(MENAFN- Arab Times) Gulf Insurance Group (gig) announced a net profit of KD 3.3 million ($ 10.9 million), or 18.44 fils per share, for the financial period ended March 31, 2016, and Net Underwriting Income of KD 4.5 million ($ 14.73 million) with an increase of 24.7 percent or KD 882,927 ($ 2.92 million) compared to the same period last year.
Shareholder equity reached KD 83.42 million ($ 276.04 million), reflecting a growth of 1.15% or KD 0.94 million ($ 3.13 million) as at March 31, 2016 compared with the same period last year. Book value per share reached fils 466 compared with fils 460 as at March 31 2015.
Gross written premium reached KD 60.12 million ($ 198.95 million), with an increase of 10.8% compared with the same period last year of KD 54.3 million ($ 179.6 million).
Net investment income and sundry income reached KD 2.2 million ($ 7.2 million) compared to KD 2.7 million ($ 9.1 million) with the same period last year with decrease of 20.9% as it was effected with the decrease in value of some foreign currencies against Kuwaiti Dinar and also recognizing our share of losses of one of our associates.
Net technical reserves were raised from being KD 112.68 million ($ 372.86 million) on December 31, 2015, reaching KD 121.92 million ($ 403.5 million) as at March 31, 2016. This increase represents a growth of 8.2%, 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 373.23 million ($ 1.23 billion) as at March 31, 2016, an increase of KD 4.81 million ($ 15.9 million) or 1.3 percent from Dec 31 2015.
Khaled Al Hasan, gig's CEO, said, "Our results of the 1st quarter of 2015 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."
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