Gulf Insurance Group posts KD 3.3 mln in Q1 profits

KUWAIT, May 8 (KUNA) — The Gulf Insurance Group (gig) announced a net profit of KD 3.3 million (USD 10.9 million), or 18.44 fils per share, for the financial period ended March 31, 2016, and Net Underwriting Income of KD 4.5 million (USD 14.73 million) with an increase of 24.7 percent or KD 882,927 (USD 2.92 million) compared to the same period last year.
Shareholder equity reached KD 83.42 million (USD 276.04 million), reflecting a growth of 1.15% or KD 0.94 million (USD 3.13 million) as at March 31, 2016 compared with the same period last year. Book value per share reached fils 466 compared with fils 460 as at March 31 2015, the company said in a press release.
Gross written premium reached KD 60.12 million (USD 198.95 million), with an increase of 10.8% compared with the same period last year of KD 54.3 million (USD 179.6 million).
Net investment income and sundry income reached KD 2.2 million (USD 7.2 million) compared to KD 2.7 million (USD 9.1 million) with the same period last year with decrease of 20.9%.
Net technical reserves were raised from being KD 112.68 million (USD 372.86 million) on December 31, 2015, reaching KD 121.92 million (USD 403.5 million) as at March 31, 2016. This increase represents a growth of 8.2%, supports 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 373.23 million (USD 1.23 billion) as at March 31, 2016, an increase of KD 4.81 million (USD 15.9 million) or 1.3 percent from Dec. 31 2015.
Established in 1962, Gulf Insurance Group is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in both life and non-life insurance.
Gulf Insurance Group has become one of the largest insurance networks in the Middle East and North Africa, with companies in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq, Bahrain, Emirates, Algeria and Kuwait. Its reported consolidated assets stand at USD 1.23 billion as at 31 March 2016. (end)

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