Mubasher: Gulf Insurance Group achieved an increase of 28.5% in profits during the first quarter of 2018 compared to the same period in the previous year.

Earnings grew to KWD 3.34 million ($11.11 million) in Q1-18 from KWD 2.6 million ($8.65 million) in Q1-17, according to a bourse statement on Sunday.

The rise in first-quarter profits is attributed to higher operating profits, net premiums income, in addition to lower administrative expenses.

At the stock level, Gulf Insurance closed Sunday’s session 0.77% lower at 645 fils.