In 2023, Gulf Insurance Group Recorded a Net Profit of $69 million

Despite facing challenges throughout the year, Gulf Insurance Group has reported a net profit of KD21.2 million ($69 million), or 74.73 fils per share, for the financial year ending December 31, 2023. These challenges encompassed non-recurring transactions, including impairment in the value of certain investments in associate companies and a net loss from the disposal of a subsidiary, totaling KD19.7 million.

The Board of Directors has proposed a distribution of a 37% cash dividend (equivalent to 37 fils per share) for the fiscal year concluding on December 31, 2023, pending approval from GIG’s General Assembly and relevant regulatory bodies.

The financial results were compiled following the new standard of IFRS 17 (Insurance Contracts), wherein the group prepared consolidated financial information for the current year and adjusted comparison periods accordingly to adhere to this standard.

Insurance revenue surged to KD818.3 million from KD764.9 million in the corresponding period last year, marking a KD53.4 million or 7% increase.

Net investment income for the year soared to KD48.4 million, marking a notable 58% rise from the KD30.6 million recorded in 2022.

As of December 31, 2023, GIG’s book value per share stood at 833 fils, up from 806 fils at the close of December 31, 2022, representing a 3% increase.

GIG’s shareholder equity attributable to the equity holders of the Parent Company reached KD236.3 million, marking a 3% increase from the KD228.6 million recorded at the end of 2022.

Total assets amounted to KD1.18 billion, up from KD1.14 billion as of December 31, 2022, reflecting a KD32.1 million or 2.8% increase.

Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group (GIG), commented, “Our performance for the current year underscores GIG’s robustness as a group, its sustained expansion, and its capacity to undertake calculated risks by diversifying revenue streams, as well as our commitment to safeguarding stakeholders’ interests and upholding their rights.

“This aligns with our ongoing efforts to deliver top-notch insurance services to our esteemed customers across all our markets (Egypt, Algeria, Turkey, Jordan, and GCC), by implementing strategies to digitally enhance our operations, including digital product distribution, claims services, and other support functions, while reinforcing the GIG brand, which is centered on creating a valuable insurance ecosystem for the Mena region.”