Gulf Insurance Group (GIG) full year 2021 (FY) net profit has zoomed 207% to KD50.2 million ($166.2 million) a steep increase from the KD16.3 million in 2020.  

 

Total revenues reached KD310.7 million with an increase of 47% compared to KD210.8 million in 2020. Net Underwriting Income came to KD41.6 million, an increase of 49% or KD13.6 million compared to KD28 million ($92.5 million) to the same period last year. 

 

This increase is due to the improvement in the group’s underwriting and investment performance in addition to the profits from the acquisition of AXA’s operations in the Gulf region.

 

The Board of Directors has recommended the distribution of 35% cash dividend (35 fils per share) for the financial year ended December 31, 2021, subject to the approval of GIG’s General Assembly and other concerned regulatory authorities. 

 

During 2021, an interim cash dividend of 71% (71 fils per share) was distributed reaching a total cash dividend of 106 fils per share for the year 2021 with a total amount of KD30.08 million.

 

GIG’s book value per share reached 673 fils as at December 31, 2021, compared to 630 fils at the end of 2020, with an increase of 7%.

 

GIG’s shareholder equity increased in 2021 by KD73.4 million to reach KD190.8 million, representing a 63% increase from the KD117.4 million at 2020-end.

 

The group’s gross written premiums grew 23% compared to 2020, with an increase of KD104 million to reach KD548.5 million compared to KD444.4 million in 2020. 

 

Net investment income and sundry income for GIG reached KD31.4 million at the closing of 2021, with an increase of KD16.2 million, or 106%, compared to 2020. 

 

GIG’s net technical reserves came to KD442.6 million as at December 31, 2021, with an increase of KD264 million, or 147%, compared to the KD179 million registered on December 31, 2020.

 

Total assets increased by KD555.8 million to reach KD1.4 billion at year-end, a growth of 69% compared to the same period in 2020.

 

Commenting on the results,  Farqad Abdullah Al-Sane, Chairman of Gulf Insurance Group (GIG) said: “Our results for the year 2021 reflect the strength of GIG as a group, its ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights. This is also in line with our constant endeavor to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC), by adopting the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.” 

 

He added: “We thank our clients for these achievements, as well as the unlimited support from our shareholders, especially Kipco – Kuwait Projects Company (Holding) – and Fairfax Middle East Ltd. – and all board members of the group. I would also like to express my sincere appreciation to our dedicated employees for their efforts and all the concerned regulatory authorities in Kuwait.”-- TradeArabia News Service