Gulf Insurance Group (GIG), one of the largest insurance groups in MENA, 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:
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Insurance revenue reached KWD678.6m, compared to KWD604.7m for the same period last year, an increase of 12.2% year on year.
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Net investment income including interest income and share of result from associates reached KWD43.7m, representing an increase of 10% year on year.
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Total assets reached KWD1.20bn as of 30 September 2024, compared to KWD1.18bn as of 31 December 2023, an increase of 2%.
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Shareholders’ equity reached KWD240.6m as of 30 September 2024 compared to KWD236.3m as of 31 December 2023, an increase of 2%.
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.”
He said that the group prioritises digital transformation in its operations, digital distribution of products, digital claims services and other supporting functions.
GIG is the largest insurance group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as takaful. GIG has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, UAE, Saudi Arabia, Oman, Qatar, Iraq, and Lebanon.
GIG is a majority-owned subsidiary of Fairfax Financial Holdings, a Canadian holding company listed on the Toronto Stock Exchange, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management.