GIG announces net profit of KD 15mln (US$ 48.9mln) at 27% growth for the first half of 2022

GIG announces net profit of KD 15mln (US$ 48.9mln) at 27% growth for the first half of 2022

Kuwait City: Gulf Insurance Group (GIG) announced a net profit of KD 15 million (US$ 48.9 million), or 52.87 fils per share, for the first half of 2022, an increase of 27 percent over KD 11.8 million (US$ 38.3 million), or 53.51 fils per share reported for the same period last year. This increase is due to the improvement in the Group’s underwriting and investment performance compared to the same period last year.

Shareholder equity reached KD 184.4 million (US$ 600.9 million) as at 30 June 2022 with an increase of 42.5 percent compared to the KD 129.4 million (US$ 421.7 million) reported at 30 June 2021. Book value per share reached 650 fils as at the end of the first half of the current year.

Gross written premium reached KD 458.7 million (US$ 1.49 billion), a growth of 81 percent compared to KD 253 million (US$ 824.3 million) reported in the same period last year.

Net investment income and sundry income came to KD 17.6 million (US$ 57.4 million) compared to KD 11.3 million (US$ 36.9 million) for the same period last year, at an increase of 55 percent.

Net technical reserves reached KD 487.4 million (US$ 1.6 billion) as at 30 June