Monday , September 24 2018

Gulf Insurance Group posts KD 3.3mn Q1 net profit

Total assets reach KD 496.8mn

Khaled Al Hasan, GIG’s CEO

KUWAIT CITY, May 6: Gulf Insurance Group (GIG) announced a net profit of KD 3.3 million ($11.1 million), or 18.63 fils per share, for the financial period ended March 31, 2018 compared with KD 2.6 million ($8.7 million) for the same period last year with an increase of KD 0.7 million ($2.4 million) or 28.5 percent.

This increase is due to the increase in the group’s net underwriting results and increase of the share of results from its subsidiaries. Shareholder equity reached KD 79.6 million ($265.6 million) as at March 31, 2018. Book value per share reached fils 445 as at March 31, 2018. Gross written premium reached KD 82.2 million ($274.5 million), with an increase of 4.8 percent compared with the same period last year of KD 78.5 million ($262 million).

Net investment income and sundry income reached KD 3.5 million ($11.78 million) for the financial period ended March 31, 2018. Net technical reserves reached KD 132.9 million ($443.66 million) as at March 31, 2018.

This reflects the support to the company’s technical operations and to protect the policyholders rights, thereby strengthening GIG’s ability to withstand emergencies and risks that may rise in the future.

Total assets reached KD 496.8 million ($1.66 billion) as at March 31, 2018, an increase of KD 5.1 million ($17 million) or 1 percent from Dec 31, 2017. Khaled Al Hasan, GIG’s CEO, said, “The growth reflected in our first quarter results is a strong indication of the Group’s ability to protect its assets and shareholders’ equity.

It also underlines our continuous efforts to provide the best insurance services to our clients across 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.”

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