Gulf Insurance Group announces its Annual Financial Results for the Period Ending on 2022-12-31

Element List	Current Year	Previous Year	%Change
Gross Written Premiums (GWP)	1,567,251	1,454,470	7.75
Net Written Premiums (NWP)	1,425,701	1,309,941	8.84
Net Incurred Claims	1,021,118	885,419	15.32
Net Profit (Loss) of Policy Holders Investment	44,613	44,057	1.26
Surplus (deficit) of insurance operations minus the revenues of policy holders' investments (operational procedures results)	17,616	116,242	-84.84
Net Profit (loss) of Shareholders Capital Investment	39,335	24,071	63.41
Net Profit (Loss) before Zakat	93,311	166,729	-44.03
Total Comprehensive Income	-14,742	124,543	-
Total Share Holders Equity (after Deducting Minority Equity)	931,277	996,019	-6.5
Perpetrating Expenses (First Operation Year)	0	0	-
Profit (Loss) per Share	1.52	2.77
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	"The decrease in net income for the year before zakat and income tax by SR 73.418 million (44)% is attributeable to the overall decrease in surplus from insurance operations which has reduced due to increase in the net incurred claims mainly in motor segment by SR 159.3 million. The increase in motor is mianly due to higher frequency of accidents resulted in higher claims during the year.

The company has observed improvement in results in healthcare and Property & Casulty which has partially offset some of the negative impact of increase in incurred claims in motor.

The company has favorable impact of other income (mainly investment income) which has increased from SR 68.1 million in 2021 to SR 84.0 million in 2022" Statement of the type of external auditor's report Unmodified opinion Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None Reclassification of Comparison Items None Additional Information "The earnings per share (EPS) for the current year is SR 1.52 per share versus SR 2.77 per share for the previous year. EPS was derived by dividing the net income attributeable to shareholders after zakat and income tax amount of SR 75,802K over the weighted average number of ordinary outstanding shares of 50 million for the current year and SR 138,523K over 50 million shares for the previous year. The retained earnings as at the end of the year is SAR 374,019k which is 74.8% of the paid up capital.

Total shareholders’ equity (no minority interest) as at end of current year is SR 931,277k compared to SR 996,019k as at end of previous year, a decrease of -6.5%.

The total comprehensive income (loss) for policyholders for the year is SAR (44,026) k , compared to SAR 602 k for the last year.

The total comprehensive income for the shareholders for the year is SAR 35,507k, compared to SAR 139,971k for the last year

Net income attributed to shareholders after zakat and income tax for the current year reached SR 75,802k compared to SR 138,523K for the previous year, a decrease of -45.28%.

The External Auditor audited the financial statements and issued an Unqualified Audit Report"

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