Latest news with #GIG
Zawya
18-05-2025
- Business
- Zawya
Gulf Insurance Group announces 39% increase in net insurance result
Kuwait City: 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. Further information: Khalid Al Sanousi Group Executive Manager, Corporate Comms. & IR khalids@ Philemon Rajan Manager, Corp. Comms. & IR prajan@ About GIG: 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 insurance. 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, KSA, Oman, Qatar, Iraq, and Lebanon. Its reported consolidated assets stand at US$ 4 billion as at 31 March 2025. Gulf Insurance Group enjoys the privilege of being 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 Stable outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of 'A' with 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 Limited, 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. The conversion rate applied is KD 0.3084 per US$1
Al Bawaba
18-05-2025
- Business
- Al Bawaba
Gulf Insurance Group announces 39% increase in net insurance result
Gulf Insurance Group (GIG) announced a 39% increase in its net insurance result to KD 8.7 million (US$ 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 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 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 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, 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 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. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Zawya
08-05-2025
- Business
- Zawya
Gulf Insurance Group sustains momentum in 2024, positions for next phase of global growth
Kuwait City: Gulf Insurance Group (GIG) held its Ordinary and Extraordinary General Assembly Meetings today, during which shareholders approved the Board of Directors' recommendation to distribute cash dividend of 23% (23 fils per share) for the financial year ending December 31, 2024, amounting to approximately KD 6.5 million. The quorum was met with 97.185% of shareholders attending. Chairing the meetings on behalf of the Board, Board member Dr. Yousef Hamad Al-Ebraheem, highlighted GIG's strong financial and operational achievements: 'In a year marked by global economic uncertainty, inflation and geopolitical tensions, GIG demonstrated resilience, closing 2024 with a net profit of KD 25.9 million (US$ 84 million). As one of the largest and most diversified insurance groups in the MENA region, GIG's success stemmed from prudent underwriting, disciplined risk management, strong governance and a diversified business model. Despite challenges, GIG remained focused on long-term growth, value creation and innovation, positioning itself for future opportunities globally.' In 2024, GIG further strengthened its international footprint and capabilities, deepened digital transformation initiatives across subsidiaries, and intensified its investments in advanced data analytics and new technologies to enhance underwriting precision, customer experience, and operational efficiency. The Group's financial strength was reaffirmed by major credit rating agencies: Moody's affirmed GIG's Insurance Financial Strength Rating at A2 (Stable Outlook). S&P Global Ratings affirmed GIG's rating at A (Positive Outlook), recognizing its sustained profitability and regional market leadership. A M Best upgraded GIG's Issuer Credit Rating to 'a+' (Excellent) and affirmed its Financial Strength Rating at A (Excellent) with a Stable Outlook. GIG also continues to prioritize strong governance, digital transformation and sustainability. The Group remains committed to key pillars outlined in its sustainability strategy, focusing on diversity and inclusion, climate initiatives, and community engagement. With support from major shareholder Fairfax Financial Holdings, GIG now benefits from a global insurance network, gaining access to global expertise, broader markets, and accelerated growth beyond MENA region. Dr. Al-Ebraheem Concluded, "Looking ahead, we are confident in capturing new opportunities across both traditional and digital insurance sectors. Our investment in new underwriting technologies, customer-centric platforms and agile models positions GIG to lead the next wave of innovation. I extend my sincere thanks and gratitude to our loyal customers, partners, shareholders, especially Fairfax, and dedicated employees for their unwavering support and contribution to our success." With a proud legacy of over 60 years, Gulf Insurance Group offers comprehensive life, non-life, and Takaful solutions across Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, UAE, Saudi Arabia, Oman, Qatar, Iraq and Lebanon, serving millions of customers across diverse markets. About GIG: 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 insurance. 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, KSA, Oman, Qatar, Iraq, and Lebanon. Its reported consolidated assets stand at US$ 4.01 billion as at 31 December 2024. Gulf Insurance Group enjoys the privilege of being 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 Stable outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of 'A' with 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 Limited, 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.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
GIG Gulf - making insurance simple, easy and relevant
Part of the region's leading insurance powerhouse, Gulf Insurance Group (GIG), GIG Gulf has earned its place as one of the most trusted names in insurance across the Middle East. With over 70 years of presence in the GCC, the company provides a wide range of insurance products for individuals, families, SMEs, and corporates in the UAE, Oman, Bahrain, and Qatar. Backed by Fairfax Financial Holdings and driven by a focus on innovation, service excellence, and regional expertise, GIG Gulf is on a mission to become the region's go-to digital insurer putting members at the centre of everything it does. In a world where digital transformation is reshaping industries, GIG Gulf is leading the charge in reimagining how customers engage with insurance. The company's focus on intuitive, technology-driven experiences has positioned it as a pioneer in delivering smart, accessible, and user-friendly solutions. At the heart of this evolution is MyGIG, a digital ecosystem for our existing customers. Our award-winning MyGIG Gulf mobile app is a powerful tool for our health members, putting the control in their hands. With features like instant policy access, real-time claims tracking, and a smart provider locator, the app simplifies the customer journey and reflects GIG Gulf's commitment to blending innovation with everyday convenience. It creates a place for customers to have quick access more than just their policy with access to wellbeing services that allow us to care beyond the typical insurance offering. But the transformation goes beyond healthcare. The MyGIG Car portal, allows customers to download Orange Cards instantly streamlining what used to be a time-consuming task for GCC-bound motorists. It's another example of how GIG Gulf is using digital agility to meet real-world needs. The company has also pioneered integration with UAE PASS, the national digital identity platform, across its services. This allows customers to log in with a single tap and securely share verified documents like their Emirates ID and driving license making it faster, safer, and reinforcing GIG Gulf's focus on building easy and seamless digital interactions. Renewing motor insurance can be done in under 1 minute. With a simple link sent via SMS, WhatsApp, or email, customers can review, authenticate, and pay all within minutes. It's seamless, fast, and a clear example of GIG Gulf's drive to simplify insurance at every step. And to ensure we provide the best support during crisis, our first-in-region end to end claim registration journey powered by artificial intelligence allows customers to register their claims instantly online, choose the garage that they prefer for repair and ultimately, speeding up the process that will get them back on the road in no time. With an 'A' (Excellent) rating from AM Best and recent recognition as Health Insurer of the Year 2025 by Mena II, GIG Gulf isn't just keeping up with the digital shift — it's setting the standard. From real-time services to simplified renewals, greater transparency, and a focus on ease, GIG Gulf is reshaping what insurance should look and feel like in the moments that matter. In today's connected world, it's not just about being digital — it's about offering smart, effortless solutions that customers can trust. "Our digital transformation is about offering fast and easy protection, but with a human touch. At GIG Gulf, we're building a future where insurance is as intuitive as it is essential, seamlessly woven into our customers' everyday lives."
Zawya
02-04-2025
- Business
- Zawya
Gulf Insurance Group announces a net profit of KD 25.9mln (US$ 84mln) for the year 2024
Insurance revenue up 3.5% to reach KD 846.6 million Board Of Directors recommends 23% cash dividend Kuwait City: Gulf Insurance Group (GIG) today announced a net profit of KD 25.9 million (US$ 84 million), or 80.17 fils per share (US$ 0.26) for the financial year ended 31 December 2024, an increase of 22 percent compared to a net profit of KD 21.2 million (US$ 68.8 million) or 62.62 fils per share (USD 0.20) for the same period last year. The Board of Directors has recommended the distribution of 23% cash dividend (23 fils per share) for the financial year ended December 31, 2024, subject to the approval of GIG's General Assembly and other concerned regulatory authorities. Insurance revenue reached KD 846.6 million (US$ 2.746 billion) for the year ended December 31, 2024 compared to KWD 818.3 million (US$ 2.654 billion) recorded for the same period last year, an increase of KWD 28.3 million (US$ 92 million), or 3.5 percent. Net investment income reached KD 52.1 million (US$ 169 million) for the year ended December 31, 2024, representing an increase of 15 percent or KD 6 million (US$ 19.4 million) compared to KD 46.1 million (US$ 150 million) recorded for the last year. The book value per share reached 852 fils as at December 31, 2024, compared to 833 fils at the end of December 31, 2023, with an increase of 2%. Equity attributable to the shareholders of the parent company reached KD 242.6 million (US$ 786.7 million) as at December 31, 2024, an increase of 3% compared to KWD 236.3 million (USD 766.3 million) at 2023 end. Total assets came to KD 1.24 billion (US$ 4 billion) as at December 31, 2024, compared to KD 1.18 billion (US$ 3.8 billion) as at December 31, 2023, an increase of KD 62.3 million (US$ 202 million), or 5.3 percent. Mr. Khaled Saoud Al Hasan, GIG's Vice Chairman & CEO, said: '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 endeavor 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 prioritize 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.' He added, 'We thank our valued customers for these achievements, as well as the unlimited support from our shareholders, namely FAIRFAX, and all honorable board members of the Group. I would also like to express my sincere appreciation to our dedicated employees for their sincere efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.'
