The Gulf Insurance Group announced that it achieved net profits of 50.2 million dinars, equivalent to a profit of 223.68 fils per share, for fiscal ending on December 31, 2021, an increase of 207 percent, compared to a profit of 16.3 million dinars for 2020.
In a statement to Al-Rai, the group noted that the total revenues amounted to 310.7 million dinars, an increase of 47% compared to 210.8 million dinars for 2020, and the net underwriting revenue was 41.6 million dinars, an increase of 13.6 million dinars, or 49%.
This is the technical and investment profits of the group companies in addition to the profits generated from the acquisition of AXA’s operations in the Gulf region.
The Board of Directors recommended the distribution of cash dividends of 35 percent (35 fils per share) for the year ending on December 31, 2021. However, this recommendation is subject to the approval of the general assembly of the group’s shareholders and the relevant regulatory authorities.
It is noteworthy that interim cash dividends were distributed at 71 percent (71 fils per share) during 2021, bringing the total cash dividends for the year 2021 (106 fils per share) with a total value of 30.08 million dinars.
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