Kuwait: GIG records 18% growth in net profit to US$40 mln
Source: Middle East Insurance Review | May 2015
Gulf Insurance Group (GIG) has recorded a net profit of KWD12 million (US$39.7 million) for 2014, 17.6% higher compared to 2013.
GWP grew by 10.6% y-o-y to KWD173.6 million, reported Arab Times Kuwait.
Mr Khaled Al Hasan, GIG’s Group CEO, said: “Regionally, GIG occupies an advanced position in terms of gross premiums written and technical profits. The Group maintained its leadership position in the Bahraini market through our subsidiary Bahrain Kuwait Insurance Company, in Jordan through Arab Orient Insurance Company in terms of gross premiums written, and in Egypt in terms of technical profit through Arab Misr Insurance Group (AMIG).”
GIG’s investment portfolio increased by 12% to KWD212.5 million at the end of 2014. Net investment returns grew by 14.7% to KWD11.8 million, compared with KWD10.3 million in 2013. The Group’s net technical reserves increased by 9.1% to KWD106.8 million at the end of 2014, which would go to sustain the group’s operational activities, as well as protect policyholders’ interests.
Mr Al Hasan added: “GIG was successful in restructuring our subsidiary in Kuwait, Gulf Life Insurance Company, to operate as composite insurer and successfully changed the company’s name to Gulf Insurance and Reinsurance Company.
Moreover, it renewed the combined reinsurance programme for the parent and subsidiaries. We have also increased our stake in Arab Orient Insurance Company in Jordan to 90.2%, while also increasing our stake in Syrian Kuwaiti Insurance Company to 54.3% and in our associated company, Egyptian Takaful Property and Liability, to 25%.”
The Group has also established a new life insurance company in Algeria, in which it has a 42.5% stake.
KWD1 = US$3.31