Riyadh –  Gulf Insurance Group (GIG) reported a decline of 21.55% in its net profit before Zakat to SAR 129.36 million during the first nine months (9M) of 2023, compared with SAR 164.91 million in 9M-22.

The company’s earnings per share (EPS) decreased to SAR 2.13 in 9M-23 from SAR 2.89 in 9M-22, according to the financial results.

The gross written premiums (GWP) slightly increased by 0.55% year-on-year (YoY) to SAR 1.25 billion during January-September 2023 from SAR 1.24 billion.

Income Statements for Q3-23

During the third quarter (Q3) of 2023, the Saudi GIG achieved a net profit before Zakat of SAR 16.80 million, compared with a net loss of SAR 3.47 million in the same quarter of the previous year.

The GWP also rose by 2.48% to SAR 389.95 million during July-September 2023 from SAR 380.49 million in Q3-22.

On a quarterly basis, the net profit before Zakat in Q3-23 dropped by 61.49% from SAR 43.63 million in Q2-23, while the GWP increased by 22.44% from SAR 318.48 million.

In Q1-23, the listed insurer generated SAR 68.93 million worth of net profits before Zakat as well as GWP of SAR 544.38 million.

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