Gulf Insurance Group K.S.C.P.

GINS

KW0EQ0300420

Multiline Insurance & Brokers

End-of-day quote Kuwait S.E. Other stock markets 06:00:00 2024-04-24 pm EDT			5-day change	1st Jan Change
2 ^KWD	0.00%		0.00%	+6.38%

Mar. 14	Gulf Insurance Group K.S.C.P. acquired 2.71% stake in AIG Egypt Insurance Company S.A.E. for EGP 5.3 million.	CI
Mar. 03	Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Gulf Insurance K S C P : 2023 Second Quarter

August 13, 2023

Gulf Insurance Group K.S.C.P. and its

Subsidiaries

INTERIM CONDENSED CONSOLIDATED

FINANCIAL INFORMATION

(UNAUDITED)

30 JUNE 2023

Ernst & Young	Tel: +965 2295 5000
Al Aiban, Al Osaimi & Partners	Fax: +965 2245 6419
P.O. Box 74	kuwait@kw.ey.com
18-20th Floor, Baitak Tower	ey.com/mena
Ahmed Al Jaber Street
Safat Square 13001, Kuwait

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF GULF INSURANCE GROUP K.S.C.P.

Introduction

We have reviewed the accompanying interim condensed consolidated statement of financial position of Gulf Insurance Group K.S.C.P. (the "Parent Company") and its subsidiaries (collectively, the "Group") as at 30 June 2023, and the related interim condensed consolidated statement of income and interim condensed consolidated statement of comprehensive income for the three months and six months periods then ended, and the interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the six months period then ended.

The management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.

REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF GULF INSURANCE GROUP K.S.C.P. (CONTINUED)

Report on other Legal and Regulatory Requirements

Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016, as amended, and its executive regulations, as amended, or of the Parent Company's Memorandum of Incorporation and Articles of Association during the six months period ended 30 June 2023 that might have had a material effect on the business of the Parent Company or on its financial position.

We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 7 of 2010 concerning the Capital Markets Authority and its related regulations during the six months period ended 30 June 2023 that might have had a material effect on the business of the Parent Company or on its financial position.

WALEED A. AL OSAIMI LICENCE NO. 68 A

(AL-AIBAN,AL-OSAIMI & PARTNERS)

14 August 2023

Kuwait

Gulf Insurance Group K.S.C.P. and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)

For the period ended 30 June 2023

		Three months ended		Six months ended
		30 June		30 June
		2023	2022		2023	2022
	Notes	KD 000's	KD 000's		KD 000's	KD 000's
Revenue:			(Restated)
	233,368		390,694
Insurance revenue	5	217,515	375,362
Insurance service expenses	5	(227,057)	(164,236)	(359,260)	(239,866)
Insurance service result before reinsurance		───────	───────		───────	───────

contracts held		6,311	53,279	31,434	135,496
Net income (expense) from reinsurance
contracts held	6	9,974	(38,596)	(3,999)	(108,760)
Insurance service result		───────	───────		───────	───────
	16,285	14,683	27,435	26,736
Finance (expense) income from insurance		───────	───────		───────	───────

contracts issued	5	(6,897)	764	(11,597)	1,384
Finance income (expense) from reinsurance
contracts held	6	2,307	932	5,480	(1,025)
Net insurance financial result		───────	───────		───────	───────
	11,695	16,379	21,318	27,095
Net investment income		15,346	8,090	25,538	13,846
Non-attributable general and administrative
expenses		(8,517)	(9,257)	(13,783)	(13,225)
Other income, net		4,117	3,696	3,898	2,227
Monetary income (loss) from hyperinflation		795	(1,542)	(331)	(3,247)
Finance costs		(1,814)	(445)	(3,702)	(1,412)
Gain on bargain purchase from acquisition of a
subsidiary	13	4,642	-	4,642	-
		───────	───────		───────	───────
PROFIT FOR THE PERIOD BEFORE TAXATION		26,264	16,921	37,580	25,284
Contribution to KFAS		(117)	(73)	(210)	(164)
NLST		(332)	(187)	(535)	(391)
Zakat		(12)	(3)	(50)	(6)
Taxation from subsidiaries		(4,680)	(2,836)	(5,027)	(3,874)
		───────	───────		───────	───────
PROFIT FOR THE PERIOD		21,123	13,822	31,758	20,849
Attributable to:		═══════	═══════		═══════	═══════
	15,934		25,348
Equity holders of the Parent Company		6,917	13,947
Non-controlling interests		5,189	6,905	6,410	6,902
		───────	───────		───────	───────
		21,123	13,822	31,758	20,849
BASIC AND DILUTED EARNINGS PER SHARE		═══════	═══════		═══════	═══════

ATTRIBUTABLE TO EQUITY HOLDERS OF	7	56.15 fils	24.38 fils		89.33 fils	49.15 fils
THE PARENT COMPANY
		═══════	═══════		═══════ ═══════

The attached notes 1 to 14 form part of this interim condensed consolidated financial information.

Gulf Insurance Group K.S.C.P. and its Subsidiaries

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

For the period ended 30 June 2023

	Three months ended		Six months ended
	30 June		30 June
	2023	2022		2023	2022
	KD 000's	KD 000's		KD 000's	KD 000's
		(Restated)			(Restated)
Profit for the period	21,123	13,822	31,758	20,849
Other comprehensive loss:	────────	────────		────────	────────

Items that are or may be subsequently reclassified to
interim condensed consolidated statement of income:
- Exchange differences on translation of foreign	4,366		(7,321)
operations and share of OCI from associates	427	(8,112)
- Insurance finance income for insurance contracts	219		(353)
issued	753	1,494
- Finance Income/(Expenses) from Reinsurance	(47)		384
Contracts Held	(293)	(591)
	────────	────────		────────	────────
Items that will not subsequently reclassified to interim
condensed consolidated statement of income:	(8,424)		(3,465)
- Change in fair value of financial assets at FVOCI	(5,835)	(7,227)
	────────	────────		────────	────────
Other comprehensive loss for the period	(3,886)	(4,948)	(10,755)	(14,436)
	────────	────────		────────	────────
Total comprehensive income for the period	17,237	8,874	21,003	6,413
Attributable to:	════════	════════		════════	════════
11,926		15,024
Equity holders of the Parent Company	3,144	1,774
Non-controlling interests	5,311	5,730	5,979	4,639
	────────	────────		────────	────────
	17,237	8,874	21,003	6,413
	════════	════════		════════	════════

The attached notes 1 to 14 form part of this interim condensed consolidated financial information.

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Disclaimer

Gulf Insurance Group KSCP published this content on 14 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 September 2023 12:31:05 UTC.

Latest news about Gulf Insurance Group K.S.C.P.

Gulf Insurance Group K.S.C.P. acquired 2.71% stake in AIG Egypt Insurance Company S.A.E. for EGP 5.3 million.	Mar. 13	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Full Year Ended December 31, 2023	Mar. 03	CI
Cigalah Trading Establishments entered into a binding share sale and purchase agreement to acquire a 28.50% stake in Buruj Cooperative Insurance Company from Gulf Insurance Group K.S.C.P. for approximately SAR 120 million.	Feb. 17	CI
Fairfax International Corp. made an offer to acquire 9.99% stake in Gulf Insurance Group K.S.C.P. for KWD 55.3 million.	Feb. 17	CI
Fairfax Financial Holdings Limited completed the acquisition of a 46.32% stake in Gulf Insurance Group K.S.C.P. from Kuwait Projects Company Holding K.S.C.P. for approximately KWD 270 million.	Dec. 13	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 14	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023	23-08-15	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the First Quarter Ended March 31, 2023	23-05-16	CI
Fairfax Financial Holdings Limited agreed to acquire 46.32% stake in Gulf Insurance Group K.S.C.P. from Kuwait Projects Company Holding K.S.C.P. for approximately SAR260 million.	23-04-18	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Full Year Ended December 31, 2022	23-03-30	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022	22-11-14	CI
An unknow buyer acquired 28.05% stake in HAYAH Insurance Company P.J.S.C. from Gulf Insurance Group K.S.C.P. for KWD 1.6 million.	22-09-24	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022	22-08-14	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the First Quarter Ended March 31, 2022	22-05-12	CI
Gulf Insurance Group K.S.C.P. Reports Earnings Results for the First Quarter Ended March 31, 2022	22-05-12	CI
Gulf Insurance Group K.S.C.P. acquired 28.1% stake in AXA Green Crescent Insurance Company PJSC from AXA Mediterranean Holding, S.A.	21-09-13	CI
Gulf Insurance Group K.S.C.P. completed the acquisition of Insurance operations in the Gulf region from AXA SA (ENXTPA:CS) and Yusuf Bin Ahmed Kanoo. W.L.L.	21-09-06	CI
Gulf Insurance Group K.S.C.P. agreed to acquire Insurance operations in the Gulf region from AXA SA (ENXTPA:CS) and Yusuf Bin Ahmed Kanoo. W.L.L. for approximately $470 million.	20-11-29	CI
Gulf Insurance Group K.S.C.P. acquired an additional 2% stake in Buruj Cooperative Insurance Company from Anwal United Trading Company Ltd.	15-02-25	CI

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Company Profile

Gulf Insurance Group KSCP, a subsidiary of Kuwait Projects Company Holding KSC, is a Kuwait-based company engaged in the provision of life and non-life insurance products and services. The Company operates, along with its subsidiaries, in the following segments: General Risk Insurance segment, which offers general insurance products such as marine and aviation, motor vehicles, property, engineering and general accidents to individuals and businesses, and Life and Medical Insurance segment, which offers savings, protection products and other long-term contracts, including a range of whole life insurance, term insurance, unitized pensions, pure endowment pensions, group life and disability, credit life (banks) and group medical, such as third party administration (TPA), preferred global health and balsam products. The Companyâs subsidiaries include: AIG Sigorta AS, Turins Sigorta AS, Egypt Life Takaful Insurance Co SAE and Bahrain Kuwait Insurance Co BSC, among others.

Sector

Multiline Insurance & Brokers

Calendar

2024-05-07 - Q1 2024 Earnings Release (Projected)

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