Gulf Insurance Group (GIG) has posted a net profit of KD38.2 million ($124.7 million), or 134.56 fils per share for the financial year ended December 31, 2022 compared to a ‘restated’ KD72.6 million ($237.2 million) for 2021.

The group had achieved extraordinary profits in 2021 amounting to KD49.2 million as a result of the acquisition of AXA operations in the Gulf region. With the exclusion of those unusual profits for the year 2021, the group achieved an increase in its normal profits for the current year by KD14.8 million ($48.4 million) due to the improvement in the underwriting and investment performance results.

The Board of Directors has recommended the distribution of 54% cash dividend (54 fils per share) for the financial year ended December 31, 2022, subject to the approval of GIG’s General Assembly and other concerned regulatory authorities. GIG’s book value per share reached 807 fils as at December 31, 2022, compared to 751 fils at the end of December 31, 2021, with an increase of 7%.

Shareholder equity

GIG’s shareholder equity increased during the year by 7% or KD15.8 million to reach KD229 million compared to KD213 million at 2021 end.

The group’s gross written premiums reached KD831.7 million, an increase of 52% compared to the previous year.

Net investment income and sundry income for GIG reached KD38.8 million. GIG’s net technical reserves came to KD623 million as of December 31, 2022. Total assets reached KD1.35 billion as of December 31, 2022.

Group strength

Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group (GIG), said: “Our results for the year reflect the strength of GIG as a group, its continuous growth and ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights.

This is also in line with our constant endeavour to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC), by developing the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.

“Coinciding with a historic milestone of 60 years of our operational excellence, the group focused on developing GIG brand and unveiling a vision focused on designing a valuable environmental insurance ecosystem for the Mena region.”

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