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%.
Other highlights of GIG’s financial results include:
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Net investment income reached KWD52.1m, representing an increase of 15% year on year.
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Equity attributable to the shareholders of the parent company reached KWD242.6m as at 31 December 2024, an increase of 3% compared to KWD236.3m at the end of 2023.
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Total assets reached KWD1.24bn as of 31 December 2024, compared to KWD1.18bn as of 31 December 2023, an increase of KWD62.3m or 5.3%.
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. We endeavour 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 which today prioritise the digital transformation in our operations, digital distribution of products, digital claims services and other supporting functions that all together strengthen the GIG brand and enable us to focus on shaping a valuable insurance ecosystem for the MENA region.”
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. Its reported consolidated assets stood at $4.01bn as at 31 December 2024.
GIG is the first triple-rated insurance group in Kuwait. The Group holds a Financial Strength Rating of ‘A’ (Excellent) and issuer credit rating of ‘a+’ (Excellent) with a ‘Stable’ outlook from AM Best Europe–Rating Services; a Financial Strength Rating of ‘A’ with a ‘Positive’ outlook from Standard & Poor’s and an Insurance Financial Strength Rating (IFSR) of ‘A2’ from Moody’s Investors Service carrying a ‘Stable’ outlook. 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.