Gulf Insurance Group: results as at 31 March 2023

Gulf Insurance Group (GIG) has released its results for the first quarter of 2023 under the new IFRS 17 accounting standards.

As at 31 March 2023, the group's turnover amounted to 157.3 million KWD (512.8 million USD), slightly down by 0.3% compared to the 157.8 million KWD (514.5 million USD) posted one year earlier.

The net profit went up from 7 million KWD (22.9 million USD) in the first quarter of 2022 to 9.4 million KWD (30.7 million USD) a year later, representing a 33.9% growth. This increase is attributable to GIG's improved investment performance.

The net investment income progressed by 77% to reach 10.2 million KWD (33.2 million USD).

During the period under review, the company's total assets and equity stood at 1.02 billion KWD (3.3 billion USD) and 239.9 million KWD (782 million USD) respectively.