Riyadh – Mubasher: AXA Cooperative Insurance Company has obtained its new commercial registration and changed its name to Gulf Insurance Group – GIG.

The new entity name followed the completion of all required documents as well as the shareholders’ approval during the extraordinary general meeting (EGM) on 13 June this year, according to a bourse disclosure.

It is worth noting that changing the Saudi firm’s name came in line with the acquisition transaction by Gulf Insurance of AXA’s operations across the region that took place in September 2021.

In a separate bourse filing, Alujain Holding Corporation announced the completion of all procedures required for changing its name to Alujain Corporation.

Changing the company name followed the shareholders’ approval during the EGM on 18 May 2022.

During the first quarter (Q1) of 2022, Saudi GIG generated SAR 25.39 million worth of net profits before Zakat, while Alujain achieved SAR 55.78 million in net profit.