Gulf Insurance Group (GIG) reported a net profit of SAR 128.5 million for 2023, from SAR 15.9 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,567.25 | 1,541.59 | (1.6 %) |
| Insurance Revenues | 1,480.64 | 1,564.75 | 5.7 % |
| Net Profit Before Zakat & Tax | 33.42 | 155.37 | 364.9 % |
| Net Income | 15.91 | 128.53 | 707.7 % |
| Average Shares | 52.50 | 52.50 | - |
| EPS (Riyals) | 0.30 | 2.45 | 707.7 % |
There was an increase in insurance revenue during 2023 by SAR 84 million or 5.7% as compared to 2022, mainly driven by property, casualty and health segments attributable to general business growth.
Meanwhile, GIG saw an increase in insurance underwriting results/profits by nearly SAR 250 million driven by motor and health segments. This was partially offset by net underwriting losses of SAR 173 million in property and casualty segments.
In 2023, GIG also realized higher investment income by SAR 32.2 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 321.26 | - | - |
| Insurance Revenues | 394.38 | 395.95 | 0.4 % |
| Net Profit Before Zakat & Tax | (131.49) | 26.00 | 119.8 % |
| Net Income | (128.48) | 21.95 | 117.1 % |
| Average Shares | 52.50 | 52.50 | - |
| EPS (Riyals) | (2.45) | 0.42 | 117.1 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Gross Written Premium (GWP) | 1,567.25 | 1,541.59 | (1.6 %) |
| Insurance Revenues | 1,480.64 | 1,564.75 | 5.7 % |
| Insurance Services Income | (17.20) | 110.35 | 741.6 % |
| Investment Income | 63.42 | 95.64 | 50.8 % |
| Net Profit of Insurance Services and Investment | 48.57 | 166.70 | 243.2 % |
Total shareholders’ equity, no minority interest, grew to SAR 1.06 billion as of Dec. 31, 2023, from SAR 939.03 million a year earlier.
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