Good performance for GIG in 2014

Gulf Insurance Group (GIG) posted good results for the year 2014. With a net profit of 13.857 million KWD (47.4 million USD) compared to 12.043 million KWD (42.7 million USD) in 2013, the market leader in Kuwait recorded a double-digit growth in its profit, that is a 15% growth in local currency.

The total of gross written premiums increased by 10.6% at 173.6 million KWD (593.7 million USD) compared to 157 million KWD (557.3 million USD) for the previous year.

This increase is mainly due to life and health classes of business which, with 79.1 million KWD (270.5 million USD), totaled 46% of the underwritings.
Despite good growth in 2014, premiums for motor and damage to property classes of business account respectively for only 22% and 14% of the portfolio.

The loss experience remained stable over the past five years, with a net loss ratio of 76% and a net combined ratio of 94.4% for the year 2014, up by 1 point compared to 2013.

Nb: growth rates in local currency
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