Financial Results : GIG profit surges 90% to SAR 61.2M in H1 2025; Q2 at SAR 34.1M

GIG profit surges 90% to SAR 61.2M in H1 2025; Q2 at SAR 34.1M

05/08/2025 Argaam Exclusive

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Gulf Insurance Group’s (GIG) net profit soared by about 90% to SAR 61.2 million in H1 2025, compared to SAR 32.2 million in H1 2024.

 


Financials (M)

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 830.75 876.12 5.5 %
Insurance Revenues 721.78 726.76 0.7 %
Net Profit Before Zakat & Tax 43.31 71.63 65.4 %
Net Income 32.24 61.23 89.9 %
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items (Riyals) 0.61 1.17 89.9 %
EPS (Riyal) 0.61 1.17 89.9 %

The profit growth was attributed to a SAR 5 million year-on-year increase in insurance revenue during the six-month period, primarily driven by the protection and savings insurance segment.

 

Additionally, net insurance service results rose by SAR 22 million, mainly due to improved performance in the property and casualty insurance segment. The company also cited a decline in other operating expenses and an improvement in net financing results.



Current Quarter Comparison (M)

Compared With The
Item Q2 2024 Q2 2025 Change‬
Gross Written Premium (GWP) 309.23 307.36 (0.6 %)
Insurance Revenues 359.36 359.19 0.0 %
Net Profit Before Zakat & Tax 57.91 38.12 (34.2 %)
Net Income 52.46 34.14 (34.9 %)
Average Shares 52.50 52.50 -
Earnings Per Share before unusual items (Riyal) 1.00 0.65 (34.9 %)
EPS (Riyal) 1.00 0.65 (34.9 %)

The insurer's Q2 2025 bottom line dropped 35% to SAR 34.1 million from SAR 52.46 million in Q2 2024, due to lower insurance revenues.

 

The second-quarter bottom line rose 26% from SAR 27.09 million in Q1 2025.

Insurance Operations

Item 6m 2024 6m 2025 Change‬
Gross Written Premium (GWP) 830.75 876.12 5.5 %
Insurance Revenues 721.78 726.76 0.7 %
Insurance Services Income 50.03 71.46 42.8 %
Investment Income 46.10 46.65 1.2 %
Net Profit of Insurance Services and Investment 66.09 92.40 39.8 %

Shareholders' equity, no minority interest, reached SAR 1.12 billion at the end of H1 2025, compared with SAR 999.76 million a year earlier.

 

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