Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Insurance Revenues | 1,564,749 | 1,480,637 | 5.68 | ||
| Result of Insurance Services | 4,507 | 122,308 | -96.31 | ||
| Net Profit (Loss) of The Insurance Results | 110,347 | -17,203 | - | ||
| Net Profit (Loss) of The Investment Results | 95,640 | 63,417 | 50.81 | ||
| Net Insurance Financing Expenses | -39,285 | 2,353 | - | ||
| Net Profit (Loss), After Zakat, Attributable To Shareholders | 128,526 | 15,913 | 707.68 | ||
| Total Comprehensive Income | 150,806 | -57,948 | - | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,064,840 | 939,034 | 13.4 | ||
| Profit (Loss) per Share | 2.45 | 0.3 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in revenues during the current year compared to the last year is | There was an increase in insurance revenue during 2023 by SR 84 million or +5.7% as compared to the last year 2022, mainly driven by Property and Casualty and Health segments attributable to general business growth observed in those segments. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Increase in net profit before zakat and tax by SR 121 million, during year 2023 as compared to the last year 2022, is mainly driven by :
(i) Increase in insurance underwriting results/profits by circa SR 250 million due to Motor and Health segments which was partially offset by net underwriting losses by circa SR 173 million in Property and Casualty segments (ii) Increase in investment income by SR 32.2 million |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | The Company has reclassified and restated comparative information to meet the requirements of the newly implemented standards IFRS 17 and IFRS 9. |
| Additional Information | The Company has adopted IFRS 17 (Insurance Contracts) and IFRS 9 (Financial Instruments), as endorsed in Saudi Arabia, starting 1 January 2023, with retrospective application, which has materially changed the presentation of the financial results for periods starting Q1 2023 onwards with the comparative periods restated under the new standards.
The earnings per share (EPS) for the current year is SR 2.45 per share versus SR 0.3 per share for the same period of the previous year which is calculated by dividing the net income amount of SR 128,526 thousand over the weighted average number of ordinary outstanding shares of 52,500 thousand for the current period and SR 15,913 thousand over 52,500 thousand for the same period of the previous year.
During the year, the Company has issued bonus shares which resulted in increase in number of shares by 2.5 million. This resulted in increase in number of shares from 50 million to 52.5 million during 2023.
Total comprehensive income for the current year is SR 150,806 thousand compared to total comprehensive loss of SR 57,948 thousand for the previous year, an increase of 360%.
Total Shareholder Equity as at the end of the current year is SR 1,064,840 thousand versus SR 939,034 thousand as at the end of the previous year, an increase of 13.4%. |
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