GIG net profit up to SAR 128.5M in 2023, Q4 at SAR 22M

18/02/2024 Argaam Exclusive

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Gulf Insurance Group (GIG) reported a net profit of SAR 128.5 million for 2023, from SAR 15.9 million a year earlier.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Gross Written Premium (GWP)	321.26	288.77	(10.1 %)
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	Q3 2023	Q4 2023	Change‬
Insurance Revenues	389.92	395.95	1.5 %
Net Profit Before Zakat & Tax	16.80	26.00	54.8 %
Net Income	10.20	21.95	115.3 %
Average Shares	52.50	52.50	-
EPS (Riyals)	0.19	0.42	115.3 %

Insurance Operations

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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