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Gulf Insurance profits rise 12% in 2019

Gulf Insurance profits rise 12% in 2019
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Mubasher: Gulf Insurance Group reported an increase in profits for last year by 12% to KWD 13.3 million ($44 million), compared with KWD 11.9 million ($39.2 million) for 2018.

In 2019, the company’s revenues amounted to a total of KWD 205 million, increasing by 10% compared with KWD 186 million in the prior year, according to the company’s chairman, Farkad Abdalla Al Sanea.

Offering revenues grew by 38% to KWD 21.64 million, the chairman added, explaining that the increase was coupled with higher earnings from subsidiaries.

Premiums went up by 8% to KWD 394 million, while net investment reached KWD 10.5 million.

Moreover, the board of directors has recommended the distribution of cash dividends for last year at 38 fils per share, or 38% of the share’s par value.

The group’s assets reached $2.5 billion as of 31 December 2019.