Gulf Insurance Group CEO Khaled Saud Al-Hassan said in an interview with “Al Arabiya” today, Tuesday, that the acquisition of the entire stake in “AXA Gulf” by Gulf Insurance is part of the group’s strategy to increase revenue and its presence in the Arab region.
He added that Gulf Insurance is currently present in 11 countries and its revenues totaled $ 1.5 billion in 2020, and the acquisition is part of the board’s policy for regional expansion and leadership in Arab insurance markets. operations and net profit.
Gulf Insurance Group CEO explained that Gulf Insurance Group is present in countries including Egypt, Algeria and Turkey, as well as other Arab markets, and these countries account for 50% of the group’s total revenues and Kuwait accounts for the remaining percentage.
Khaled Saud Al-Hassan indicated that the acquisition of AXA Gulf will increase the group’s revenues to $ 2.5 billion, making it the largest player in the Arab insurance market and is present in 13 countries, adding Qatar, Oman and Abu Dhabi after the acquisition, in in order to serve customers and shareholders.
He said the acquisition represents an opportunity to diversify risks, improve the group’s revenues and create employment opportunities in these markets, and the group hopes to be present in all GCC countries e in many Arab countries.
The chief executive officer of the Gulf Insurance Group indicated that supervisors in the Gulf countries and Arab markets are working hard to increase insurance revenues to support the economy and improve protection activities for economic and financial structures, noting than insurance auto and health care accounts for more than 80% of total insurance in most Arab markets.
He added that with the expansion of public spending and infrastructure and energy projects in the Gulf countries, insurance companies can provide technical support to implementing companies and provide financial products that serve the banking and investment sector, noting that there are many products. individuals, including housing and construction insurance, which can help increase corporate revenues.
The Gulf Insurance Group in Kuwait announced that it has completed the acquisition of AXA’s business in the Gulf region, valued at $ 475 million, which includes AXA’s holding in AXA Gulf in Bahrain, United Arab Emirates, Oman and Qatar, and AXA Cooperative Insurance Company in Saudi Arabia.
Gulf Insurance has also acquired the stake of Yusuf Bin Ahmed Kanoo Group in AXA Gulf.
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