02-04-2025
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.'
