Dubai, UAE — Gulf Insurance Group, Kuwait’s largest insurance group in terms of written and retained premiums, has said it will distribute cash dividends of 15.3 million Kuwaiti dinars ($49.85 million) for the year 2022.
This amounts to cash dividend of 54 percent (54 fils per share). The group had announced a net profit of KD 38.2 million ($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 ($237.2 million) for the previous year.
The group had achieved extraordinary profits in 2021 amounting to KD 49.2 million ($160.9 million) resulting from the acquisition of AXA operations in the Gulf region, GIG said in a statement.
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 ($48.4 million) or 63 percent due to the increase in the underwriting and investment performance results.
Group CEO Khalid Al-Hasan said, “This profitable growth reflects the Group’s efforts to develop and enhance its products and the quality of services provided to our valued customers in addition to reinforcing relations with our partners. These achievements were made possible with the support of the Group’s major shareholders, KIPCO and Fairfax Financial Holdings Canada as well as GIG’s Board of Directors, to whom I extend the greatest appreciation for their continuous support and cooperation.”