Kuwait: Gulf Insurance Group's GWP up 43% to $1 bln
Source: Middle East Insurance Review | Apr 2018
Gulf Insurance Group (GIG) saw its GWP grow by 42.9% y-o-y to KWD304.8 million (US$1 billion) for the financial year ended 31 December 2017, while its net profit down 14.2% y-o-y to KWD10.3 million.
Net investment and other income for the insurer reached KWD10.5 million in 2017, an increase of 3.7% y-o-y, according to a corporate statement.
Shareholders’ equity increased by KWD2.2 million to KWD84.5 million at 31 December 2017, representing a 2.7% increase y-o-y. Net technical reserves reached KWD123.4 million at 31 December 2017, up 15.9% y-o-y. Total assets increased to KWD494.1 million at end-2017, a growth of 31.5% y-o-y.
Mr Farqad Al Sane, GIG’s Chairman, said: “Our results for the year 2017 reflect the strength of GIG as a group, the ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights.”
He added that the results also reflect the group’s strategy which aims at broadening distribution networks and expanding regionally to acquire greater market share locally and regionally.
GIG is the largest insurance group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as takaful. It has become one of the largest insurance networks in MENA with offices in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and the UAE. M
KWD1 = US$3.33