Gulf Insurance Group announces net profit of KD 9.4mln ($30.7mln) for the first quarter of 2023

Gulf Insurance Group announces net profit of KD 9.4mln ($30.7mln) for the first quarter of 2023

Kuwait City: Gulf Insurance Group (GIG) announced a net profit of KD 9.4 million (US$ 30.7 million), or 33.18 fils per share, for the financial period ended March 31, 2023 compared to KD 7 million (US$ 22.9 million), or 24.78 fils per share for the same period last year. The increase of KD 2.4 million (US$ 7.8 million) or 33.9 percent, is due to the results of the Group’s investment performance. It is worth noting that the result was prepared in accordance with IFRS 17 (Insurance Contracts), where the Group prepared the consolidated financial information for the first quarter 2023 and restated the comparison periods in accordance with this new standard.