Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2023-12-31
- Date: 18-Feb-2024
- Source: Mubasher
- Sector:Financial Services
- Country:Saudi Arabia
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