Doha-headquartered AlKhaleej Takaful Insurance Company has agreed to sell its 25% equity in Bahrain National Life Company (BNL).
In a statement on 13 June 2024, Alkhaleej Takaful announced that it had signed a sale and purchase agreement with Bahrain National Holding (BNH) to sell 25% equity in Bahrain National Life (BNL) at a price of BHD3m, equivalent to QAR29,042,553 ($8m).
The agreement is subject to obtaining necessary approvals by the relevant regulatory and supervisory bodies.
AlKhaleej Takaful acquired the 25% stake in BNL in 2008 for QAR21,454,000.
AlKhaleej Takaful was established in 1979 to provide all kinds of conventional insurance and reinsurance services. In 2010, it became a takaful company.
BNH is a leading Bahraini insurance group, offering a comprehensive range of insurance and risk management solutions. It was established in 1998 through a merger between Bahrain Insurance Company and National Insurance Company.
BNH’s insurance operations include the wholly-owned subsidiary, Bahrain National Insurance Company, which offers Commercial Insurance and Motor & Personal Lines Insurance, and the (currently) 75%-owned subsidiary, BNL, which offers Life & Medical Insurance.
BNH also has a wholly-owned subsidiary, iAssist Middle East, offering a full range of smash repairs services, and insurance-related associates.