Khaled Saoud Al Hasan
Gulf Insurance Group H1 net profit jumps 27pc to $48.9m
KUWAIT CITY, August 14, 2022
Gulf Insurance Group (GIG) has made net profit of KD15 million ($48.9 million), or 52.87 fils per share, for the first half (H1) of 2022, a jump of 27% over KD11.8 million reported for the corresponding period last year. This increase is due to the improvement in the group’s underwriting and investment performance compared to last year.
Shareholder equity reached KD184.4 million as of June 30, 2022 with an increase of 42.5% compared to the KD129.4 million reported on June 30, 2021. Book value per share reached 650 fils as at the end of the first half of the current year.
Gross written premium reached KD458.7 million, a growth of 81% compared to KD253 million reported in the same period last year.
Net investment income
Net investment income and sundry income came to KD17.6 million compared to KD11.3 million for the same period last year, at an increase of 55%.
Net technical reserves reached KD487.4 million as of June 30, 2022, which reflects the support to the company’s technical operations and protection of the policyholders’ rights, thereby strengthening GIG’s ability to withstand emergencies and risks that may rise in the future.
The total assets for the first half of the current year reached KD1.34 billion, compared to KD0.8 billion reported at June 30, 2021, an increase of 67.3%.
Strength of the group
Khaled Saoud Al Hasan, GIG’s CEO, said: “Our results for the first half of the current year reflect the strength of GIG as a group, its continuous growth and ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights.
“This is also in line with our constant endeavour 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 to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”--TradeArabia News Service
