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GIG – Jordan reports 21% rise in net profit for 2023

By : staff writer

Jordan Daily – The Board of Directors of Gulf Insurance Group – Jordan (GIG – Jordan) approved the financial statements for 2023, in a meeting held on Feb.15, chaired by Nasser Al-Lozi, the board chairman, and attended by board members and the company’s CEO, Dr. Ali Al-Wazani.

In a statement seen by the Jordan Daily , the Group reported a 21% increase in net profit after tax for 2023, as it disclosed its annual financial statements in accordance with a new international standard.

The company, a member of the Kuwait-based Gulf Insurance Group, said its net profit after tax rose to JD 9.5 million Jordanian dinars ($13.4 million) from JD 7.8 million in 2022, according to the International Financial Reporting Standard No. (17) IFRS, which it adopted last year.

Al-Wazani noted the company’s assets reached JD 121 million , of which 74% were investments, while its insurance revenues exceeded JD110 million , up 9% from the previous year , adding that the company also achieved a net profit before financing expenses of insurance and reinsurance contracts of 10.7 million dinars.

The board of directors decided to recommend to the shareholders a cash dividend of 15% of the capital, amounting to 26 million dinars, subject to regulatory approvals.

The board also called for an ordinary general assembly meeting on April 25 to approve the financial statements, the auditor’s report and the board’s report for 2023.

GIG – Jordan is one of the first insurance companies in the Kingdom to issue its audited financial statements in accordance with the new standard, which aims to improve the transparency and comparability of insurance contracts , according to the statement.

Gulf Insurance Group is one of the largest and most diversified insurance groups in the Middle East and North Africa region.

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