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.

3

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Disclaimer

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.