Kuwait: GIG's insurance revenue grew 15% in 1H 2024, balanced by increased claims

Source: Middle East Insurance Review | Oct 2024

Gulf Insurance Group (GIG), a leading insurance group in the MENA region and the largest in Kuwait, announced a net profit of KWD16.8m ($54.7m) for the first half of 2024, a decline of 33.6% from KWD25.3m in 1H2023.

Insurance revenue rose by 15% y-o-y to KWD449.2m in 1H2024 but the company saw a 16% decrease in insurance service results.

Insured claims and other directly attributable expenses jumped to KWD455.0m in 1H2024 from KWD395.3m in 1H2023.

Reinsurance expenses rose to KWD187.9m in 1H2024 from KWD151.3m in 1H2023.

Net investment income including interest income and share of results from associates reached KWD31.6m in 1H2024, representing an increase of 20% compared to KWD26.3m in 1H2023. M

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