Gulf Insurance Group KSC (GINS`R)

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News

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

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

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 …

Companies Investments

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 …

Mergers and Acquisitions

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 …

Companies Investments

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

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

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 …

Cash Dividends

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

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 …

General News

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

24 October 2019 09:43 AM Moody’s affirms Gulf Insurance’s IFS at ‘A3’; Outlook stable

Mubasher: Moody’s has affirmed the insurance financial strength rating (IFSR) of Gulf Insurance Group at ‘A3’, with a stable outlook. The rating reflects the firm’s strong and leading position in its target markets as well as its well-established …

Ratings

12 September 2019 04:26 PM KIPCO raises stake in Gulf Insurance at 675 fils/shr

Mubasher: Kuwait Projects Holding (KIPCO) has increased its stake in Gulf Insurance Group on Wednesday, 11 September, Boursa Kuwait disclosed on Thursday. One of KIPCO’s board members has purchased around 208,852 shares in Gulf Insurance at a …

Company News

15 August 2019 03:38 PM AM Best affirms Gulf Insurance’s rating, revises outlook to ‘Negative’

Mubasher: AM Best has affirmed Gulf Insurance Group’s Financial Strength Rating (FSR) at ‘A’ (Excellent), while its outlook has been revised to ‘Negative’ from ‘Stable’, according to a disclosure to Boursa Kuwait on Thursday. The rating agency …

Ratings

6 August 2019 04:34 PM Gulf Insurance’s profit jumps over 34% YoY in Q2-19

Mubasher: Gulf Insurance Group reported a 34.5% year-on-year profit increase during the second quarter of 2019, registering KWD 4.37 million ($14.41 million). In the first six months of 2019, the group’s profit grew by 23.3% to KWD 8.11 million, …

Financial Results

16 May 2019 08:37 PM Gulf Insurance wins KWD 307.8m healthcare contract

Mubasher: Gulf Insurance Group (GIG) has won a KWD 307.8 million ($1.011 billion) contract from the Kuwaiti health ministry. Under the two-year contract, the insurance company will provide health care services to retired citizens in Kuwait, …

Companies Investments

15 May 2019 01:56 PM Gulf Insurance reports KWD 3.7m profit in Q1

Mubasher: Gulf Insurance Group posted a 12.2% year-on-year rise in profits during the first quarter of 2019. The group logged a profit of KWD 3.74 million ($12.33 million) in Q1-19, up from KWD 3.33 million ($10.98 million) in Q1-18, according to …

Financial Results

31 March 2019 04:47 PM Gulf Insurance to pay 36 fils/shr dividend for FY18

Mubasher: Gulf Insurance Group has approved the board’s recommendation of distributing 36% of the par value as cash dividend for fiscal year 2018. The insurance company will pay 36 fils per share on 29 April to the entitled shareholders of record …

Cash Dividends

20 February 2019 04:29 PM Gulf Insurance FY18 profits grow 18%; dividends proposed

Mubasher: Gulf Insurance Group registered an increase of 18.2% in profits during fiscal year 2018 compared to the prior year. Earnings grew to KWD 11.9 million ($39.3 million) in FY18 from KWD 10.07 million ($33.2 million) in FY17, according to a …

Financial Results

14 February 2019 03:54 PM Gulf Insurance offers lowest bids in KWD 308m tender

Mubasher: Gulf Insurance Group announced that its bid was approved for the tender offered by Kuwait’s health ministry. The bid is valued at KWD 307.8 million for the tender that covers medical insurance for pensioners in Kuwait, according to a …

Ministries

5 November 2018 05:02 PM Gulf Insurance Q3 profits soar 65% on higher operating income

Mubasher: Gulf Insurance Group achieved an increase of 64.8% during the third quarter of 2018 compared to the same period last year. Earnings grew to KWD 4.02 million ($13.3 million) in Q3-18 from KWD 2.44 million ($8.1 million) in Q3-17, …

Financial Results

12 August 2018 03:28 PM Gulf Insurance H1 profits soar 49%

Mubasher: Gulf Insurance Group registered an increase of 3% in profits during the second quarter of 2018 compared to the same period a year ago. Earnings grew to about KWD 520,400 in Q2-18 from nearly KWD 507,100 in Q2-17, according to a bourse …

Financial Results

6 August 2018 04:15 PM Gulf Insurance records KWD 7m profits in H1

Mubasher: Gulf Insurance Group achieved an increase of 17.3% in profits during the second quarter of 2018 compared to the same period a year ago. Earnings grew to KWD 3.25 million ($10.75 million) in Q2-18 from KWD 2.77 million ($9.16 million) in …

Financial Results

31 July 2018 03:52 PM S&P affirms Gulf Insurance’s rating, downgrades outlook

Mubasher: S&P Global Ratings has affirmed the credit rating of Gulf Insurance Group at “A-” and downgraded the Outlook to “Negative” from “Stable”. This rating reflects the solid financial strength rating and its ability to meet financial …

Ratings