Kuwait’s Gulf Insurance acquires two AXA subsidiaries in the Gulf

Kuwait’s Gulf Insurance acquires two AXA subsidiaries in the Gulf
Kuwait’s Gulf Insurance acquires two AXA subsidiaries in the Gulf

Kuwait – Mubasher: Company announced Gulf Insurance Group For its acquisition of two AXA subsidiaries in the Gulf region.

“Gulf Insurance” said in a statement to the Kuwait Stock Exchange, today, Tuesday, that it had acquired AXA Gulf Company (Bahrain, UAE, Oman and Qatar), and AXA Takaful Insurance Company (Saudi Arabia).).

She explained that the acquisition came after the completion of all contractual procedures and the fulfillment of regulatory requirements.

The company stated that the expected impact of the deal on the group’s financial position will be determined once the financial statements of the companies subject to the acquisition will be compiled within the group’s interim financial statements. This is for the financial period ending on September 30, 2021.

On the 30th of last November, “Gulf Insurance” announced the Signing an agreement with AXA; To acquire its insurance business in the Gulf region, and as part of the deal, the group will also acquire Yusuf bin Ahmed Kanoo Group’s stake in AXA Gulf, with a total value of $474.75 million..

It is worth mentioning that Gulf Insurance profits rose 19.6% in the first half of this year; To reach 11.77 million dinars, compared to profits of 9.84 million dinars for the same period in 2020.

On Monday, the company announced Completion of the public subscription process for the company’s capital increase shares closing the subscription as on September 2, 2021; After the entire issued increase shares were subscribed to with 83.333 million ordinary shares, with a total value of 50 million dinars..

(Editing – Muhammad Farouk)

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