GIG Saudi: Q1 2023 results

Gulf Insurance Group, GIG Saudi, formerly known as AXA Cooperative Insurance, has recorded a 1.04% increase in its quarterly turnover. The figure reached 544.384 million SAR (145 million USD) as at 31 March 2023, against 538.776 million SAR (143.5 million USD) during the same period in 2022.

The net result before zakat (tax) declined by 61.21% over one year to a total of 68.933 million SAR (18.4 million USD).

During the first quarter of the current financial year, the company's shareholders' equity stood at 1.029 billion SAR (274 million USD).

It should be recalled that the Kuwaiti GIG Group has finalized the acquisition of AXA's activities in the Gulf region in 2021.