Gulf Insurance Group (GIG) has announced a net profit of KD 15 million ($48.9 million), for the first half of 2022, an increase of 27 percent over KD 11.8 million ($38.3 million) for the same period last year.
The company said the rise in net profit was 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, with an increase of 42.5 percent compared to the KD 129.4 million in H1 2021.
Gross written premium reached KD 458.7 million, a growth of 81 percent compared to KD 253 million reported in the same period last year.
Net investment income and sundry income came to KD 17.6 million compared to KD 11.3 million for the same period last year.
The company’s said the net technical reserves reached KD 487.4 million, saying it indicated the company’s technical operations and protection of the policyholders’ rights.
The total assets for the first half of the current year reached KD 1.34 billion, compared to KD 0.8 billion, an increase of 67.3 percent.
Khaled Saoud Al Hasan, GIG’s CEO, said, “Our results for the first half of the current year reflect the strength of GIG as a Group, its continuous growth and ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights.”