Gulf Insurance Group – Jordan Reports JOD 9.5 Million in Net Profits For 2023
Friday 16.02.2024
Amman - Jordan
GIG – Jordan Board Approves 2023 Financial Statements and Recommends 15% Dividend Distribution
Amman, Jordan – February 15, 2024 – The Board of Directors of Gulf Insurance Group – Jordan (GIG – Jordan) approved the company’s financial statements for the year ended December 31, 2023, during its meeting chaired by Mr. Nasser Lozi, Chairman of the Board, and attended by Board members along with the company’s CEO, Dr. Ali Al-Wazani.
Mr. Lozi stated that the company has disclosed its annual financial results in accordance with International Financial Reporting Standard (IFRS) 17, which came into effect at the beginning of 2023. GIG – Jordan had proactively begun preparations to comply with this standard as early as 2019.
The company reported a net profit after tax of JOD 9.5 million, compared to JOD 7.8 million for the same period in 2022 under the same standard, reflecting a growth rate of 21%. He also noted that the company’s total assets reached JOD 121 million, with investments comprising approximately 74% of the total.
Dr. Ali Al-Wazaney, CEO of GIG – Jordan, added that the company achieved a 9% increase in insurance revenue compared to the previous year, with total revenues exceeding JOD 110 million. Furthermore, the company recorded a net profit before insurance and reinsurance contract financing costs of JOD 10.7 million.
Subject to the approval of the Central Bank and other relevant regulatory authorities, the Board also resolved to convene the Annual General Assembly meeting of shareholders on April 25, 2024, to approve the financial statements, the auditor’s report, and the Board of Directors’ report for the year ended December 31, 2023. During the same session, the Board recommended the distribution of a 15% cash dividend based on the company’s capital of JOD 26 million, pending the necessary regulatory approvals.
It is worth noting that GIG – Jordan is among the first insurance companies in Jordan to issue audited financial statements in compliance with IFRS 17. GIG – Jordan is a member of Gulf Insurance Group, headquartered in Kuwait, which is one of the largest and most diversified insurance groups in the MENA regio.
