Sunday, 28 November 2021 12:44 GMT

Kuwait- Gulf Insurance posts USD 26.6 mln net profit in nine months

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, Nov 6 (KUNA) -- The Gulf Insurance Group (GIG) has posted a net profit of KD 8 million (USD 26.6 million), or 44.86 fils per share, for the first nine months of 2017.

This marks 24 percent less than the KD 10.56 million (USD 35 million) the same period last year, the group said in a press release Monday.

It attributed the decline to the group's share of results from its subsidiaries.

Shareholder equity reached KD 82.4 million (USD 272.9 million) by the end of September, 2017, compared to KD 82.3 million (USD 272.6 million) on December 31, 2016. Book value per share reached 460 fils as on September 30, 2017.

Gross written premium reached KD 246.6 million (USD 816.5 million), with an increase of 61.5 percent compared to the KD 152.7 million (USD 505.6 million) the same period last year, GIG said.

"Our results for the first nine months 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," the release quoted GIG's CEO Khaled Al Hassan as saying.

"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.

Al Hassan thanked GIG's 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." GIG was established in 1962 as a public shareholding company that was listed on the Kuwait Stock Exchange in 1984. (end)


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