Kuwait - Gulf Insurance Group (GIG) has announced that its Q1 net profit shot up 78.9% to KD9.8 million ($32.3 million), or 34.56 fils per share.

This is compared to KD5.5 million or 24.93 fils per share for the same period last year. The increase of KD4.3 million ($14.2 million), is due to the results of the group’s underwriting and investment performance.

Shareholder equity reached KD193 million compared to KD190.8 million as on December 31, 2021, an increase of KD2.2 million or 1.1%, while book value per share reached fils 680 compared to fils 673 as of December 31, 2021 with an increase of 1.1%.

Written premium

Gross written premium reached KD232.6 million, with an increase of 94.7% compared to the KD119.5 million recorded for the same period last year.

Net investment income and sundry income reached KD8.7 million for the financial period ended March 31, 2022, representing an increase of 48.6% compared to the KD5.83 million recorded for the same period last year.

Net technical reserves reached KD632 million as on March 31, 2022. This reflects the support to the company’s technical operations and protection of the policyholders rights.

Total assets

Total assets came to KD1.3 billion as on March 31, 2022, compared to KD1.4 billion as on December 31, 2021.

Khaled Saoud Al Hasan, GIG’s CEO, said: “Our results for the first quarter 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 endeavor to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC), by adopting the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”

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