Kuwait - based Gulf Insurance Group announced its interim financial statements for the nine months period ended September 30, 2014.

The statements reflected KWD1.3 million net profit compared with KWD9.1 million for the corresponding period of previous year, with increase by 16.5%, reported state run news agency -KUNA.

Khaled Al Hassan the company's Managing director said "The company's financial results for the first nine months of 2014 demonstrates the group's steady growth as well as its ability to protect its assets and shareholders’ equity".

Al Hassan pointed out that the company's gross premiums/contributions increased by around 11.4% to KWD137 million over the first nine months period of 2014.

The company total assets surged by 11.6% to KWD357.5 million by the end of September 2014.

Gulf Insurance Group is a public company, listed on Kuwait Stock Exchange since September 1984.

GINS operates within the insurance sector focusing on multi-line insurance. It has 10 subsidiaries operating across Middle East and Northern Africa.

GINS is based in Kuwait City, Kuwait and was established in April 1962.