The Gulf Union Insurance and Reinsurance Company (GUIRCO) has announced its interim statement of financial position and statement of comprehensive income for the period ended June 30, 2024.
The company reported a net profit of BD757,490 as compared with BD905,148 on June 30, 2023, representing a decrease of 16 per cent, primarily due to the increase in insurance service costs, particularly those related to claims following the heavy rains in Bahrain.
Upon concluding their review of the company’s results and achievements, all members of the board expressed their satisfaction. The company is progressing in a very solid, sound and prudent manner with a clear vision and business plan. The board also extended their gratitude to Gulf Union customers for their support and confidence.
GUIRCO chief executive Waleed Mahmood commented on the company’s intention to increase the paid-up capital by the issuance of non-cumulative convertible preference shares.
“These preference shares are offered initially to the existing shareholders and then will be offered to accredited private investors for the shares that remained unsubscribed. The company expects to conclude the issuance before December 31, 2024.”
Mr Mahmood further commented on the company’s 12pc growth in gross premium comparatively to the same period last year and highlighted the ongoing technological upgrades to meet future plans and embrace innovation and digitalisation in all business processes.
The company reiterates its commitment to quality service and transparency, reflecting a promising outlook for Gulf Union Insurance and Reinsurance Company as it continues to strive for excellence and innovation in its operations.
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