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Gulf Insurance Co. earns USD 32.3 mln in Q1 ’22

The Gulf Insurance Group announced a net profit of KD 9.8 million (USD 32.3 million), or 34.56 fils per share, for the first quarter of 2022, compared to a net profit of KD 5.5 million (USD 18.1 million) for the same period last year.

The company said in a press statement, Wednesday, that the the gross written premiums reached KD 232.6 million (about USD 765.7 million) in the first quarter of 2022, with an increase of 94.7 percent, compared to the same period of the previous year.

The investment profit and other income rached KD 8.7 million (USD 28.5 million) during the same period, with an increase of 48.6 percent, compared to KD 5.83 million (USD19.2 million) during the same period of the previous year.

The total assets in the first quarter fell to KD 1.3 billion (USD 4.4 billion), compared to KD 1.4 billion (USD 4.5 billion) as on December 31, 2021.

The Gulf Insurance Group was established in 1962, and was listed on Boursa Kuwait in 1984. Its authorized capital is KD 35 million (USD 15.5 million).

The company carries out all kinds of insurance, guarantee and compensation work, and investing capital and property in various fields of financial and real estate investment at local and international levels.

Source: Kuwait News Agency

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