News Middle East11 Aug 2019

Kuwait:Gulf Insurance Group posts 23.2% profit growth for 1H2019

| 11 Aug 2019

Gulf Insurance Group (GIG) has announced a net profit of KWD8.1m ($ 26.7m) for the first half of 2019, compared to a net profit of KWD6.6mi for the corresponding period last year.

This represents an increase of KWD1.5m, or 23.2%, which is attributed to improved technical results and investment profits, the company said in a statement.

Written premiums totalled KWD173.1m in 1H2019, up 3% from KWD 168.1m in the same period last year.

Profit from investments and other revenues were KWD6.9m for the first six months of this year compared to KWD5.5m for the same period last year, an increase of 24.8%.

Total assets at 30 June 2019 rose to KWD644.7m , an increase of KWD77.6m or 13.7% since 31 December 2018.

GIG Group CEO Khalid Saud Al Hassan said, "The results for the first half of this year reflect the continued growth of the group, its ability to protect assets and equity, and its continued commitment to providing the best insurance services to its customers.”

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