Mubasher: Gulf Insurance Group posted a 12.2% year-on-year rise in profits during the first quarter of 2019.

The group logged a profit of KWD 3.74 million ($12.33 million) in Q1-19, up from KWD 3.33 million ($10.98 million) in Q1-18, according to a filing to Boursa Kuwait on Wednesday.

The Kuwaiti insurer ascribed the growth in Q1-19 to an 82% surge in net operating revenues, reaching KWD 4.79 million, compared to KWD 2.63 million in Q1-18.

From January to December 2018, the group’s profits levelled up 18.2% to KWD 11.9 million, versus KWD 10.07 million in 2017.