Manager
Gulf Insurance and Reinsurance Company
Total years of experience :29 years, 9 Months
Finance Department Gulf Insurance and Reinsurance Company, GIG Kuwait. (Gulf Insurance Group Kuwait - a fairfax associate company is the largest insurance company in Kuwait in terms of written and retained premiums in life, medical and non life segments. Its activities are further supported by first class reinsurance security. This is the largest Insurance Group in MENA region)
-Reports to Senior Executive Finance Manager who in turn reports to CEO and Group CFO
•Coordinate and manage financial reporting activities namely organizational revenue/expense and balance sheet reports for the Non-Life department. Conduct General ledger analysis.
•Complete responsibility in the development and monitoring of GIRI's forecasts and budgets for the Non-Life departments.
•Ensure smooth flow of information and timely closing and reporting of financial statements and other schedules.
•Maintain relations with internal and external auditors and investigate their findings and recommendations.
•Responsibility of Reinsurance Accounting with three stafs directly reporting. Team's responsibility include Communication with reinsurers/brokers regarding premium payable, claims receivable for Group Treaty XOL and FAC reinsurance. Coordinating with reinsurance department, promptly replying to queries raised by Reinsurers Periodically reconciling Statement of Accounts of Reinsurance companies and monitoring receivables /payables. Preparing schedules of payments and ensuring that no PPWs are overdue for payment.
•Assists in other duties assigned by Management time to time especially during quarterly closing and reporting.
(Head quartered in Al Khobar, with paid up capital of SR 200 Million that time; Wala'a Insurance is the brand name of Saudi United Cooperative Insurance Company. The company was a general insurer providing Property & Casualty, Healthcare, Motor and General insurance.)
-Reported to CFO
•In charge of Finance Department
•Financial Governance - developed and maintained an efective financial control environment. Overall control of the finance and accounting functions. Maintenance of accounting records/books in alignment with IFRS, SOCBA and other local requirements.
•Accurate and timely reporting as per reporting requirements and cycles to Saudi Arabia Monitory Agency (SAMA).
•Active involvement in ERP installation. Efectively maintain an eficient financial MIS.
•Financial Planning and Forecasting - prepared the financial plans/budgets/forecasts/variances. Conducted analytical review of the budget assumptions.
•Investment Accounting and Reporting - maintained the financial and administrative records of the investment securities portfolio and issued periodic reports.
•Property Accounting and Reporting - maintained the financial records of the investment properties portfolio and issue periodic reports.
businesses of Royal Bank of Canada and Dexia Group Luxemburg. RBC Dexia ranked among the world's top 10 global custodians, with approximately US$2.5 trillion in client assets under custody. The company ofers clients an integrated suite of products including global custody, fund and pension administration, shareholder and related investor services to their clients worldwide.)
-Reported to Group Finance Manager and in parallel to Operational Heads of Lines of Businesses.
•Responsible for managing and establishing financial accounting and reporting for 5 lines of business.
•Produced monthly, quarterly and annual financial reports according to Canadian GAAP and IFRS in People Soft.
•Reconciled Canadian GAAP and IFRS in compliance with Canadian Securities Regulations.
•Constructed transfer pricing model for Global Products and Services for London and Sydney ofices.
•Ensured proper geographical allocation of revenue and expenses to UK and Australia ofices for management and regulatory reporting purposes.
•Monitored and reconciled intra group charges to and from other functional units
•Coordinated and prepared annual budget and quarterly rolling forecast by products/transits.
•Acted as functional lead for external auditors, regulatory reporting and primary contact for business unit heads. Achievement: Awarded Bravo award in year 2004 and 2006 for performance excellence OTHER POST QUALIFCATION WORK EXPERIENCE
(UNASCO as widely known was Saudi Arabia's leading airline ground handling company. The company provides ground-handling services to majority of foreign airlines operating into Saudi Arabia and hold contracts with over 40 airline operators. The company operates at the three International airports of Saudi Arabia.)
-Reported to Head of Internal Audit Department of the Group.
(The Savola Company is one among the five big industrial companies in Saudi Arabia. The Group's major holdings supply Saudi Arabia, the Middle East and North African countries with edible oils, sugar, and fresh dairy products. The Savola Group operates its packaging business through its subsidiary the Savola Packaging Systems Co., which is completely owned by the Group)
-Reported to Finance Controller Achievement: selected as the best Finance team member and received Certificate of Appreciation from the then Chairman of Savola group Mr. Adel Fakih, who later became Minister of Saudi Arabia for Economy and Planning.
(Indian Rare Earths Ltd. (IRE) is a Government of India owned undertaking under the Department of Atomic energy. IRE manufactures Zircon for India's Nuclear Programme and other rare earth products like Ilmenite, Rultile, Rare earth chloride etc. IRE has five mining and mineral separation unit along the coastal areas of India.)
-Reported to Senior Finance Manager.
(In technical collaboration with Babcocks and Willocks UK, the company is into the construction and heavy engineering industry. The company is specialised in the construction of Cement making machineries, boilers and furnaces for thermal power plants and dams. )
-Reported to Finance Manager.
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