Gulf Insurance Group announces 39% increase in net insurance result
Gulf Insurance Group (GIG) announced a 39% increase in its net insurance result to KD 8.7 million (US$ 28.2 million) in the first quarter of 2025, up from KD 6.2 million (US$ 20.1 million) in the same period last year, primarily driven by significant improvement in performance of the underlying insurance operations across a majority of its subsidiaries and lines of business.Net investment income reached KD 12.1 million (US$ 39.3 million) for the first quarter of 2025, compared to KD 19.6 million (US$ 63.5 million) recorded for the same period last year.Net profit stood at KD 6.6 million (US$ 21.3 million) for the period of 2025, equivalent to earnings per share of 20.42 fils (US$ 0.063) compared to a net profit of KD 10.9 million (US$ 35.5 million) or 35.84 fils per share (USD 0.110) for the same period last year. Insurance revenue reached KD 177.8 million (US$ 576.7 million) compared to KD 212.7 million (US$ 689.8 million) recorded for the same period last year.The book value per share reached 874 fils as of March 31, 2025, compared to 852 fils as of December 31, 2024, an increase of 2.6%.Equity attributable to the shareholders of the parent company amounted to KD 248.7 million (US$ 806.5 million) as of March 31, 2025, an increase of 2.5% compared to the equity attributable to the shareholders of the parent company as of December 31, 2024, which amounted to KWD 242.6 million (USD 786.5 million).Total assets reached KD 1.24 billion (US$ 4 billion) as of March 31, 2025.As it continues to strengthen its international footprint and capabilities, GIG remains one of the largest and most diversified insurance groups in the MENA region where it focuses on shaping a valuable insurance ecosystem.The Group extended its gratitude to its customers, shareholders, namely FAIRFAX, and board members for their continued trust in the Group's strategy, further thanking employees for their dedication and efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.
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