Magazine date:
Feb 2017 Gulf Insurance Group (GIG) closed the year 2016 with a net profit of 12 million KWD (39.3 million USD), down by 14.8% compared to 14.09 million KWD(46.5 million USD) in 2015.
With a total of 213.2 million KWD(698.7 million USD), the Kuwaiti insurer's turnover increased by 14.7% compared to 2015.
The investment income fell by 18% at 10.1 million KWD (33.1 million USD). This decline is due to the devaluation of certain Arab currencies against the Kuwaiti dinar.
Shareholders' equity decreased by 8% to reach 82.3 million KWD (269.7 million USD) as at 31 December 2016.
The company's assets, however, showed a slight increase of 2% amounting to 375.9 million KWD (1.232 million USD).
More news