GIG posts KD 5.6m net profit for H1 2017

Kuwait Times - - BUSINESS - Khaled Al-Hasan

Gulf In­sur­ance Group (gig) an­nounced a net profit of KD 5.6 mil­lion ($18.4 mil­lion), or 31.21 fils per share, for the first half of 2017 com­pared with net profit of KD 7.13 mil­lion ($23.5 mil­lion) for the same pe­riod last year and with de­crease of KD 1.53 mil­lion ($5.1 mil­lion) or 21.7 per­cent. This de­crease is due to the group’s share of re­sults from its sub­sidiaries.

Share­holder eq­uity reached KD 70.1 mil­lion ($230.8 mil­lion), as at June 30, 2017. Book value per share reached fils 391 as at June 30, 2017.

Gross writ­ten pre­mium reached KD 156.3 mil­lion ($514.8 mil­lion), with an in­crease of 58.7 per­cent com­pared with the same pe­riod last year of KD 98.5 mil­lion ($324.5 mil­lion).

Net in­vest­ment in­come and sundry in­come reached KD 7.8 mil­lion ($25.8 mil­lion) com­pared to KD 5.7 mil­lion ($18.8 mil­lion) with the same pe­riod last year with in­crease of 37 per­cent.

Net tech­ni­cal re­serves were raised from be­ing KD 106.4 mil­lion ($350.5 mil­lion) on De­cem­ber 31, 2016, reach­ing KD 138.2 mil­lion ($455.1 mil­lion) as at June 30, 2017. This in­crease rep­re­sents a growth of 29.8 per­cent, sup­ports the com­pany’s tech­ni­cal op­er­a­tions and to pro­tect the pol­i­cy­hold­ers rights, thereby strength­en­ing gig’s abil­ity to with­stand emer­gen­cies and risks that may rise in the fu­ture.

To­tal as­sets reached KD 525.8 mil­lion ($1.73 bil­lion) as at June 30, 2017, an in­crease of KD 149.9 mil­lion ($493.7 mil­lion) or 39.9 per­cent from Dec 31 2016.

Khaled Al-Hasan, gig’s CEO, said, “Our re­sults of the 1st half of 2017 re­flect the growth we have achieved. This is also a strong in­di­ca­tion of the Group’s abil­ity to pro­tect its as­sets and share­hold­ers’ eq­uity. It is also in line with our con­stant strive to pro­vide the best in­sur­ance ser­vices to our clients across all mar­kets we op­er­ate in, sup­ported by our strat­egy for re­gional ex­pan­sion and in­creas­ing our do­mes­tic and re­gional mar­ket share.”

He added, “We thank our clients for these achieve­ments, as well as the sup­port of our share­hold­ers, namely KIPCO - Kuwait Pro­jects Com­pany (Hold­ing) - and Fair­fax Mid­dle East Ltd. I would also like to ex­press my sin­cere ap­pre­ci­a­tion to our ded­i­cated em­ploy­ees for their ef­forts.”

Gulf In­sur­ance Group is the largest in­sur­ance Group in Kuwait in terms of writ­ten and re­tained pre­mi­ums, with op­er­a­tions in both life and non-life in­sur­ance. Gulf In­sur­ance has be­come one of the largest in­sur­ance net­works in the Mid­dle East and North Africa with com­pa­nies in Saudi Ara­bia, Jor­dan, Le­banon, Syria, Egypt, Al­ge­ria, Iraq, Bahrain, Emi­rates, Turkey and Kuwait. Its re­ported con­sol­i­dated as­sets stand at US$ 1.73 bil­lion as at 30 June 2017.

KIPCO - Kuwait Pro­jects Com­pany - is Gulf In­sur­ance Group’s largest share­holder, fol­lowed by the Canadian-based Fair­fax Fi­nan­cial Hold­ing Ltd.

Gulf In­sur­ance Group en­joys the priv­i­lege of be­ing the first triple-rated in­sur­ance group in Kuwait. The group holds a Fi­nan­cial Strength Rat­ing of ‘A’ (Ex­cel­lent) and is­suer credit rat­ing of ‘a’ with sta­ble out­look from A.M. Best Europe Rat­ing Ser­vices Lim­ited, a Fi­nan­cial Strength Rat­ing of A- with sta­ble out­look from Stan­dard & Poor’s and an In­sur­ance Fi­nan­cial Strength Rat­ing (IFSR) of ‘A3’ from Moody’s In­vestors Ser­vice car­ry­ing a sta­ble out­look.

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