Regional insurance group, Gulf Insurance Group (GIG), has announced a net profit of KWD9.8m ($32.3m) for the first quarter of 2022, compared to KWD5.5m for the corresponding quarter last year.
The Group attributes the jump of KWD4.3m or 78.9% to its underwriting and investment performance.
Gross written premium reached KWD232.6m during 1Q2022, almost double (specifically, an increase of 94.7%) the KWD119.5m seen for 1Q2021.
Net investment income and sundry income reached KWD8.7m for the first three months of this year, representing an increase of 48.6% over the corresponding quarter last year.
Shareholders' equity reached KWD193m as of 31 March 2022, 1.1% higher than the KWD190.8m that stood as of 31 December 2021.
Total assets amounted to KWD1.3bn at 31 March 2022, compared to KWD 1.4bn as of December 2021.
Mr Khaled Saoud Al Hasan, GIG’s CEO, said, “Our results for the first quarter reflect the strength of GIG as a group, its continuous growth and ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights. This is also in line with our constant endeavour to provide the best insurance services to our valued customers in all markets we operate in, by adopting the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”
GIG is the largest insurance group in Kuwait in terms of written and retained premiums, with operations in life and non-life insurance as well as takaful. GIG has also become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, UAE, KSA, Oman, Qatar, Syria, Iraq and Lebanon.