Kuwait: gig records 23% fall in 1H profits
Source: Middle East Insurance Review | Sep 2015
Gulf Insurance Group (gig) reported a net profit of KWD7.5 million (US$24.8 million) for the first six months of 2015, 23% lower compared to the KWD6.1 million in the corresponding period in 2014. During the same period, gross premiums grew by 3.7% y-o-y to KWD86.4 million.
Net technical reserves rose from KWD106.8 million on 31 December 2014 to reach KWD107.6 million as at 30 June 2015. The insurer said: “This 0.7% growth will support the company’s technical operations and protect the policyholders’ rights, thereby strengthening gig’s ability to withstand emergencies and risks that may rise in the future”.
Total assets rose to KWD351.9 million at 30 June 2015, an increase of 1.4% over the balance at 31 December 2014.
Mr Khaled Saoud Al-Hasan, Group CEO of gig, said: “Our results for the first half of 2015 reflect the strong growth we continue to achieve. This is also an indication of the Group’s ability to protect its assets and the equity of its shareholders. It is also in line with our constant strive to provide the best insurance services to our clients in all markets we operate in, supported by our strategy for regional expansion and increasing our domestic and regional market share.”
gig, which has subsidiaries in Bahrain, Egypt, Jordan, Kuwait, Lebanon, Syria and Saudi Arabia, recently expanded in Algeria by purchasing a 40% stake in L’Algérienne des Assurances (2A Insurance Company).
KWD1 = US$3.31