Kuwait: GIG posts 3.3% increase in net profits for first three quarters
Source: Middle East Insurance Review | Dec 2024
Gulf Insurance Group (GIG) has announced a net profit of KWD22.1m ($72.5m), for the first nine months of 2024 compared to KWD21.4m for the corresponding period last year, an increase of 3.3%.
The group’s other financial highlights for the first three quarters of this year are:
- Insurance revenue reached KWD678.6m compared to KWD604.7m for the same period last year, an increase of 12.2%.
- Net investment income including interest income and share of result from associates reached KWD43.7m, representing an increase of 10% y-o-y.
- Total assets reached KWD1.20bn as of 30 September 2024, compared to KWD1.18bn as of 31 December 2023, an increase of 2%.
- Shareholders’ equity reached KWD240.6m as of 30 September 2024 compared to KWD236.3m as of 31 December 2023, an increase of 2%. M