Bahrain - Gulf Union Insurance and Reinsurance Company, a prominent insurance service provider, has reported a substantial rise in the profits for the first half of fiscal year 2025 over to the corresponding period last year.

The corporation credits its growth to strong underwriting performance, enhanced investment income, and steady operational efficiency.

Gulf Union Insurance and Reinsurance Company reported a net profit of BD899,489 for the six months ending June 30, 2025, reflecting an 18.75 per cent rise from the BD757,490 recorded for the same period ending June 30, 2024, according to the semi-annual financial results released yesterday.

In June 2025, insurance service sales rose by 9.28pc, amounting to BD4,571,453, in contrast to BD4,183,174 in June 2024. This growth results from an escalation in the company’s business volume and a surge in demand for its insurance services.

Net results from insurance activities increased by 20pc, reaching BD455,127 in June 2025, compared to BD378,212 in June 2024. This expansion signifies heightened commercial activity and efficient cost management of insurance and reinsurance contracts.

Furthermore, net investment income surged by 39.65pc from June 2024 to June 2025, escalating from BD245,170 to BD342,373. The growth was propelled by advantageous market conditions, efficient allocation of investment capital, and the reinvestment of proceeds from the issuance of non-cumulative convertible preference shares.

During this period, the company has fulfilled its legal responsibilities for issued and subscribed preferred shares of BD1,920,000.

“We are pleased to announce robust financial outcomes for the first half of the year,” said Gulf Union Insurance and Reinsurance Company chairman Abdulaziz Ali Alturki. “This expansion illustrates our methodical approach to risk management, customer-focused innovation, and the commitment of our workers across all tiers.” 

The company’s chief executive Waleed Mahmood said the firm has reaffirmed its commitment to digital transformation and superior customer service, launching multiple new initiatives throughout the year to improve policyholder experience and optimise claims processing, while remaining dedicated to providing lasting value to our stakeholders. “We are assured in our strategy and adequately prepared to manoeuvre the changing market environment.”

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