Gulf Insurance Group announces net profit of KD 22.1 million (US$ 72.5 million) for the first nine months of 2024

Gulf Insurance Group (GIG) announced a net profit of KD 22.1 million (US$ 72.5 million), with earning per share of 77.84 fils (US$ 0.26) per share, for the first nine months of 2024 compared to KD 21.4 million (US$ 70.2 million), with earning per share of 75.46 fils (US$ 0.25) per share for the same period last year an increase of 3.3 percentage.
Shareholder equity reached KD 240.6 million (US$ 788.2 million) as at September 30, 2024 compared to KD 236.3 million (US$ 774 million) as at December 31, 2023, an increase of KD 4.3 million or 2 percent, while book value per share reached fils 845 compared to fils 833 as at December 31,2023.
Insurance revenue reached KD 678.6 million (US$ 2.2 billion) compared to KD 604.7 million (US$ 2 billion) for the same period last year, an increase of KD 73.9 million (US$ 242.2 million) or 12.2 percent. 
Net investment income including interest income and share of result from associates reached KD 43.7 million (US$ 143 million) for the first nine months of 2024, representing an increase of 10 percent compared to KD 39.7 million (US$ 130.2 million) for the same period last year.
Total assets came to KD 1.20 billion (US$ 3.94 billion) as at September 30, 2024, compared to KD 1.18 billion (US$ 3.85 billion) as at December 31, 2023, an increase of KD 27 million (US$ 88.4 million) or 2 percent.

Mr. Khaled Saoud Al Hasan, GIG’s Vice Chairman & CEO, said:
“Our results for the nine months of 2024 reflect the strength of GIG as a Group, its continuous growth, soundness in taking risks thanks to diversified revenue sources and ability to preserve stakeholders’ benefits and protect their rights. We endeavor to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC) by adopting the necessary strategies which today prioritize digital transformation in our operations, digital distribution of products, digital claims services and other supporting functions that all together strengthen the GIG brand and enable us to focus on shaping a valuable insurance ecosystem for the MENA region.”
He added,
“We thank our valued customers for these achievements, as well as the unlimited support from our shareholders, namely FAIRFAX, and all honorable board members of the Group. I would also like to express my sincere appreciation to our dedicated employees for their sincere efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.”