Gulf Insurance Group announced net profits of KD 3 million (USD 10.8 million), or 16.71 fils per share, for the financial period ended March 31, 2014, an increase of 33.2 percent or KD 759,055 (USS 2.7 million ) compared to the profit reported for the same period last year.
Gulf Insurance Group CEO Khaled Saoud Al Hasan said: “Our results for the 1st quarter of 2014 reflect the growth we have achieved. This is also a strong indication of the Group’s ability to protect its assets and the equity of its shareholders. It also falls in line with our constant strive to provide the best insurance services to our clients in all markets in which we have presence in, supported by our strategy for regional expansion and increasing our local and regional market stake.” The company increased its shareholder equity by 7 percent or KD 5.17 million (USD 18.36 million) to bring it to KD 79.5 million (USD 282.5 million) as on March 31, 2014. This is compared to KD 74.4 million (USD 264.1 million) reported in 31/03/2013, he said.
The gross written premium grew 26.5 percent over the sum reported for the previous year, increasing KD 11.3 million (USD 40 million) to reach KD 53.9 million (USD 191.4 million).
The net investment income and other income grew 71.1 percent over the sum reported for the same period last year, increasing KD 1.5 million (USD 5.45 million) to reach KD 3.7 million (USD 13.1 million), he added.
The group’s net technical reserves were raised from KD 97.8 million (USD 347.6 million) on December 31, 2013 to KD 109.5 million (USD 389 million) as on March 31, 2014. This increase of KD 11.6 million (USD 41.4 million) represents a 11.9 percent rise and is in the interest of supporting the company’s operational activities and to protect the policy holders rights, thereby strengthening the group’s ability to sustain emergencies and risks that may rise in the future, he noted.
Total assets increased to KD 338.5 million (USD 1.2 billion) as on March 31, 2014. This is an increase of KD 18 million (USD 64 million) or 5.6 per cent from 31/12/2013.
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, Iraq and Bahrain, Emirates and Kuwait. Its reported consolidated assets stand at USD 1.2 billion as at 31 March, 2014.
Source : KUNA Kuwait News agency
