News Middle East26 Feb 2020

Kuwait:Biggest insurer sees 12% rise in net profits in 2019

26 Feb 2020

Gulf Insurance Group (gig), the largest insurer in Kuwait,has posted net profits of KWD13.3m ($43m) for the financial year ended 31 December 2019, announced Mr Farqad Abdullah Al-Sane, who is group chairman. The figure represents an increase of 12% over the KWD11.9m reported for 2018.

Net underwriting income stood at KWD21.64m, an increase of 38% over 2018. This increase is due to an improvement in the group’s underwriting results and the group’s share of results from its subsidiaries.

Gross written premiums grew by 8% in 2019, compared to 2018, to reach KWD394m. Net investment income for gig reached KWD10.5m in 2019.

gig’s shareholders' equity increased by KWD20m or 22% to reach KWD109m at 31 December 2019, compared to 12 months previously. Total assets increased by KWD196m or 35% to KWD763m at 31 December 2019.

Commenting on the results, Mr. Al-Sane said: “Our results for the year 2019 reflect the strength of gig as a group, its ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights.”

gig has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and the UAE.

KIPCO – Kuwait Projects Company – is gig’s largest shareholder, followed by the Canadian-based Fairfax Financial Holding.

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