Mubasher: Gulf Insurance Group registered an increase of 18.2% in profits during fiscal year 2018 compared to the prior year.

Earnings grew to KWD 11.9 million ($39.3 million) in FY18 from KWD 10.07 million ($33.2 million) in FY17, according to a bourse statement on Wednesday.

The rise in FY18 profits is attributed to higher net operating income.

In the fourth quarter of 2018, Gulf Insurance registered a decrease of 42.5% in earnings to KWD 1.3 million from KWD 2.26 million in the same quarter last year.

The board members recommended 36% of capital as cash dividends for FY18 or 36 fils per share at a total value of KWD 6.44 million.