Group holds AGM, shareholders approve 36% cash dividend

KUWAIT: Gulf Insurance Group held its 57th Ordinary General Assembly Meeting, during which shareholders approved the Board of Director's recommendation to distribute a cash dividend of 36 percent (36 fils per share) for the year ended December 31, 2018.


The Group had earlier announced a net profit of KD 11.9 million ($39.2 million), equivalent to 66.49 fils per share, for the year ended 31 December 2018, with an increase of 18.2 per cent compared to net profit of KD 10.1 million ($33.1 million) over last year and a growth of 10.2 per cent to KD 335.7 million ($1.1 billion) in gross written premiums of conventional business compared to KD 304.8 million ($1.0 billion) last year. Takaful also achieved growth in gross written premiums of 46.9 per cent reaching KD 28.9 million ($95 million) compared to KD 19.6 million ($64.7 million) last year.

Following the General Assembly, Gulf Insurance Group held its 'Shafafiyah' Transparency Investors Forum, to present an overview of the Group's performance during 2018 and its expectations and prospects for 2019.

Speaking on this occasion, Group CEO Khalid Al-Hasan said, "The Group had achieved remarkable financial results in 2018, which reflects the Group's efforts in developing and improving products and the quality of services provided to our valued customers, strengthening our relations with our partners, continuing the Group's expansion and increase our ownership in our subsidiaries. Increase the awareness and the unification of our brand and our identity in various countries that we operate in. These achievements were made possible with the support of the group's major shareholders, KIPCO and Fairfax Financial Holding Canada - and the Board of Directors, to whom I extend the greatest appreciation for their continuous support and cooperation."


He added: "The year 2018 witnessed a boom in the adoption of digitization to align with the technological development which is the characteristic of this era. The Group has started to launch and adopt many strategies that aim to achieve notable development in products and services. The Group also boasts medical insurance services for Kuwaiti retirees for the third consecutive year."


Commenting on the outlook for 2019, Al-Hasan said: "The Group operates widely and hardly to meet the needs and requirements of our valued customers, exceeding their expectations and maintain our leading position in the key markets in which we operate and achieve sustainable growth rates in the coming years and maximize our shareholders' interests, customers and employees. We aim to strengthen the group's credit rating and invest in digitalization to develop the group's operations. The Group will continue to explore markets and continue our expansion plan, while investing in human resources to enhance and refine the expertise and technical and managerial capabilities of the staff. We also will continue to develop and implement corporate governance and transparency across the Group and respect the business ethics, legislation and compliance regulations in all the Group companies. We will also continue to develop our internal and external network and use the best technology in marketing and developing our services and products to our valued customers."

He added: "I would like to extend my sincere thanks to all of our clients, shareholders, employees, reinsurers and insurance brokers and the official regulators for the continued trust and cooperation with the Group. We pray that Kuwait continues to be blessed with security, safety and prosperity under the wise rule of its leaders."