Gulf Insurance Group: results as at 30 September 2022

As at 30 September 2022, Gulf Insurance Group's (GIG) turnover has reached 640.8 million KWD (2.07 billion USD), increasing by 73.4% over one year.

The net profit which amounted to 23.1 million KWD (74.3 million USD) has dropped by 66% compared to the same period of 2021. In the first nine months of 2021, Kuwait Group has recorded exceptional profits of 50.5 million KWD (162.398 million USD) as a result of the acquisition of AXA's operations in the Gulf region. Excluding these unusual results, the insurer has posted a 5.6 million KWD (18.2 million USD) increase in its profits in Q3 2022.

During the period under review, the company's assets and shareholders' equity stood at 1.34 billion KWD (4.3 billion USD) and 214.9 million KWD (691.078 million USD) respectively.

Founded in 1962, GIG is the largest insurance group in Kuwait in terms of premiums, with life, non-life and takaful insurance operations. GIG is also one of the largest insurance networks in the MENA region with a presence in Kuwait, Jordan, Bahrain, Egypt, the United Arab Emirates, Saudi Arabia, Turkey, Algeria, Oman, Qatar, Syria, Iraq and Lebanon.