Gulf Insurance Group announces net profit of KD 10.9 million (US$ 35.6 million) for the first quarter of 2024

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Khaled Saoud Al Hasan, GIG CEO

Kuwait City, May 16: Gulf Insurance Group (GIG) announced a net profit of KD 10.9 million (US$ 35.6 million), or 38.58 fils per share, for the first quarter period ended March 31, 2024 compared to KD 11.5 million (US$ 37.2 million), or 40.37 fils per share for the same period last year.

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 KD 236.2 million (US$ 767.6 million) as at March 31, 2024, while book value per share reached fils 832.

Insurance revenue reached KD 212.7 million (US$ 691.3 million) compared to KD 189.2 million (US$ 614.9 million) recorded for the same period last year.

Net investment income reached KD 19.6 million (US$ 63.7 million) for the financial period ended March 31, 2024, representing an increase of 63% compared to KD 12 million (US$ 39.1 million) recorded for the same period last year.

Total assets came to KD 1.198 billion (US$ 3.89 billion) as at March 31, 2024, compared to KD 1.175 billion (US$ 3.82 billion) as at December 31, 2023.

Mr. 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. We endeavor 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 prioritize 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 honorable 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 the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.”

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