Gulf Insurance’s net gains rise by 10% in 2013

Gulf Insurance Group, the largest insurance group in Kuwait and a leading regional insurer, has posted net profits of KWD10.2 million (US$36.2 million) for 2013, representing an increase of around 10 percent compared to the KWD9.27 million reported for 2012.Premiums increased by 8 percent in 2013 reaching KWD157 million, the company said in a statement. Investment profit and other income reached KWD8.4 million for 2013, an increase of 23.7 percent. Shareholders’ equity increased by 7.6 percent to KWD78.5 millionas of 31 December 2013, compared to KWD72.9 million at the end of 2012.Commenting on prospects for 2014, Group CEO, Mr Khaled Al Hassan expects more income and profits for the company. He added that the group eyes more expansion in regional markets this year.”Gulf Insurance will enhance its regional expansion through its access in the Algerian market by acquiring a share of 49 percent in Algerian Insurance, and will double the total subscribed premiums over the next five years to reach US$1 billion.” Gulf Insurance announced that it purchasing the shares in the Algerian company in February.Gulf Insurance is the largest insurance group in Kuwait in terms of written and retained premiums, with operations in both life and non-life insurance. It has one of the largest insurance networks in the Middle East and North Africa, with companies in Saudi Arabia, Jordan, Lebanon, Syria, Egypt, Iraq and Bahrain, Emirates and Kuwait.