Gulf Insurance Group Q1 net profit falls 5.2% to $35.6mln

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Kuwait - Gulf Insurance Group (GIG) has seen its first-quarter net profit fall 5.2% to KD10.9 million ($35.6 million), or 38.58 fils per share. In Q1 2023 the company had posted a net of KD11.5 million, or 40.37 fils per share.

Notwithstanding that the comparative figures for the first quarter of the year 2023 was restated as a result of consolidating the financial information of the subsidiary (GIG Saudi), as it was not consolidated for the same period then ended due to the unavailability of the financial information.

Shareholder equity reached KD236.2 million as on March 31, 2024, while book value per share reached fils 832.

Insurance revenue

Insurance revenue reached KD212.7 million compared to KD189.2 million recorded for the same period last year.

Net investment income reached KD19.6 million for the financial period ended March 31, 2024, representing an increase of 63% compared to KD12 million recorded for the same period last year.

Total assets came to KD1.198 billion as on March 31, 2024, compared to KD1.175 billion as on December 31, 2023.

Khaled Saoud Al Hasan, GIG’s CEO, said: “Our results for the first quarter of 2024 reflect the strength of GIG as a group, its continuous growth, soundness in taking risks thanks to diversified revenue sources and ability to preserve stakeholders’ benefits and protect their rights.

Best insurance services

“We 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 which today prioritise digital transformation in our operations, digital distribution of products, digital claims services and other supporting functions that all together strengthen the GIG brand and enable us to focus on shaping a valuable insurance ecosystem for the Mena region.”

He added: “We thank our valued customers for these achievements, as well as the unlimited support from our shareholders, namely FAIRFAX, and all honourable 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 Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.”