Kuwait’s GIG Q1 net profit jumps 33.9% to $30.7mln

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Kuwait - Gulf Insurance Group (GIG) has announced a first-quarter net profit jump of 33.9% to KD9.4 million ($30.7 million) compared to KD7 million for the same period last year.

The increase is a result of the group’s investment performance. Shareholder equity reached KD239.9 million compared to KD235 million last year, an increase of KD4.9 million or 2%, while book value per share reached fils 846 compared to fils 828 as of December 31, 2022, an increase of 2%.

Insurance revenue reached KD157.3 million compared to KD157.8 million last year. Net investment income reached KD10.2 million for the financial period ended March 31, 2023, representing an increase of 77% compared to KD5.8 million for the same period last year.

Total assets

Total assets came to KD1.02 billion as of March 31, 2023, compared to KD0.96 billion as of December 31, 2022.

Khaled Saoud Al Hasan, GIG’s CEO, said: “The 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 endeavour 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.”

The result has been prepared in accordance with IFRS 17 (Insurance Contracts), where the group prepared the consolidated financial information for the first quarter 2023 and restated the comparison periods in accordance with this new standard.