KUWAIT CITY, Nov 2: Gulf Insurance Group (GIG) announced a net profit of KD 10.6 million ($ 35 million), or 58.99 fils per share, for the nine months ended Sept 30, 2016 compared to KD 11.2 million ($ 37.3 million) for the same period last year with a decrease of KD 0.6 million ($ 2.3 million) or 5.9 percent.
The decrease is due to the devaluation of some foreign currencies against Kuwaiti Dinar that had a negative effect on our investments existing with these currencies and the decrease of the group share of results from one of its associates compared with same period last year. Group posted Net Underwriting Income of KD 11.5 million ($ 38.1 million) with an increase of 20.3 percent or KD 1.9 million ($ 6.4 million) compared to the same period last year.
Shareholder equity reached KD 89.9 million ($ 298.3 million), reflecting a growth of 4.5 percent or KD 3.8 million ($ 12.8 million) as at September 30, 2016 compared to the same period last year.
Book value per share reached 502 fils, compared with 480 fils as of September 30, 2015.
During the first 3 quarters of 2016, Gross written premium reached KD 152.7 million ($ 506.4 million), with an increase of 5.4 percent compared to KD 144.8 million ($ 480.4 million) for the same period last year.
In supporting the group’s technical operations and protecting its policyholder’s rights, Net technical reserves achieved KD 110.4 million ($ 366.1 million) as on Sept 30, 2016, thereby strengthening GIG’s ability to withstand emergencies and risks that may rise in the future. Total assets also reached KD 365.9 million ($ 1.2 billion) as on Sept 30, 2016.
Khaled Saoud Al Hasan, Gulf Insurance’s group CEO, said,
“Our results for the nine months ended Sept 30, 2016 reflects 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 is also in-line with our constant strive to provide the best insurance services to our clients in all markets we operate in, supported by our strategy for regional expansion and increasing our domestic and regional market share.”
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.”