Gulf Insurance Company (GIC), Kuwait’s largest commercial and personal insurance provider and part of Kuwait Projects Company (KIPCO), has continued its growth trend by posting a 7.56 per cent increase in consolidated net profit to KD 3.1 million (US$ 10.5 million) in the first half of 2004, compared to KD 2.9 million (US$ 9.8 million) during the same period last year.
Written premiums in the first half of 2004 were KD 20.4 million (US$ 69.2 million), an increase of 37.7 per cent compared to KD 14.8 million (US$ 50.2 million) during the same period in 2003. Earnings per share increased to 28.1 fils (9.5 cents) for the 2004 first half, compared to 26.1 fils (8.9 cents) in the first half of 2003.
GIC has achieved steady growth both in revenues and market share during the last seven years, to maintain its leading position in the Kuwaiti insurance market. The company will continue its strategy for regional expansion to attain similar leadership in the Middle East market.
“The insurance industry in general expects growth in all segments due to increased political stability in the region and execution of several new projects, and GIC is both capable and well-equipped to meet the demands of the growing yet competitive market,” said managing director and chief executive officer Khalid Saoud Al Hassan. He said significant growth was also expected in the medical insurance segment, now compulsory for expatriates, with GIC being Kuwait’s largest private medical insurance provider.
GIC also operates in Saudi Arabia and Lebanon with its subsidiaries Saudi Pearl Insurance Company and Fajr Al-Gulf Insurance & Reinsurance Company.
KIPCO, the largest private company in Kuwait with US$ 10 billion under management or control, has a portfolio of some 70 companies with major activities in financial services, media & telecommunications, management & advisory services, real estate and industry throughout the Middle East and North Africa. (menareport.com)
© 2004 Mena Report (www.menareport.com)
