Kuwait: GIG's 2014 profits grow 18% to US$41 mln
Source: Middle East Insurance Review | Mar 2015
Gulf Insurance Group (GIG) saw its net profit grow by 17.6% to KWD12 million (US$40.7 million), and GWP increase by 10.6% y-o-y to KWD173.6 million in 2014.
The Board of Directors has recommended the distribution of 33% cash dividend (33 fils per share) for the 2014, subject to the approval of GIG’s General Assembly and other concerned regulatory authorities.
Net cash and investment portfolio reached KWD190.9 million in 2014, up 12.6% compared to 2013, while net investment and other income jumped by 37.5% to KWD11.6 million.
GIG’s net technical reserves were raised from KWD97.9 million in 2013 to reach KWD106.8 million last year. This increase of KWD8.9 million represents a growth of 9.1%, and aims to sustain the Group’s operational activities, as well as protect policyholders’ rights, and ultimately strengthen GIG’s ability to cover emergencies and risks that may arise in the future.
“Our results for the year 2014 reflect the growth we have achieved and the strengthening of 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, 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,” GIG’s Chairman Farqad Al-Sane said.
He also disclosed that Algerian Gulf Life Insurance Company (AGLIC), set up in Algeria last year with capital of DZD1 billion (US$10.6 million), is expected to launch its operations during the first half of 2015.
KWD1 = US$3.39; DZD1 = US$0.01