GIG Bahrain: Q1 2024 results

Bahrain Kuwait Insurance Company (GIG Bahrain) has published its consolidated quarterly results, in accordance with the new IFRS 17 accounting standards.

The net profit stood at 1.68 million BHD (4.4 million USD) as at 31 March 2024, up by 11% compared with the same period of 2023.

Insurance revenue reached 27.341 million BHD (72.4 million USD) against 27.020 million BHD (71.2 million USD) at the end of the first quarter of 2023, representing a slight 1% growth.

Investment income advanced by 57% to 1.633 million BHD (4.3 million USD).

During the reporting period, the company's assets and shareholders' equity amounted to 177.364 million BHD (469.4 million USD) and 41.569 million BHD (110 million USD) respectively.