For the fiscal year that concluded on December 31, 2022, Gulf Insurance Group (GIG) reported a net profit of KD38.2 million ($124.7 million), or 134.56 fils per share, as opposed to a “restated” KD72.6 million ($237.2 million) for 2021.
Due to the purchase of AXA operations in the Gulf region, the business made exceptional profits in 2021 of KD49.2 million. The group increased its normal profits for the current year by KD14.8 million ($48.4 million), after excluding those extraordinary profits for the year 2021, as a consequence of improved underwriting and investment performance results.
For the fiscal year that ends on December 31, 2022, the Board of Directors has suggested a cash dividend payment of 54% (54 fils per share), subject to the approval of the General Assembly of GIG and other relevant regulatory bodies. GIG’s book value per share increased by 7% to 807 fils as of December 31, 2022 from 751 fils at the end of December 31, 2021.
GIG’s shareholder equity climbed by 7% or KD15.8 million over the year, from KD213 million at year’s end to KD229 million.
Gross written premiums for the group increased by 52% to KD831.7 million from the previous year.
For GIG, net investment income and other income totaled KD38.8 million. As of December 31, 2022, GIG had KD623 million in net technical reserves. As of December 31, 2022, total assets were KD1.35 billion.
“Our results for the year reflect the strength of GIG as a group, its continuous growth and ability to take risks through diversifying revenue sources, as well as our ability to preserve stakeholders’ benefits and protect their rights,” said Farqad Abdullah Al-Sane, chairman of Gulf Insurance Group (GIG).
This is also consistent with our ongoing efforts to offer our esteemed clients the best insurance services in all the markets we serve (Egypt, Algeria, Turkey, Jordan, and GCC), by creating the necessary strategies to digitally transform our business practices in terms of product distribution, claims services, and other auxiliary operations.
“In conjunction with a historic milestone of 60 years of our operational excellence, the group focused on developing GIG brand and unveiling a vision focused on designing a valuable environmental insurance ecosystem for the Mena region,” the statement continued.
