in 1975 as Bahrain Kuwait Insurance Co., the company has been a cornerstone of the Kingdom's insurance sector. GIG Bahrain was the first insurance company to be publicly listed in Bahrain and has played a vital role in fostering confidence in the local insurance market. Over the decades, it introduced numerous firsts in the industry, including innovative motor, medical, and property insurance products that benefited large number of individuals and businesses. Through its dedication to transparency, customer-centric solutions, and market leadership, GIG Bahrain has helped shape the regulatory and operational standards of the Bahraini insurance industry. Mr. Murad Ali Murad, Chairman of GIG Bahrain, reflected on the company's journey 'Reaching our 50th anniversary is a testament to the unwavering dedication of our team and the trust our clients and shareholders have placed in us. Over the decades, we've witnessed and contributed to the evolution of Bahrain and Kuwait's insurance industries, introducing innovative products and setting new standards of service. As we celebrate this golden jubilee, we remain committed to delivering exceptional insurance solutions and upholding the values that have defined our success.' Dr. Abdulla Sultan, CEO of GIG Bahrain, added 'This milestone offers us an opportunity to express our gratitude to our loyal customers and partners. Over the years, we've seen substantial and sustainable growth, driven by our expansion in commercial and conventional lines of business. Looking ahead, we are excited to continue our journey of sustainability & innovation, embracing new technologies and methodologies to better serve our community.' The 50th Anniversary Celebration will feature a series of events, including keynote speeches, a walkthrough of Bahrain's historic insurance sector and networking opportunities, all aimed at fostering dialogue on the future of the insurance industry
Daily Tribune
26-03-2025
- Business
- Daily Tribune
Bahrain Kuwait Insurance Company AGM approves 25% Cash dividend
TDT | Manama Bahrain Kuwait Insurance Company (BKIC) held its Annual General Meeting (AGM) for the financial year 2024 yesterday at the Company's Head office in Seef District with a quorum of 85.85%, and in the presence of representatives of the relevant regulatory authorities. The General Assembly approved the Board of Directors' recommendation to distribute a cash dividend of 25% equivalent to 25 fils per share amounting to BD 3,691,762 (excluding the treasury shares). Subsequently, the Extraordinary General Meeting convened, where the Board of Directors' recommendation to amend and restate the company's Memorandum of Association (MOA) and Articles of Association (AOA) to comply with the requirements of Legislative Decree No. 28 of 2020, amending certain provisions of the Commercial Companies Law issued by Legislative Decree No. 21 of 2001. Sound strategies Mr. Murad Ali Murad – the Chairman of BKIC stated that having collaborated more extensively within the consideration for the current environment and the expected trends ahead, the Board alongside the Management have implemented sound insurance, investment, and operational strategies with the main objective of strengthening both the market and the financial position. This task would have been impossible without an emphasis on transparency and trust to subsequently cultivate the shareholders' value properly with the aim of exceeding the expectations of all esteemed customers and stakeholders. Mr. Murad Ali Murad added that despite the challenges arising from the inflation and high interest rates and increased tax as well as the escalating geopolitical tension across the Middle East region, Bahrain Kuwait Insurance Company (BKIC) achieved a net profit attributable to the shareholders of BD 5.17 million, compared to a restated profit of BD 5 m in 2024, showing an increase of 3%. Total comprehensive income attributable to the shareholders for the year stood at BD 4.84 m compared to BD 5.59 m in 2023, showing a decrease of 13% Due to changes in fair value of investments. The total shareholders' equity as at end of December 2024 is BD 44.23 mn compared to BD 44.90 m as at end of last year, representing an increase of 2%. Investment income driven by the company's strategy to restructure the investment portfolio to earn optimum returns increased by 8%. Lastly, Mr. Murad mentioned that the international rating agency A.M. Best has affirmed the credit rating of the company 'A- Excellent with a stable outlook' after reviewing the company's and the subsidiary's performance. This rating is the highest rating in Bahrain to be awarded to a local direct insurer, reflecting the financial strength of the company to meet its future obligations, in addition to being part of the Gulf Insurance Group (GIG) which is amongst the largest insurance Groups in the region. Dr. Abdulla Sultan – the CEO of BKIC stated that, despite the challenges faced by the company in 2024, BKIC continued affirming its lead position in the local market and maintained its strong presence in Kuwait by achieving the historical records on growth, profitability and returns to shareholders. Outlook As for the future outlook, Dr. Sultan said that BKIC's focus beyond 2024 encompasses further advancements within its technology infrastructure, enhancing the data governance and analysis along with streamlining the existing processes to ensure the internal environment is resilient and stronger. The strides in this direction would enable BKIC to enhance its market position, boost the retention level of its customers, and realize its long-range ambitions.
