GIG: H1 2023 results

Gulf Insurance Group (GIG) has published its half-year results in accordance with the new IFRS 17, and has restated the comparative periods in line with these new accounting standards.

The insurance revenue, the new equivalent of turnover, reached 390.7 million KWD (1.3 billion USD) as at 30 June 2023, against 375.4 million KWD (1.2 billion USD) in the first half of 2022, representing a 4% increase.

The net profit climbed up by 82% from 13.9 million KWD (45.4 million USD) at the end of June 2022 to 25.3 million KWD (82.5 million USD) a year later. This increase in the net result is primarily attributable to GIG's improved investment performance.

The net investment income amounting to 25.5 million KWD (83.1 million USD) is 85% higher than the 13.8 million KWD (45.1 million USD) posted as at 30 June 2022.

During the period under consideration, the company's shareholders' equity stood at 229.9 million KWD (748.3 million USD), up by 0.6% compared with 31 December 2022.