Gulf Insurance Group achieves prominent financial results in 2022

Gulf Insurance Group achieves prominent financial results in 2022

Kuwait City:. Gulf Insurance Group held its Ordinary General Assembly Meeting today headed by Mr. Farqad Abdullah Al-Sane, Chairman of the Board of Directors of the Group. With an attendance of 81.79%, shareholders approved the Board of Directors’ recommendation to distribute cash dividends of 54% (54 fils per share) for the year ended 31 December 2022, or 15.3 million Kuwaiti dinars.

Mr. Al Sane mentioned,

“The Group had earlier announced a net profit of KD 38.2 million (US$ 124.7 million) and earnings per share of 134.56 fils for the financial year ended 31 December 2022 compared to a “restated” KD 72.6 million (US$ 237.2 million) for the same period last year. Worth mentioning that the Group had achieved extraordinary profits in the previous year amounting to KD 49.2 million (US$ 160.9 million) resulting from the acquisition of AXA operations in the Gulf region. With the exclusion of those unusual profits for the year 2021, the Group achieved an increase in its normal profits for the current year by KD 14.8 million (US$ 48.4 million) or 63% due to the increase in the underwriting and investment performance results.

During the meeting, the Group reviewed the 2022 results as well as achievements for 2022.

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