In Q1 2022, Gulf Insurance Group [4] (GIG) has recorded a turnover of 232.6 million KWD (763.661 million USD), growing by 94.7% compared to 119.5 million KWD (394.45 million USD) posted at the end of March 2021.
The net profit increased by 78.9% from 5.5 million KWD (18.15 million USD) in Q1 2021 to 9.8 million KWD ( 32.17 million USD) a year later. This growth reflects the group's improved underwriting and investment performance.
During the period under review, the company's assets amounted to 1.3 billion KWD (4.26 million USD) and shareholders' equity reached 193 million KWD (633.648 million USD).
Founded in 1962, GIG is one of the biggest insurance groups in the MENA region operating in Kuwait, Jordan, Bahrain, Egypt, the United Arab Emirates, Saudi Arabia, Turkey, Algeria, Oman, Qatar, Syria, Iraq and Lebanon.