Gulf Insurance Group (GIG) has increased its net insurance result by 39% to KWD8.7m ($28.2m) in the first quarter of 2025, up from KWD6.2m in the corresponding period last year, primarily driven by a significant improvement in the performance of its underlying insurance operations across the majority of its subsidiaries and lines of business.
Net investment income reached KWD12.1m for 1Q2025, compared to KWD19.6m for the corresponding quarter last year. GIG says in a statement.
Net profit stood at KWD6.6m for the first three months of 2025, compared to a net profit of KWD10.9m for the corresponding period last year. Insurance revenue reached KWD177.8m, down from KWD212.7m in 1Q2024.
Equity attributable to the shareholders of the parent company amounted to KWD248.7m as of 31 March 2025, an increase of 2.5% compared to 31 December 2024. Total assets reached KWD1.24bn as of 31 March 2025.
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. The group has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, UAE, Saudi Arabia, Oman, Qatar, Iraq and Lebanon.