Gulf Insurance Group reports strong premiums growth

Gulf Insurance Group (GIG) has released its results for the first nine months of 2022, with 73.4% growth in gross written premiums, totalling KWD640.8 million (US$2.07 billion).

The insurer registered a net profit of KWD23.1 million for January to September, compared to a restated net profit of KWD68 million for the same period last year. In the first nine months of 2021, GIG had an extraordinary profit of KWD50.5 million, resulting from the acquisition of AXA’s operations in the Gulf region. Excluding the one-off windfall for 2021, GIG registered a KWD5.6 million increase in profits for the first nine months of 2022, due to growth in operating and investment profits.

GIG’s net investment income and sundry income reached KWD28.6 million, compared to KWD16.8 million for the same period last year, an increase of 70%.

Net technical reserves grew from KWD443 million on Dec. 31, 2021, to KWD485.2 million as of Sept. 30. Total assets were valued at KWD1.34 billion as of Sept. 30.

“Our results for the nine months of 2022 reflect the strength of GIG as a group, its continuous growth and its ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights,” said Khaled Saoud Al Hasan, GIG chief executive. “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 developing the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions. Coinciding with a historic milestone of 60 years of our operational excellence, the group focused on developing the GIG brand and unveiling a vision focused on designing a valuable insurance ecosystem for the MENA region.”