Gulf Insurance Group, results for the first three quarters

Kuwaiti insurer Gulf Insurance Group (GIG) has posted a net profit of 69.3 million USD for the first nine months of 2023, against 72 million USD a year earlier, which represents a 3.8% decline. This drop is attributable to the depreciation of certain investments.

The company's turnover was up by 3% over the same period, going from 1.893 billion USD at the end of September 2022 to 1.956 billion USD a year later.

As for the investment income, it has grown by 16.2%, reaching 83.1 million USD for the first nine months of 2023.

The group's shareholders' equity remained stable at 742.5 million USD, while assets rose by 8% to 3.99 billion USD) as at 30 September 2023.

Khaled Saoud Al Hasan, Chief Executive Officer of GIG, noted that these results reflect the Group's good health and its ability to take risks while diversifying its sources of income.

The GIG Group has one of the largest insurance networks in the MENA region, with a presence in twelve countries.