Gulf Insurance Group K.S.C.P. and its
Subsidiaries
INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
(UNAUDITED)
30 SEPTEMBER 2021
Gulf Insurance Group K.S.C.P. and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
For the period ended 30 September 2021
Three months ended | Nine months ended | |||||
30 September | 30 September | |||||
2021 | 2020 | 2021 | 2020 | |||
Notes | KD 000's | KD 000's | KD 000's | KD 000's | ||
Revenue: | ||||||
Premiums written | 116,658 | 103,670 | 369,635 | 334,328 | ||
Reinsurance premiums ceded | (59,218) | (57,720) | (199,249) | (184,582) | ||
──────── ──────── | ──────── ──────── | |||||
Net premiums written | 57,440 | 45,950 | 170,386 | 149,746 | ||
Movement in unearned premiums reserve | 14,997 | 4,776 | (1,212) | (4,643) | ||
Movement in life mathematical reserve | (199) | (2,741) | (2,827) | (4,248) | ||
──────── ──────── | ──────── ──────── | |||||
Net premiums earned | 72,238 | 47,985 | 166,347 | 140,855 | ||
Commission received on ceded reinsurance | 6,330 | 4,152 | 15,366 | 13,396 | ||
Policy issuance fees | 564 | 668 | 2,112 | 2,101 | ||
Net investment income from designated life | ||||||
insurance | 3 | 499 | 833 | 1,832 | 986 | |
──────── ──────── | ──────── ──────── | |||||
79,631 | 53,638 | 185,657 | 157,338 | |||
Expenses: | ──────── ──────── | ──────── ──────── | ||||
Claims incurred | 50,100 | 34,013 | 113,443 | 95,548 | ||
Commission and discounts | 9,778 | 6,064 | 21,103 | 16,948 | ||
Maturity and cancellations of life insurance | ||||||
policies | 1,274 | 888 | 3,090 | 1,905 | ||
General and administrative expenses | 8,584 | 6,755 | 23,795 | 20,312 | ||
──────── ──────── | ──────── ──────── | |||||
69,736 | 47,720 | 161,431 | 134,713 | |||
──────── ──────── | ──────── ──────── | |||||
Net underwriting income | 9,895 | 5,918 | 24,226 | 22,625 | ||
Gain on remeasurement of a former associate | ||||||
from a step acquisition | 5 | 25,787 | - | 25,787 | - | |
Gain on bargain purchase from acquisition of | ||||||
associate | 5 | 1,267 | - | 1,267 | - | |
Net investment income | 3 | 3,705 | 3,249 | 12,519 | 10,370 | |
Finance costs | (543) | (665) | (1,420) | (1,899) | ||
Share of results of associates | 177 | (1,020) | 499 | (143) | ||
Other income | 1,578 | 881 | 3,782 | 2,002 | ||
──────── ──────── | ──────── ──────── | |||||
41,866 | 8,363 | 66,660 | 32,955 | |||
Other charges: | ──────── ──────── | ──────── ──────── | ||||
Unallocated general and administrative expenses | (6,136) | (3,754) | (14,455) | (13,578) | ||
PROFIT FOR THE PERIOD BEFORE | ──────── ──────── | ──────── ──────── | ||||
TAXATION | 35,730 | 4,609 | 52,205 | 19,377 | ||
Contribution to KFAS | 12 | (87) | (222) | (169) | ||
NLST | (231) | (12) | (396) | (206) | ||
Zakat | (36) | (28) | (116) | (93) | ||
Taxation from subsidiaries | (1,643) | (643) | (4,078) | (2,651) | ||
──────── ──────── | ──────── ──────── | |||||
PROFIT FOR THE PERIOD | 33,832 | 3,839 | 47,393 | 16,258 | ||
Attributable to: | ════════ ════════ | ════════ ════════ | ||||
Equity holders of the Parent Company | 33,010 | 3,249 | 44,779 | 13,092 | ||
Non-controlling interests | 823 | 590 | 2,614 | 3,166 | ||
──────── ──────── | ──────── ──────── | |||||
33,833 | 3,839 | 47,393 | 16,258 | |||
BASIC AND DILUTED EARNINGS PER | ════════ ════════ | ════════ ════════ | ||||
SHARE ATTRIBUTABLE TO | ||||||
EQUITY HOLDERS OF THE PARENT | 4 | 161.37 fils | 15.89 fils | 218.9 fils | 64.06 fils | |
COMPANY | ||||||
════════ ════════ | ════════ ════════ |
The attached notes 1 to 12 form part of this interim condensed consolidated financial information.
2
Gulf Insurance Group K.S.C.P. and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the period ended 30 September 2021
Three months ended | Nine months ended | |||||
30 September | 30 September | |||||
2021 | 2020 | 2021 | 2020 | |||
Notes | KD 000's | KD 000's | KD 000's | KD 000's | ||
Profit for the period | 33,832 | 3,839 | 47,393 | 16,258 | ||
Other comprehensive loss: | ──────── | ──────── | ──────── | ──────── | ||
Items that are or may be subsequently reclassified | ||||||
to interim condensed consolidated statement of | ||||||
income: | ||||||
- Investments available for sale: | ||||||
Net unrealised (loss) gain | (1,458) | (131) | (1,539) | 930 | ||
Net realised gain transferred to interim | ||||||
condensed consolidated statement of income on | ||||||
sale of investments available for sale | 3 | (731) | (780) | (2,844) | (2,347) | |
Impairment loss on investments available for | ||||||
sale | 3 | 48 | 79 | 383 | 1,447 | |
──────── | ──────── | ──────── | ──────── | |||
(2,141) | (832) | (4,000) | 30 | |||
- Share of other comprehensive income of | ||||||
associates | 369 | 199 | 103 | 200 | ||
- Exchange differences on translation of foreign | ||||||
operations | 528 | (5,961) | (5,610) | (7,974) | ||
──────── | ──────── | ──────── | ──────── | |||
Other comprehensive loss for the period | (1,244) | (6,594) | (9,507) | (7,744) | ||
──────── | ──────── | ──────── | ──────── | |||
Total comprehensive income (loss) for the period | 32,589 | (2,755) | 37,886 | 8,514 | ||
Attributable to: | ════════ | ════════ | ════════ | ════════ | ||
Equity holders of the Parent Company | 32,952 | (1,248) | 37,870 | 7,664 | ||
Non-controlling interests | (363) | (1,507) | 16 | 850 | ||
──────── | ──────── | ──────── | ──────── | |||
32,589 | (2,755) | 37,886 | 8,514 | |||
════════ | ════════ | ════════ | ════════ |
The attached notes 1 to 12 form part of this interim condensed consolidated financial information.
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Gulf Insurance Company KSCP published this content on 14 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 08:23:10 UTC.