Gulf Insurance Group: Q1 2024 results

Gulf Insurance Group (GIG) closed the first quarter of 2024 with insurance revenue of 212.7 million KWD (691.3 million USD), up by 12.4% year-on-year.

The net profit stood at 10.9 million KWD (35.6 million USD), representing a 5.2% decline compared with the same period of 2023.

The company's assets and shareholders' equity amounted to 1.198 billion KWD (3.893 billion USD) and 236.2 million KWD (767.6 million USD) respectively as at 31 March 2024.

For the record, GIG has been applying IFRS 17 and IFRS 9 since 1 January 2023.