The UK’s spring budget 2017 has major implications for British pension holders living in the GCC, taxation experts at Guardian Wealth Management have warned. UK Chancellor Phillip Hammond’s Spring Budget recently brought in a 25 percent charge to transfer UK pensions to Qualifying Recognised Overseas Pension Schemes (QROPS) for most...
The Insurance Authority (IA) and the Chartered Insurance Institute (CII) have signed a joint cooperation agreement to develop local talent. Eng. Sultan bin Saeed Mansouri, minister of Economy and chairman of Insurance Authority, said: “Signing of this agreement with CII aims to achieve Authority objectives on increasing resettlement in the...
Rigorous regulatory environment among top strengths in the MENA Insurance Pulse 2017. The MENA Insurance Pulse 2017, previously known as the MENA Insurance Barometer was launched recently by Dr. Schanz, Alms and Company. The study surveys perceptions of the regional insurance industry. Compared to 2016, this year the in-depth report...
Kuwait Insurance posted a decline of 78.3 percent in profits during the fourth quarter of 2016 as compared to the same period of 2015. The company posted about KWD142,930 (USD467,090) worth profits in Q4-16, compared with around KWD660,000 (USD2.2 million) in Q4-15, according to a bourse statement. During the fiscal...
Islamic Arab Insurance Company (SALAMA) swung to profits in the fourth quarter of 2016, according to a bourse filing. The company reported net profits of AED47.25 million (USD12.86 million) in Q4-16, against losses of AED83.64 million (USD22.77 million) in Q4-15. In 2016, losses rose 10.5 percent to AED179.9 million from...
Five Saudi-listed insurance companies announced formal approval letters from the secretary general of the Council of Cooperative Health Insurance (CCHI). The letters include the approval of CCHI on the health insurance requalification of the firms for three years as of 16 February, according to a bourse filing. The companies are...
AXA Green Crescent Insurance (GCIC) trimmed its losses by 72.4 percent year-on-year in the fourth quarter of 2016, according to a bourse statement. Losses reached AED1.71 million (USD465,000) in Q4-16, compared to AED6.2 million (USD1.68 million) in Q4-15. In 2016, losses declined by 3.8 percent to AED14.8 million from AED15.4...
The extraordinary general meeting (EGM) of Amana Cooperative Insurance approved a capital reduction from SAR320 million to SAR140 million. The company’s board had earlier recommended decreasing the capital by 1.125:2, representing 56.25 percent of its capital. Amana aims to restructure its capital in accordance with the New Companies Law. There is...
Sanad Cooperative Insurance said that it signed a contract with a specialised advisory body to study and evaluate the available options to resolve its financial issues. The company added that the output will be disclosed on March 5, after which the general assembly will be held to discuss the results,...
Solidarity Saudi Takaful has invited shareholders to attend the ordinary general meeting (OGM), which has been scheduled on March 8 to discuss a reduction of the company’s capital. Attendees will vote on the board of directors’ recommendation to cut capital by 55 percent to SAR250 million from SAR555 million, the...
