Gulf Insurance Group posted a decline in profits by 49.5 percent during the fourth quarter of 2016, as compared to the same period a year ago. Earnings shrank to KWD1.44 million (USD4.71 million) in Q4-16 from KWD2.85 million (USD9.31 million) in Q4-15, according to a bourse filing issued recently. During...
UAE-listed insurance companies swung to profits in 2016, spurred by higher revenues and a new government decision, amid a positive outlook for the sector. A total of 29 listed insurers posted profits of AED1.15 billion (USD313.04 million) in 2016, against losses of AED117.2 million (USD31.90 million) in 2015. The companies’...
Middle East Life Insurance Company, affiliated with the privately-owned Middle East Bank, officially started operations as the first specialised Iranian insurance firm. Speaking at the opening ceremony, Abdolnasser Hemmati, the head of Central Insurance of Iran, said the establishment of a life insurance firm is a turning point for the...
Moroccan King Mohammed VI and president of the Republic of Zambia, Edgar Chagwa Lungu, chaired a signing ceremony of 19 governmental and economic partnership agreements between the two countries, at the presidential palace in Lusaka. In line with the royal initiative to reinforce south-south partnership, the agreements cover the fields...
Qatar Finance and Business Academy (QFBA) has signed a memorandum of understanding (MoU) with Jordan-based Arab Insurance Institute (AII), which will facilitate close co-operation between the two parties in providing “world-class” insurance education and training services in Qatar. Signed by QFBA CEO Dr.Abdul Aziz al-Horr and AII CEO Husain al-Ajmi,...
Bahrain Kuwait Insurance signed a memorandum of understanding (MoU) with Bahrain Islamic Bank to buy its full stake in Bahrain’s Takaful International. The company, which is listed on Kuwait and Bahrain bourses, said that the agreement is subject to the approval of Bahrain’s observation authorities, according to a bourse filing. Bahrain...
Saudi Arabia is favouring New York to list state oil enterprise Saudi Aramco , while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported recently. Officials also spoke to exchanges in Singapore, Hong Kong, Tokyo and Shanghai but are unlikely to pursue...
Al Anwar Holding and thirteen other minority stakeholders of Falcon Insurance Company (FIC) have decided to sell their stake in FIC to Arabian Insurance Company (AIC) and Lawrence Investment. Both parties have entered into an agreement for sale and purchase of shares for divesting the stake. According to the agreement,...
Oman’s stock market regulator Capital Market Authority (CMA) will not relax its stipulation that national insurance companies offer shares to investors before August 2017, a top official declared. At least seven national insurance firms will have to float shares on the Muscat Securities Market (MSM) before August this year. “All...
One-day stream to launch discussions stressing on the massive potential Blockchain harbours to drive enhanced customer engagement. The inaugural edition of InsurTech Integrated, convened by leading financial intelligence platform, Middle East Global Advisors, will gravitate around the theme of “Harnessing Disruptive Technologies to Thrive in a Digital Era”. In the...
