Gross written premiums up 42.9 percent to KD 304.8 million

 

Farqad Abdullah Al-Sane

KUWAIT: Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group (GIG) announced yesterday that the Group achieved a net profit of KD 10.3 million ($34.1 million), or 57.48 fils per share for the financial year ended December 31, 2017, compared to KD 12 million ($39.8 million) in 2016 with decrease of 14.3 per cent.

The Board of Directors has recommended the distribution of 30 percent cash dividend (30 fils per share) for the financial year ended December 31, 2017, subject to the approval of GIG's General Assembly and other concerned regulatory authorities.

GIG's book value per share reached 472 fils as on 31 December 2017, compared to 460 fils as on December 32, 2016. GIG's shareholder equity increased during 2017 by KD 2.2 million ($7.4 million) to reach KD 84.5 million ($280.2 million), representing a 2.7 per cent increase from the KD 82.3 million ($272.7 million) at 2016-end.

The Group's gross written premiums grew 42.9 per cent compared to last year, with an increase of KD 91.6 million ($303.4 million) to reach KD 304.8 million ($1 billion) at the end of 2017.

Net investment and other income for GIG reached KD 10.5 million ($34.66 million) at the closing of 2017, with an increase of KD 0.4 ($1.2 million), or 3.7 per cent, compared to 2016.

GIG's net technical reserves reached KD 123.4 million ($408.74 million) as at December 31, 2017 with an increase of KD 16.9 million ($56.1 million) or 15.9 per cent compared to KD 106.4 million ($352.6 million) as at December 31, 2016.

Total assets increased by KD 118.2 million ($391.7 million) to reach KD 494.1 million ($1.64 billion) at year-end, a growth of 31.5 percent compared to the same period in 2016.

Farqad Al-Sane, GIG's Chairman, said: "Our results for the year 2017 reflect the strength of GIG as a group, its 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 endeavor to provide the best insurance services to our valued customers in all markets we operate in, supported by our proven strategy which aims at expanding our distribution networks, and our regional expansion plan to acquire greater market share locally and regionally."

He added: "We thank our clients for these achievements, as well as the unlimited support from our shareholders, especially 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 and all the concerned regulatory authorities in Kuwait."