Gulf Insurance Group (GIG) has announced a net profit of KD25.3 million ($82.5 million) for the first half of 2023, a jump of 81.7% over KD13.9 million reported for the same period last year. 

 

This increase of KD11.4 million is due to the improvement in the group’s investment performance. The result was prepared in accordance with new standard of IFRS 17 (Insurance Contracts), where the Group prepared the consolidated financial information for the first half of 2023 and restated the comparison periods in accordance with this standard.

 

Shareholder equity reached KD229.9 million as of June 30, 2023 compared to KD228.6 million as of December 31, 2022, with an increase of KD1.3 million or 0.6%, while book value per share reached fils 810 compared to fils 804 as of December 31,2022.

 

Insurance revenue

Insurance revenue reached KD390.7 million compared to KD375.4 million recorded for the same period last year, an increase of 4% or KD15.3 million. 

 

Net investment income reached KD25.5 million for the financial period ended June 30, 2023, representing an increase of 84.4% compared to KD13.8 million recorded for the same period last year.

 

Total assets came to KD1.24 billion as of June 30, 2023, compared to KD1.13 billion as of December 31, 2022, an increase of KD113 million or 10%.

 

Khaled Saoud Al Hasan, GIG’s CEO, said: “Our results for the first half of the year 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 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 to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”--TradeArabia News Service