Gulf Insurance Group reports 9M net profit of $74.5mln

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Gulf Insurance Group (GIG) has announced a net profit of KD23.1 million ($74.5 million), or 81.39 fils per share, for the first nine months of this year, compared to a restated net profit of KD68 million ($219.3 million) for the same period previous year.

In the first nine months of 2021, the group had achieved extraordinary profits of KD50.5 million ($163 million) resulting from the acquisition of AXA’s operations in the Gulf region. Excluding these unusual profits for 2021, the group registered an increase in profits for the nine months period of 2022 by KD5.6 million ($18.2 million) as a result of growth in operating and investment profits, the group said.

Shareholder equity reached KD214.9 million ($693.3 million) with book value per share at 757 fils as at September 30, 2022, with an increase of 0.8 percent compared to KD213.2 million ($687.9 million) and a book value per share of 751 fils as at December 31, 2021.

Gross written premium reached KD640.8 million ($2.07 billion), a growth of 73.4 percent compared to the KD369.6 million ($1.2 billion) reported in the same period last year.

Net investment income and sundry income reached KD28.6 million ($92.1 million) compared to KD16.8 million ($55.7 million) for the same period last year, an increase of 70 percent.

Net technical reserves rose from KD443 million ($1.43 million) on December 31, 2021, to reach KD485.2 million ($1.6 billion) as at September 30, 2022. This increase, representing a growth of 10 percent, supports the company’s technical operations and protects policyholders’ rights, thereby strengthening GIG’s ability to withstand emergencies and risks that may rise in the future.

Total assets reached KD1.34 billion ($4.33 billion) as at September 30, 2022.

Khaled Saoud Al Hasan, GIG’s CEO, said: “Our results for the nine months of 2022 reflect the strength of GIG as a group, its continuous growth and its 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 endeavor to provide the best insurance services to our valued customers in all markets we operate in, 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 the GIG brand and unveiling a vision focused on designing a valuable insurance ecosystem for the MENA region.”