Kuwait: Gulf Insurance Group's GWP rose 15% to $698 mln in 2016
Source: Middle East Insurance Review | Apr 2017
Kuwait’s biggest insurance group, Gulf Insurance Group (gig), said its GWP grew by 14.7% y-o-y to reach KWD213.2 million (US$697.6 million), whilst its net profit fell by 14.8% y-o-y to KWD12 million in 2016.
The company’s net investment and other income reached KWD10.1 million in 2016, a decrease of 18%, compared to 2015 as a result of losses due to the devaluation of some Arab currencies against the Kuwaiti dinar.
As a result, gig’s shareholders’ equity decreased by KWD7.3 million to reach KWD82.3 million at 31 December 2016, an 8% decline compared to KWD89.6 million at 31 December 2015.
Total assets increased by KWD7.5 million to reach KWD375.9 million at the end of 2016, a growth of 2% y-o-y.
“Our results for 2016 reflect the strength of the gig group and its ability to take risks through diversifying its revenue sources and its ability to preserve stakeholders’ benefits and protect their rights,” said Mr Farqad Al Sane, Chairman of gig.
“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,” he said.
KWD1 = US$3.27