Gulf Insurance Group announces net profit of KD 3.7m for Q1 2019

Shareholder equity reaches KD 84.5 million

Khaled Saoud Al-Hasan

KUWAIT: Gulf Insurance Group (gig) announced a net profit of KD 3.7 million ($12.3 million), or 20.90 fils per share, for the financial period ended March 31, 2019 compared to KD 3.3 million ($ 11 million) for the same period last year. This rise of KD 0.4 million ($1.3 million) or 12.2 percent, 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 84.5 million ($277.8 million) as at March 31, 2019, while book value per share reached fils 472. Gross written premium reached KD 92.6 million ($304.4 million), with an increase of 3.2 per cent compared to the KD 89.6 million ($294.8 million) recorded for the same period last year. Net investment income and sundry income reached KD 4 million ($13.1 million) for the financial period ended March 31, 2019, representing an increase of 10.9 per cent compared to the KD 3.6 million ($11.8 million) registered for the same period last year.

Net technical reserves reached KD 157.7 million ($518.49 million) as at March 31, 2019. This 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.
Total assets came to KD 610.9 million ($2.01 billion) as at March 31, 2019, an increase of KD 43.8 million ($144 million) or 7.7 per cent from December 31, 2018.

Khaled Saoud 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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