Gulf Insurance Group (GIG) has recorded a net profit of KWD50.2 million (US$166.2 million) for 2021, a 207% year-on-year increase from KWD16.3 million in 2020.
The group’s total revenues reached KWD310.7 million, up 47% from KWD 210.8 million in 2020. Net underwriting income was at KWD41.6 million, up 49% year on year. GIG attributed the growth to the improvement in its underwriting and investment performance and to the profits from the acquisition of AXA’s operations in the Gulf region.
The group’s gross written premiums grew 23% in 2021, totalling KWD548.5 million. Net investment income and sundry income was KWD31.4 million, up 106% compared to 2020.
GIG’s net technical reserves totalled KWD 442.6 million, 147% higher than the KWD179 million net technical reserves at end-2020.
“Our results for the year 2021 reflect the strength of GIG as a group, its ability to take risks through diversifying revenue sources and our ability to preserve stakeholders’ benefits and protect their rights,” said Farqad Abdullah Al-Sane, chairman of GIG. “This is also in line with our constant endeavour to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC), by adopting the necessary strategies to digitally transform our operations in digital distribution of products, digital claims services and other supporting functions.”
