Gulf Union Insurance and Reinsurance Company has announced a successful financial year, reporting a profit of BD 1.75 million for 2024. This marks a 5.36% increase from the BD 1.66 million profit in 2023. As a result, the company has shown its commitment to improving financial performance. Additionally, Gulf Union focuses on growth and delivering value to its shareholders.
In terms of revenue, Gulf Union saw an 8.87% increase in insurance services. Specifically, revenue reached BD 8.82 million in 2024, up from BD 8.10 million in 2023. This growth reflects the company’s expanding business operations and the rising demand for its services. Consequently, Gulf Union continues to strengthen its position in Bahrain’s competitive insurance market.
However, despite this positive trend, the company experienced a decline in net results from insurance activities. The figure decreased by 10.88%, falling to BD 1.06 million in 2024 from BD 1.19 million in 2023. This decrease stemmed from a higher number of claims during the rainy season and increased operational costs. Nevertheless, Gulf Union remains committed to maintaining profitability moving forward.
On a brighter note, Gulf Union’s net investment income increased by 26.40%. It rose to BD 513,488 in 2024 from BD 406,239 in 2023. This growth highlights the company’s strong investment strategy and further enhances its position in the market. Therefore, Gulf Union is well-positioned for continued success in Bahrain’s competitive insurance landscape.
To support future growth, Gulf Union took a strategic step by issuing 2 million non-cumulative convertible preferred shares. This issuance raised BD 1.92 million, with BD 1.02 million coming from existing shareholders and BD 900,000 from new investors. As a result, the company has strengthened its capital base, which will help accelerate its growth initiatives.
Chairman Mr. Abdulaziz Al Turki expressed his satisfaction with the results. He highlighted the company’s resilience in Bahrain’s competitive insurance market. Moreover, he praised Gulf Union’s risk management strategies and solid growth, emphasizing the company’s continued commitment to expanding its market presence. Ultimately, Gulf Union remains focused on sustainable growth through strategic competition.
CEO Mr. Waleed Mahmood also praised the company’s success. He credited the board’s leadership and the dedication of Gulf Union’s employees for this achievement. In addition, he extended his appreciation to shareholders, investors, and customers for their continued support. Mr. Mahmood believes that Gulf Union will continue to innovate and lead in Bahrain’s insurance sector.
Looking ahead, Gulf Union is poised to capitalize on new opportunities for growth. The company remains committed to providing customer-centric services and embracing innovation. Consequently, Gulf Union Insurance and Reinsurance Company is well-positioned for long-term success in Bahrain.
