Gulf Ins. Group announces net profit of KD 3.7m for Q1 2019
Friday, 05 17 2019, Category: Insurance and Reinsurance, Country: Kuwait
Gulf Insurance Group (gig) announced a net profit of KD 3.7 million ($12.3 million), or 20.90 fils per share, for the financial period ended March 31, 2019 compared to KD 3.3 million ($ 11 million) for the same period last year. This rise of KD 0.4 million ($1.3 million) or 12.2 percent, is due to the increase in the group’s net underwriting results and increase of the share of results from its subsidiaries.
Shareholder equity reached KD 84.5 million ($277.8 million) as at March 31, 2019, while book value per share reached fils 472. Gross written premium reached KD 92.6 million ($304.4 million), with an increase of 3.2 per cent compared to the KD 89.6 million ($294.8 million) recorded for the same period last year. Net investment income and sundry income reached KD 4 million ($13.1 million) for the financial period ended March 31, 2019, representing an increase of 10.9 per cent compared to the KD 3.6 million ($11.8 million) registered for the same period last year.
Net technical reserves reached KD 157.7 million ($518.49 million) as at March 31, 2019. This reflects the support to the company’s technical operations and protection of the policyholders rights, thereby strengthening gig’s ability to withstand emergencies and risks that may rise in the future.
Source: Kuwait Times