Gulf Insurance Group announces net profit of KD 11.8 million (US$ 39 million) at 19.6% growth for the first half of 2021

Gross Written Premiums up 9.7% to KD 253 million (US$ 839.6 million)

Gulf Insurance Group announces net profit of KD 11.8 million (US$ 39 million) at 19.6% growth for the first half of 2021

Kuwait City:  Gulf Insurance Group (GIG) announced a net profit of KD 11.8 million (US$ 39 million), or 58.72 fils per share, for the first half of 2021, an increase of 19.6 percent over KD 9.8 million (US$ 32.7 million), or 52.86 fils per share reported for the same period last year. The increase is due to the improvement in the Group’s investment performance.

Shareholder equity reached KD 129.4 million (US$ 429.5 million) as at June 30, 2021 with an increase of 10 percent compared to the KD 117.4 million (US$ 389.7 million) reported at year-end 2020. Book value per share reached 646 fils as at June 30, 2021 over 630 fils, an increase of 3 percent from year-end 2020.

Gross written premium reached KD 253 million (US$ 839.6 million), a growth of 9.7 percent compared to KD 230.7 million (US$ 765.5 million) reported in the same period last year.

Net investment income and sundry income came to KD 11.3 million (US$ 37.6 million) compared to KD 9.12 million (US$ 30.3 million) for the same period last year, at an increase of 24 percent.

Net technical reserves rose from KD 179 million (US$ 594 million) at year-end 2020 to reach KD 199.1 million (US$ 660.7 million) as at June 30, 2021. This increase, representing a growth of 11 percent, supports the company’s technical operations and comes to protect the policyholders’ rights, thereby strengthening GIG’s ability to withstand emergencies and risks that may rise in the future.

The total assets for the first half of 2021 reached KD 800 million (US$ 2.7 billion).

Mr. Khaled Saoud Al Hasan, GIG’s CEO, said:

“Our results for the first half of 2021 reflect the strength of GIG as a Group, its ability to take risks through diversifying revenue sources and 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 adopting the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”

He added:

“We thank our valued customers for these achievements, as well as the unlimited support from our shareholders, namely KIPCO – Kuwait Projects Company (Holding) – and Fairfax Middle East Ltd. – and 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 concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.”

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