GULF Union Insurance and Reinsurance Company held its annual general meeting for the financial year 2025 last Sunday.
The meeting was chaired by board chairman Abdulaziz Alturki. An attendance of 70.36 per cent of shareholders showed the interest and backing of the shareholders and their vested interest in the company’s future endeavours.
The board’s report and the financial statements revealed a positive financial performance, eliciting shareholder satisfaction and setting support for future growth. Shareholders approved all the agenda items of the annual general meeting.
Attendees during the meeting
At the close of the meeting, Mr Alturki conveyed his appreciation to His Majesty King Hamad, His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, as well as to the Central Bank of Bahrain and the Industry and Commerce Ministry for their continued support and reaffirmed the company’s commitment to sustainable growth, good governance, and delivering value to stakeholders.
Gulf Union Insurance and Reinsurance Company, a leading provider in the insurance sector, continued to demonstrate resilience and operational discipline throughout fiscal year 2025, delivering another year of profitability despite a highly competitive market landscape. The company attributes its sustained performance to solid underwriting fundamentals, prudent risk selection, enhanced investment returns, and an ongoing commitment to operational excellence.
For the year ended December 31, 2025, the company recorded a net profit of BD1,592,189, reflecting a modest decline of 9.14pc (BD160,246) compared with the previous year. While profitability softened slightly, the company’s core financial position remains robust, supported by healthy top-line growth and reinforced by strategic investment management.
Insurance revenue grew by 7.86pc, rising to BD9,514,267 from BD8,820,765 in 2024. This improvement was primarily driven by increased business volumes, with notable expansion in the motor insurance segment.
On the investment, performance was particularly strong. Net investment income surged by 37.69pc, increasing from BD513,488 in 2024 to BD707,023 in 2025. This growth was fuelled by favourable market conditions, strategic asset allocation, and the investment of proceeds generated from non-cumulative convertible preference shares issued earlier this year.
During the year, the company also successfully met all legal and financial obligations associated with its issued and subscribed preference shares totalling BD1,920,000.
The board of directors has proposed 10pc dividend for the preference shares issued, totalling BD183,369 for the year 2025 (based on the allotment dates) subject to the approval of the shareholders at the annual general meeting.
“We are pleased to present the financial results for the year,” said Mr Alturki. “While competitive pressures have had a measured impact on our profit levels, we remain firmly on course. Our unwavering focus on sustainable growth, disciplined risk management, and customer-centric innovation continues to define our operations. I extend my appreciation to our dedicated employees, whose commitment drives the company’s progress across all levels.”
Chief executive officer Waleed Mahmood reaffirmed the company’s strategic priorities, emphasising ongoing transformation and service excellence. “Throughout the year, we advanced our digital transformation agenda and strengthened our customer journey with new initiatives designed to enhance policyholder engagement and streamline claims processes. We remain confident in our strategy and well-prepared to navigate an evolving market environment while delivering long-term value to our stakeholders,” he said.
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