Gulf Insurance Group K.S.C.P. and its
Subsidiaries
INTERIM CONDENSED CONSOLIDATED
FINANCIAL INFORMATION
(UNAUDITED)
30 JUNE 2023
Ernst & Young | Tel: +965 2295 5000 |
Al Aiban, Al Osaimi & Partners | Fax: +965 2245 6419 |
P.O. Box 74 | kuwait@kw.ey.com |
18-20th Floor, Baitak Tower | ey.com/mena |
Ahmed Al Jaber Street | |
Safat Square 13001, Kuwait |
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF GULF INSURANCE GROUP K.S.C.P.
Introduction
We have reviewed the accompanying interim condensed consolidated statement of financial position of Gulf Insurance Group K.S.C.P. (the "Parent Company") and its subsidiaries (collectively, the "Group") as at 30 June 2023, and the related interim condensed consolidated statement of income and interim condensed consolidated statement of comprehensive income for the three months and six months periods then ended, and the interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the six months period then ended.
The management of the Parent Company is responsible for the preparation and presentation of this interim condensed consolidated financial information in accordance with International Accounting Standard 34, Interim Financial Reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed consolidated financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim condensed consolidated financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.
REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION TO THE BOARD OF DIRECTORS OF GULF INSURANCE GROUP K.S.C.P. (CONTINUED)
Report on other Legal and Regulatory Requirements
Furthermore, based on our review, the interim condensed consolidated financial information is in agreement with the books of account of the Parent Company. We further report that, to the best of our knowledge and belief, we have not become aware of any violations of the Companies Law No. 1 of 2016, as amended, and its executive regulations, as amended, or of the Parent Company's Memorandum of Incorporation and Articles of Association during the six months period ended 30 June 2023 that might have had a material effect on the business of the Parent Company or on its financial position.
We further report that, during the course of our review, to the best of our knowledge and belief, we have not become aware of any violations of the provisions of Law No. 7 of 2010 concerning the Capital Markets Authority and its related regulations during the six months period ended 30 June 2023 that might have had a material effect on the business of the Parent Company or on its financial position.
WALEED A. AL OSAIMI LICENCE NO. 68 A
EY
(AL-AIBAN,AL-OSAIMI & PARTNERS)
14 August 2023
Kuwait
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Gulf Insurance Group K.S.C.P. and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
For the period ended 30 June 2023
Three months ended | Six months ended | |||||
30 June | 30 June | |||||
2023 | 2022 | 2023 | 2022 | |||
Notes | KD 000's | KD 000's | KD 000's | KD 000's | ||
Revenue: | (Restated) | |||||
233,368 | 390,694 | |||||
Insurance revenue | 5 | 217,515 | 375,362 | |||
Insurance service expenses | 5 | (227,057) | (164,236) | (359,260) | (239,866) | |
Insurance service result before reinsurance | ─────── | ─────── | ─────── | ─────── | ||
contracts held | 6,311 | 53,279 | 31,434 | 135,496 | ||
Net income (expense) from reinsurance | ||||||
contracts held | 6 | 9,974 | (38,596) | (3,999) | (108,760) | |
Insurance service result | ─────── | ─────── | ─────── | ─────── | ||
16,285 | 14,683 | 27,435 | 26,736 | |||
Finance (expense) income from insurance | ─────── | ─────── | ─────── | ─────── | ||
contracts issued | 5 | (6,897) | 764 | (11,597) | 1,384 | |
Finance income (expense) from reinsurance | ||||||
contracts held | 6 | 2,307 | 932 | 5,480 | (1,025) | |
Net insurance financial result | ─────── | ─────── | ─────── | ─────── | ||
11,695 | 16,379 | 21,318 | 27,095 | |||
Net investment income | 15,346 | 8,090 | 25,538 | 13,846 | ||
Non-attributable general and administrative | ||||||
expenses | (8,517) | (9,257) | (13,783) | (13,225) | ||
Other income, net | 4,117 | 3,696 | 3,898 | 2,227 | ||
Monetary income (loss) from hyperinflation | 795 | (1,542) | (331) | (3,247) | ||
Finance costs | (1,814) | (445) | (3,702) | (1,412) | ||
Gain on bargain purchase from acquisition of a | ||||||
subsidiary | 13 | 4,642 | - | 4,642 | - | |
─────── | ─────── | ─────── | ─────── | |||
PROFIT FOR THE PERIOD BEFORE TAXATION | 26,264 | 16,921 | 37,580 | 25,284 | ||
Contribution to KFAS | (117) | (73) | (210) | (164) | ||
NLST | (332) | (187) | (535) | (391) | ||
Zakat | (12) | (3) | (50) | (6) | ||
Taxation from subsidiaries | (4,680) | (2,836) | (5,027) | (3,874) | ||
─────── | ─────── | ─────── | ─────── | |||
PROFIT FOR THE PERIOD | 21,123 | 13,822 | 31,758 | 20,849 | ||
Attributable to: | ═══════ | ═══════ | ═══════ | ═══════ | ||
15,934 | 25,348 | |||||
Equity holders of the Parent Company | 6,917 | 13,947 | ||||
Non-controlling interests | 5,189 | 6,905 | 6,410 | 6,902 | ||
─────── | ─────── | ─────── | ─────── | |||
21,123 | 13,822 | 31,758 | 20,849 | |||
BASIC AND DILUTED EARNINGS PER SHARE | ═══════ | ═══════ | ═══════ | ═══════ | ||
ATTRIBUTABLE TO EQUITY HOLDERS OF | 7 | 56.15 fils | 24.38 fils | 89.33 fils | 49.15 fils | |
THE PARENT COMPANY | ||||||
═══════ | ═══════ | ═══════ ═══════ |
The attached notes 1 to 14 form part of this interim condensed consolidated financial information.
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Gulf Insurance Group K.S.C.P. and its Subsidiaries
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the period ended 30 June 2023
Three months ended | Six months ended | ||||
30 June | 30 June | ||||
2023 | 2022 | 2023 | 2022 | ||
KD 000's | KD 000's | KD 000's | KD 000's | ||
(Restated) | (Restated) | ||||
Profit for the period | 21,123 | 13,822 | 31,758 | 20,849 | |
Other comprehensive loss: | ──────── | ──────── | ──────── | ──────── | |
Items that are or may be subsequently reclassified to | |||||
interim condensed consolidated statement of income: | |||||
- Exchange differences on translation of foreign | 4,366 | (7,321) | |||
operations and share of OCI from associates | 427 | (8,112) | |||
- Insurance finance income for insurance contracts | 219 | (353) | |||
issued | 753 | 1,494 | |||
- Finance Income/(Expenses) from Reinsurance | (47) | 384 | |||
Contracts Held | (293) | (591) | |||
──────── | ──────── | ──────── | ──────── | ||
Items that will not subsequently reclassified to interim | |||||
condensed consolidated statement of income: | (8,424) | (3,465) | |||
- Change in fair value of financial assets at FVOCI | (5,835) | (7,227) | |||
──────── | ──────── | ──────── | ──────── | ||
Other comprehensive loss for the period | (3,886) | (4,948) | (10,755) | (14,436) | |
──────── | ──────── | ──────── | ──────── | ||
Total comprehensive income for the period | 17,237 | 8,874 | 21,003 | 6,413 | |
Attributable to: | ════════ | ════════ | ════════ | ════════ | |
11,926 | 15,024 | ||||
Equity holders of the Parent Company | 3,144 | 1,774 | |||
Non-controlling interests | 5,311 | 5,730 | 5,979 | 4,639 | |
──────── | ──────── | ──────── | ──────── | ||
17,237 | 8,874 | 21,003 | 6,413 | ||
════════ | ════════ | ════════ | ════════ |
The attached notes 1 to 14 form part of this interim condensed consolidated financial information.
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Gulf Insurance Group KSCP published this content on 14 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 September 2023 12:31:05 UTC.