Gulf Insurance Group: 2022 results

Gulf Insurance Group (GIG) has recorded a 52% growth in its turnover to 831.7 million KWD (2.72 billion USD) as at 31 December 2022.

The Kuwaiti insurer has ended the 2022 financial year with a net profit of 38.2 million KWD (124.7 million USD) against 72.6 million KWD (237.2 million USD) posted in 2021. It is worth noting that the group had realized extraordinary profits of 49.2 million KWD in 2021 thanks to the acquisition of AXA's activities in the Gulf region.

Excluding these unusual results, GIG had achieved a 14.8 million KWD (48.4 million USD) improvement in its net profit in 2022.

At the end of 2022, the net technical reserves totaled 623 million KWD (2.04 billion USD). The company's shareholders' equity and assets respectively amounted to 229 million KWD (748 million USD) and 1.35 billion KWD (4.4 billion USD).