Gulf Insurance Group: results increase in 2021

Gulf Insurance Group (GIG) ended the year 2021 with a 23% turnover increase. As of 31 December 2021, total written premiums reached 548.5 million KWD (1.8 billion USD) compared to 444.4 million KWD (1.4 billion USD) during the same period of 2020.

Net profit increased by 207% from 16.3 million KWD (53.3 million USD) in 2020 to 50.2 million KWD (165.5 million USD) one year later. This growth reflects the improvement of the group's underwriting and investment performance as well as the success of the acquisition operation of AXA's activities in the Gulf region.

The Kuwaiti insurer's assets stood at 1.4 billion KWD (4.6 billion USD), which is a 69% growth over one year. With 190.8 million KWD (629.1 million USD), the company's shareholders' equity improved by 63%.