Shareholders of Gulf Insurance Group (GIG) have approved the board of directors' recommendation to distribute cash dividend of 23% (23 fils per share) for the financial year ended 31 December 2024, amounting to approximately KWD6.5m ($21.23m).
The company held ordinary and extraordinary general meetings on 8 May during which the approval was given, according to a statement released by GIG.
Chairing the meetings, board member Dr Yousef Hamad Al-Ebraheem highlighted GIG’s strong financial and operational achievements: “In a year marked by global economic uncertainty, inflation and geopolitical tensions, GIG demonstrated resilience, closing 2024 with a net profit of KWD25.9m. As one of the largest and most diversified insurance groups in the MENA region, GIG’s success stemmed from prudent underwriting, disciplined risk management, strong governance and a diversified business model. Despite challenges, GIG remained focused on long-term growth, value creation and innovation, positioning itself for future opportunities globally.”
In 2024, GIG further strengthened its international footprint and capabilities, deepened digital transformation initiatives across subsidiaries, and intensified its investments in advanced data analytics and new technologies to enhance underwriting precision, customer experience, and operational efficiency.
With support from major shareholder Fairfax Financial Holdings, GIG now benefits from a global insurance network, gaining access to global expertise, broader markets, and accelerated growth beyond the MENA region. In 2024, Fairfax completed a mandatory tender offer in GIG, raising its stake in the company to 97.06%.
Dr Al-Ebraheem said, "Looking ahead, we are confident in capturing new opportunities across both traditional and digital insurance sectors. Our investment in new underwriting technologies, customer-centric platforms and agile models positions GIG to lead the next wave of innovation."
For comparison, GIG shareholders approved the distribution of cash dividends of 37% (37 fils per share) for the year ended 31 December 2023, equivalent to KWD10.5m.