GULF INSURANCE GROUP

Gulf Insurance Group K.S.C.

GINSStocksBoursa KuwaitInsurance

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	14.72M	15.34M	35.10M	15.52M	-9.96M
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
Capital Expenditures	-2.43M	-2.45M	-1.66M	-1.70M	-2.59M
Investing & Financing
Investing Cash Flow	-17.19M	31.56M	-71.43M	21.87M	6.44M
Financing Cash Flow	-4.28M	-27.15M	-34.55M	-36.13M	169.17M
Dividends Paid	-9.11M	-13.11M	-17.83M	-11.85M	-20.15M
Operating Activities
Operating Cash Flow	14.72M	15.34M	35.10M	15.52M	-9.96M
Net Income	24.70M	25.92M	21.21M	33.38M	72.60M
Change Accounts Receivable Insurance	-22.59M	-21.66M	11.96M	15.01M	-19.45M
Change in Unearned Revenue	—	—	—	—	-9.84M
Change in Working Capital	16.11M	17.05M	12.11M	-12.65M	-38.04M
Change Insurance Reserves Liabilities	66.80M	56.66M	34.64M	-98.19M	-111.74M
Change Other Net Oper Assets Insurance	-45.48M	17.79M	-17.16M	-5.62M	16.87M
Other Operating Activities Insurance	-35.53M	-35.69M	-22.06M	-9.91M	-64.10M
Depreciation & Amortization	8.60M	8.75M	8.36M	7.10M	3.57M
Other Amortization	3.71M	2.95M	2.18M	—	—
Cash Interest Paid	4.54M	6.19M	7.29M	3.63M	2.57M
Cash Income Tax Paid	7.19M	7.98M	5.40M	—	—
Reinsurance Recoverable CF	4.46M	-22.14M	-30.84M	61.44M	95.91M
Investing Activities
Investing Cash Flow	-17.19M	31.56M	-71.43M	21.87M	6.44M
Capex Insurance	-2.43M	-2.45M	-1.66M	-1.70M	-2.59M
Cash Acquisitions	—	—	-566.00K	—	-966.00K
Investment in Securities	-58.57M	-10.13M	-99.67M	1.64M	-7.17M
Other Investing Activities	47.48M	45.30M	34.98M	25.14M	10.35M
Sale Of Intangibles Insurance	-3.84M	-2.70M	-7.01M	-3.28M	—
Sale of Property, Plant & Equipment	0.11M	0.03M	1.05M	0.06M	2.10M
Gain Assets CF Insurance	-0.03M	—	4.63M	—	—
Loss (Gain) on Sale of Investments	-0.08M	0.10M	10.82M	—	0.65M
Financing Activities
Financing Cash Flow	-4.28M	-27.15M	-34.55M	-36.13M	169.17M
Common Dividends Paid	-9.11M	-13.11M	-17.83M	-11.85M	-20.15M
Common Issued Insurance	—	1.60M	—	—	117.10M
Long-Term Debt Issued	96.03M	—	—	—	125.44M
Long-Term Debt Repaid	-81.94M	-4.47M	-6.80M	-17.41M	-50.53M
Net Debt Issued Insurance	14.09M	-4.47M	-6.80M	-17.41M	74.90M
Other Financing Activities Insurance	-9.27M	-11.16M	-9.91M	-6.87M	-2.68M
Total Debt Repaid Insurance	-81.94M	-4.47M	-6.80M	-17.41M	-50.53M
Free Cash Flow & Returns
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
Free Cash Flow Growth	-4.7%	-61.5%	+141.9%	—	—
Free Cash Flow Margin	+1.8%	+1.6%	+4.4%	+2.1%	-3.4%
Free Cash Flow Per Share	0.04	0.05	0.12	0.05	-0.06
Levered Free Cash Flow	-3.54M	70.45M	368.94M	-595.89M	265.01M
Unlevered Free Cash Flow	-0.51M	74.51M	373.50M	-593.63M	266.65M
Operating Cash Flow Growth	-4.0%	-56.3%	+126.1%	—	—
Net Cash Flow	-10.35M	7.52M	-74.43M	-3.85M	160.26M
Foreign Exchange Rate Adjustments	-3.60M	-12.23M	-3.55M	-5.12M	-5.39M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	14.72M	15.34M	35.10M	15.52M	-9.96M
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
Capital Expenditures	-2.43M	-2.45M	-1.66M	-1.70M	-2.59M
Investing & Financing
Investing Cash Flow	-17.19M	31.56M	-71.43M	21.87M	6.44M
Financing Cash Flow	-4.28M	-27.15M	-34.55M	-36.13M	169.17M
Dividends Paid	-9.11M	-13.11M	-17.83M	-11.85M	-20.15M
Operating Activities
Operating Cash Flow	14.72M	15.34M	35.10M	15.52M	-9.96M
Net Income	24.70M	25.92M	21.21M	33.38M	72.60M
Change Accounts Receivable Insurance	-22.59M	-21.66M	11.96M	15.01M	-19.45M
Change in Unearned Revenue	—	—	—	—	-9.84M
Change in Working Capital	16.11M	17.05M	12.11M	-12.65M	-38.04M
Change Insurance Reserves Liabilities	66.80M	56.66M	34.64M	-98.19M	-111.74M
Change Other Net Oper Assets Insurance	-45.48M	17.79M	-17.16M	-5.62M	16.87M
Other Operating Activities Insurance	-35.53M	-35.69M	-22.06M	-9.91M	-64.10M
Depreciation & Amortization	8.60M	8.75M	8.36M	7.10M	3.57M
Other Amortization	3.71M	2.95M	2.18M	—	—
Cash Interest Paid	4.54M	6.19M	7.29M	3.63M	2.57M
Cash Income Tax Paid	7.19M	7.98M	5.40M	—	—
Reinsurance Recoverable CF	4.46M	-22.14M	-30.84M	61.44M	95.91M
Investing Activities
Investing Cash Flow	-17.19M	31.56M	-71.43M	21.87M	6.44M
Capex Insurance	-2.43M	-2.45M	-1.66M	-1.70M	-2.59M
Cash Acquisitions	—	—	-566.00K	—	-966.00K
Investment in Securities	-58.57M	-10.13M	-99.67M	1.64M	-7.17M
Other Investing Activities	47.48M	45.30M	34.98M	25.14M	10.35M
Sale Of Intangibles Insurance	-3.84M	-2.70M	-7.01M	-3.28M	—
Sale of Property, Plant & Equipment	0.11M	0.03M	1.05M	0.06M	2.10M
Gain Assets CF Insurance	-0.03M	—	4.63M	—	—
Loss (Gain) on Sale of Investments	-0.08M	0.10M	10.82M	—	0.65M
Financing Activities
Financing Cash Flow	-4.28M	-27.15M	-34.55M	-36.13M	169.17M
Common Dividends Paid	-9.11M	-13.11M	-17.83M	-11.85M	-20.15M
Common Issued Insurance	—	1.60M	—	—	117.10M
Long-Term Debt Issued	96.03M	—	—	—	125.44M
Long-Term Debt Repaid	-81.94M	-4.47M	-6.80M	-17.41M	-50.53M
Net Debt Issued Insurance	14.09M	-4.47M	-6.80M	-17.41M	74.90M
Other Financing Activities Insurance	-9.27M	-11.16M	-9.91M	-6.87M	-2.68M
Total Debt Repaid Insurance	-81.94M	-4.47M	-6.80M	-17.41M	-50.53M
Free Cash Flow & Returns
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
Free Cash Flow Growth	-4.7%	-61.5%	+141.9%	—	—
Free Cash Flow Margin	+1.8%	+1.6%	+4.4%	+2.1%	-3.4%
Free Cash Flow Per Share	0.04	0.05	0.12	0.05	-0.06
Levered Free Cash Flow	-3.54M	70.45M	368.94M	-595.89M	265.01M
Unlevered Free Cash Flow	-0.51M	74.51M	373.50M	-593.63M	266.65M
Operating Cash Flow Growth	-4.0%	-56.3%	+126.1%	—	—
Net Cash Flow	-10.35M	7.52M	-74.43M	-3.85M	160.26M
Foreign Exchange Rate Adjustments	-3.60M	-12.23M	-3.55M	-5.12M	-5.39M