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Gulf Insurance Group announces net profit of KD 23.1mln (US$ 74.5mln)

Kuwait City: Gulf Insurance Group (GIG) announced a net profit of KD 23.1 million (US$ 74.5 million), or 81.39 fils per share, for the first nine months of this year, compared with a restated net profit of KD 68 million ( US$ 219.3 million) for the same period last year. In the first nine months of 2021, the Group achieved extraordinary profits of KD 50.5 million (US$ 163 million) due to the acquisition of AXA’s operations in the Gulf region. Excluding these unusual gains for 2021, the Group registered an increase in profit for the nine-month period of 2022 by KD 5.6 million (US$ 18.2 million) due to growth in operating and investment profits.

Shareholders’ equity reached KD 214.9 million (US$ 693.3 million) with book value per share at 757 fils as of September 30, 2022, an increase of 0.8 percent compared to KD 213.2 million (US$ 687.9 million) and a book value per share of 751 fils as on 31 December 2021.

Gross written premium reached KD 640.8 million (US$ 2.07 billion), a growth of 73.4 percent compared to the KD 369.6 million (US$ 1.2 billion) reported in the same period last year is.

Net investment income and miscellaneous income reached KD 28.6 million (US$ 92.1 million) compared to KD 16.8 million (US$ 55.7 million) for the same period last year, an increase of 70 percent.

Net technical reserves increased from KD 443 million (US$ 1.43 million) on December 31, 2021 to KD 485.2 million (US$ 1.6 billion) on September 30, 2022. This increase, representing a growth of 10 percent represents, supports the company’s technical operations and protects policyholders’ rights, thereby strengthening GIG’s ability to withstand emergencies and risks that may arise in the future.

Total assets reached KD 1.34 billion (US$ 4.33 billion) as of September 30, 2022.

Mr. Khaled Saud Al Hasan, Gigs chief executive officersaid:

“Our results for the nine months of 2022 reflect the strength of GIG as a Group, its continued growth and its ability to take risks by diversifying revenue sources and our ability to preserve stakeholder benefits and protect their rights. It is also in line with our continuous endeavor to provide the best insurance services to our valued customers in all markets in which we operate by developing necessary strategies to digitize our operations in digital distribution of products, digital claims services and other supporting functions transform. Along with a historic milestone of 60 years of our operational excellence, the Group has focused on developing the GIG brand and unveiled a vision focused on designing a valuable insurance ecosystem for the MENA region.

He added,

“We thank our valued customers for these achievements, as well as the unlimited support of our shareholders, namely KIPCO – Kuwait Projects Company (Holding) – and Fairfax Middle East Ltd., as well as all honorable board members of the Group. I would also like to express my sincere appreciation to our dedicated employees for their sincere efforts and all the relevant authorities in the State of Kuwait for their continued cooperation to develop the Kuwaiti insurance sector.”

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