MENA: GIG's net profits jump by 22% to US$84m in 2024

Source: Middle East Insurance Review | May 2025

Gulf Insurance Group (GIG) has announced a net profit of KWD25.9m ($84m) for the financial year ended 31 December 2024, an increase of 22% compared to a net profit of KWD21.2m in 2023.

The board of directors has recommended the distribution of a 23% cash dividend (23 fils per share) for the financial year ended 31 December 2024, subject to the approval of GIG’s General Assembly and other concerned regulatory authorities.

Insurance revenue reached KWD846.6m for the year ended 31 December 2024 compared to KWD818.3m recorded for 2023, an increase of KWD28.3m or 3.5%.

GIG’s vice chairman & CEO Khaled Saoud Al Hasan said in a statement, “Our results for the current year 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.” M

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