Gulf International Services Company and Doha Insurance Group have entered into preliminary negotiations regarding a possible comprehensive merger of Al Koot Insurance and Reinsurance Company, a wholly owned subsidiary of Gulf International Services Company, with Doha Insurance Group.
A joint statement issued by the two companies indicated that the initial approval of the Qatar Central Bank was sought for the potential merger project, provided that an application would be submitted to the bank after fulfilling all the conditions stipulated in the Qatar Central Bank Law.
It is noteworthy that the net profit of Al Koot Insurance Company grew by the end of the first half of 2022 by 7.2% on an annual basis to reach 34.9 million riyals, which represents 20% of the net profits of the Gulf International Services Company, which amounted to about 168 million riyals.
While the profits of Doha Insurance Group for the same period grew by 48% on an annual basis to about 60 million riyals, supported by an increase in total insurance premiums by 49% to about 860 million riyals.