Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2023-12-31

Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2023-12-31

|Element List||Current Year||Previous Year||%Change|

|Insurance Revenues||1,564,749||1,480,637||5.68|

|Result of Insurance Services||4,507||122,308||-96.31|

|Net Profit (Loss) of The Insurance Results||110,347||-17,203||-|

|Net Profit (Loss) of The Investment Results||95,640||63,417||50.81|

|Net Insurance Financing Expenses||-39,285||2,353||-|

|Net Profit (Loss), After Zakat, Attributable To Shareholders||128,526||15,913||707.68|

|Total Comprehensive Income||150,806||-57,948||-|

|Total Share Holders Equity (After Deducting the Minority Equity)||1,064,840||939,034||13.4|

|Profit (Loss) per Share||2.45||0.3|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Amount||Percentage of the capital (%)|

|Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value||-||-|

|All figures are in (Thousands) Saudi Arabia, Riyals|

|Element List||Explanation|

|The reason of the increase (decrease) in revenues during the current year compared to the last year is||There was an increase in insurance revenue during 2023 by SR 84 million or +5.7% as compared to the last year 2022, mainly driven by Property and Casualty and Health segments attributable to general business growth observed in those segments.|

|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| Increase in net profit before zakat and tax by SR 121 million, during year 2023 as compared to the last year 2022, is mainly driven by :

|

(i) Increase in insurance underwriting results/profits by circa SR 250 million due to Motor and Health segments which was partially offset by net underwriting losses by