Gulf Insurance posts 10.2m Kuwaiti dinar in net profits

Gulf Insurance Group (GIG), Kuwait''''s and the Middle East''''s leading insurance service group, posted Thursday a net profits of KD 10.2 million (USD 36 million) with share profits of 55.67 fils for 2013, up 10 compared with that of 2012. In a press statement, the group said that the 50th annual general meeting and 17th extraordinary general assembly have approved the distribution of cash dividends of 30 fils per share. It added that the book value of the share jumped to 428.4 fils per share compared to 397.7 fils per share in the same period last year. "During the year, shareholders'''' equity increased by 7.6 percent or the equivalent of KD 5.6 million (USD 19.7 million) to reach KD 78.5 million (USD 277.4 million) as of 31 December 2013, compared to KD 72.9 million (USD 257.7 million) in 2012 after the distribution of dividends by 25 percent cash in respect of the financial year ending 31/12/2013," reads the statement. The released data also showed that the value of subscribed premiums increased by 8 percent in 2013 compared to the same period last year, reaching KD 157 million (USD 554.9 million) with a rise of KD 11.66 million (USD 41.2 million). Furthermore, the net value of investments and cash was KD 169.5 million (USD 598.95 million) as at the end of 2013 with a rise of 15 percent amounting to KD 22.16 million (USD 78.3 million) as compared to 2012. The statement also unveiled that the investment profit and other income reached KD 8.4 million (USD 29.8 million) with a rise of 23.7 percent amounting to KD 1.6 million (USD 5.7 million) as compared to the last year. It disclosed that the net technical reserves of the company made a rise by KD 9.6 million by 10.9 percent to reach KD 97.85 million (USD 345.8 million) at the end of 2013 as compared to KD 88.2 million (USD 311.8 million) as of 31 December 2012. Moreover, the total budget reached KD 320.4 million (USD 1.1 billion) as of 31 December 2013 with an increment of KD 22.1 million (USD 78 million) at 7.4 percent compared with the year ending 31 December 2012. As for the aspirations for the year 2014, the Group CEO, Khaled Al Hassan said: "We expect generating more income and profits with doubled figures in the coming years". Al Hassan added that the Group eyes more expansion in regional markets in 2014. "Gulf Insurance will enhance its regional expansion through its access in the Algerian market by acquiring a share of 49 percent in Algerian Insurance, and will double the total subscribed premiums over the next five years to reach USD 1 billion." Gulf Insurance Group (GIG) is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in both life and non-life insurance. Gulf Insurance has become one of the largest insurance networks in the Middle East and North Africa, with companies in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq and Bahrain, Emirates and Kuwait. Its reported consolidated assets stand at USD 1.1 billion as at 31 December, 2013.