Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
While Kuwait's dissolution of its parliament and suspension of parts of its constitution (for no longer than four years) could affect Kuwait's long-standing institutional checks and balances, the measures are also likely to speed the passage and implementation of much-needed structural reforms, says S&P Global Ratings (S&P).
The net profits of Kuwait Reinsurance Company increased during the first quarter of 2024 by 40.1% year on year to KWD4.05m ($13.2m), according to quarterly financial statements lodged by the reinsurer with Boursa Kuwait.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
LeGulf Insurance Group (GIG) has announced the promotions of Mr Ali Alhendal to CEO and board member and Mr Farid Saber to group COO.
Kuwait Insurance Company, the kingdom's oldest insurer that was established in 1960, saw its net profits plunge by 72.5% to KWD12.1m ($39.5m) in 2023, according to the company's audited consolidated financial statements for the year.
Gulf Insurance Group (GIG), a regional insurance giant, has chalked up a net profit attributable to equity holders of the parent company of KWD21.2m ($69m) for the financial year ended 31 December 2023, announced Mr Farqad Abdullah Al-Sane, GIG chairman.
Leading regional insurance group Gulf Insurance Group has signed a binding agreement to sell its entire stake in Saudi Arabian insurer Buruj Cooperative Insurance Company.
The insurance market in Kuwait is estimated to grow at a CAGR of 6.4% between 2023 and 2028 to reach $2.4bn, according to UAE-based investment banking advisory firm, Alpen Capital.
Saudi Arabia is projected to continue to be the largest insurance market in the GCC by GWP, reaching a market share of 42.6% by 2028, according to UAE-based investment banking advisory firm, Alpen Capital, in its latest "GCC Insurance Industry" report released on 31 January 2024.