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Gulf Insurance Group posts $10.8 mln net profit in Q1 EPS clocks 16.71 fils during first quarter

KUWAIT CITY, May 4: Gulf Insurance Group (gig) announced net profits of KD 3 million (US$ 10.8 million), or 16.71 fils per share, for the financial period ended March 31, 2014 with an increase of 33.2 per cent or KD 759,055 (US$ 2.7 million ) compared to the profit reported for the same period last year.  GIG increased its shareholder equity by 7 per cent or KD 5.17 million (US$ 18.36 million) to bring it to KD 79.5 million (US$ 282.5 million) as at March 31, 2014. This is compared to KD 74.4 million (US$ 264.1 million) reported in 31/03/2013. The gross written premium grew 26.5 per cent over the sum reported for the previous year, increasing KD 11.3 million (US$ 40 million) to reach KD 53.9 million (US$ 191.4 million).

The Net investment income & other income grew 71.1 per cent over the sum reported for the same period last year, increasing KD 1.5 million (US$ 5.45 million) to reach KD 3.7 million (US$ 13.1 million). GIG’s net technical reserves were raised from KD 97.8 million (US$ 347.6 million) on December 31, 2013 to KD 109.5 million (US$ 389 million) as at March 31, 2014. This increase of KD 11.6 million (US$ 41.4 million) represents a 11.9 per cent rise and is in the interest of supporting the company’s operational activities and to protect the policy holders rights, thereby strengthening GIG’s ability to sustain emergencies and risks that may rise in the future.

Total assets increased to KD 338.5 million (US$ 1.2 billion) as at March 31, 2014. This is an increase of KD 18 million (US$ 64 million) or 5.6 per cent from 31/12/2013. Khaled Saoud Al Hasan, Gulf Insurance’s CEO, said, “Our results for the 1st quarter of 2014 reflect the growth we have achieved. This is also a strong indication of the Group’s ability to protect its assets and the equity of its shareholders. It also falls in line with our constant strive to provide the best insurance services to our clients in all markets in which we have presence in, supported by our strategy for regional expansion and increasing our local and regional market stake.”

He added, “We thank our clients for these achievements, as well as the support of our shareholders, namely KIPCO — Kuwait Projects Company (Holding) — and Fairfax Middle East Ltd. I would also like to express my sincere appreciation to our dedicated employees for their efforts.” Gulf Insurance Group is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in both life and non-life insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa, with companies in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq and Bahrain, Emirates and Kuwait. Its reported consolidated assets stand at US$ 1.2 billion as at March 31, 2014.

KIPCO — Kuwait Projects Company — is Gulf Insurance’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding Ltd. Gulf Insurance holds a Financial Strength Rating of ‘A-’ with Stable Outlook from Standard & Poor’s. A.M. Best Europe ñ Rating Services Limited has also assigned a financial strength rating of A- (Excellent) and issuer credit rating of “a-” to Gulf Insurance with a Stable Outlook.

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