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
Operating Summary
Revenue	700.16M	828.18M	763.23M	660.78M	373.26M
Operating Expenses	656.92M	780.88M	719.24M	611.78M	307.21M
Pretax Income	43.44M	39.93M	37.82M	42.60M	82.62M
Income Tax	11.93M	8.11M	8.29M	5.75M	6.12M
Net Income	21.58M	22.80M	17.77M	33.38M	72.60M
Premium Revenue	663.53M	784.54M	740.95M	632.50M	292.17M
Policy Benefits	506.70M	694.86M	676.60M	654.41M	203.94M
Policy Cost	98.99M	86.62M	81.58M	73.05M	35.96M
EPS (Basic)	0.08	0.08	0.06	0.12	0.32
EPS (Diluted)	0.08	0.08	0.06	0.12	0.32
DPS	—	0.02	0.04	0.05	0.11
Margins & Efficiency
Net Margin %	+3.1%	+2.8%	+2.3%	+5.1%	+19.4%
Revenue & Income
Revenue Growth (YoY)	-15.5%	+8.5%	+15.5%	+77.0%	+61.4%
Revenue Insurance	700.16M	828.18M	763.23M	660.78M	373.26M
Premiums Annuity Rev	663.53M	784.54M	740.95M	632.50M	292.17M
Other Revenue Insurance	2.88M	3.74M	2.32M	2.39M	28.00M
Gain (Loss) on Sale of Assets	—	-0.03M	-8.87M	—	—
Gain Investment Rev Insurance	12.03M	8.96M	-0.88M	6.37M	34.39M
Currency Exchange Gain (Loss)	1.93M	2.60M	3.28M	0.23M	—
Expenses & Provisions
SG&A Insurance	35.79M	37.20M	27.45M	21.26M	65.36M
Other Opex Insurance	15.44M	-37.81M	-66.39M	-136.95M	0.52M
Total Opex Insurance	656.92M	780.88M	719.24M	611.78M	307.21M
Interest Expense	-4.85M	-6.50M	-7.29M	-3.63M	-2.62M
Other Non Operating Income (Expenses)	4.04M	0.43M	1.74M	0.96M	-0.29M
Policy Benefits	506.70M	694.86M	676.60M	654.41M	203.94M
Policy Cost	98.99M	86.62M	81.58M	73.05M	35.96M
Asset Writedown	1.20M	0.16M	1.58M	—	-0.05M
Impairment of Goodwill	—	—	—	—	-3.93M
Amortization Goodwill Intangibles Insurance	—	—	—	—	1.44M
D&A For EBITDA	7.04M	6.98M	6.88M	7.10M	3.57M
Deferred Policy Acquisition Cost	—	—	—	—	18.61M
Profitability & Returns
EBIT	43.23M	47.31M	43.99M	48.99M	66.05M
EBIT Margin	+6.2%	+5.7%	+5.8%	+7.4%	+17.7%
EBITDA	50.27M	54.28M	50.87M	56.09M	69.62M
EBITDA Margin	+7.2%	+6.6%	+6.7%	+8.5%	+18.7%
EBT Excluding Unusual Items	44.35M	43.83M	41.72M	46.55M	63.14M
Pretax Income	43.44M	39.93M	37.82M	42.60M	82.62M
Opinc Insurance	43.23M	47.31M	43.99M	48.99M	66.05M
Operating Margin	+6.2%	+5.7%	+5.8%	+7.4%	+17.7%
Profit Margin	+3.1%	+2.8%	+2.3%	+5.1%	+19.5%
Net Income	24.70M	25.92M	21.21M	33.38M	72.60M
Net Income to Common	21.58M	22.80M	17.77M	33.38M	72.60M
Net Income Growth	-4.7%	+22.2%	-36.5%	-54.0%	+344.4%
Earnings From Continuing Ops.	31.51M	31.82M	29.53M	36.85M	76.50M
Minority Interest in Earnings	-6.81M	-5.90M	-8.32M	-3.47M	-3.90M
Income Tax Expense	11.93M	8.11M	8.29M	5.75M	6.12M
Effective Tax Rate	+27.5%	+20.3%	+21.9%	+13.5%	+7.4%
Per Share & Capital
EPS (Basic)	0.08	0.08	0.06	0.12	0.32
EPS (Diluted)	0.08	0.08	0.06	0.12	0.32
EPS Growth	-5.4%	+28.0%	-46.8%	-63.6%	+278.8%
Dividend Per Share	—	0.02	0.04	0.05	0.11
Shares Change (YoY)	0	0	—	0.26	0.17
Shares Outstanding (Basic)	284.57M	284.36M	283.75M	283.75M	224.57M
Shares Outstanding (Diluted)	284.57M	284.36M	283.75M	283.75M	224.57M
Dividend Growth	—	-37.8%	-31.5%	-49.1%	—
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
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
Payout Ratio	+36.9%	+50.6%	+84.1%	+35.5%	+27.8%
Preferred Dividends & Other Adjustments	3.12M	3.12M	3.44M	—	—
Supplemental
Other Unusual Items	-2.11M	-4.03M	3.40M	-3.96M	23.46M
Total Interest Dividend Income	21.72M	30.94M	21.39M	19.51M	18.71M

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
Operating Summary
Revenue	700.16M	828.18M	763.23M	660.78M	373.26M
Operating Expenses	656.92M	780.88M	719.24M	611.78M	307.21M
Pretax Income	43.44M	39.93M	37.82M	42.60M	82.62M
Income Tax	11.93M	8.11M	8.29M	5.75M	6.12M
Net Income	21.58M	22.80M	17.77M	33.38M	72.60M
Premium Revenue	663.53M	784.54M	740.95M	632.50M	292.17M
Policy Benefits	506.70M	694.86M	676.60M	654.41M	203.94M
Policy Cost	98.99M	86.62M	81.58M	73.05M	35.96M
EPS (Basic)	0.08	0.08	0.06	0.12	0.32
EPS (Diluted)	0.08	0.08	0.06	0.12	0.32
DPS	—	0.02	0.04	0.05	0.11
Margins & Efficiency
Net Margin %	+3.1%	+2.8%	+2.3%	+5.1%	+19.4%
Revenue & Income
Revenue Growth (YoY)	-15.5%	+8.5%	+15.5%	+77.0%	+61.4%
Revenue Insurance	700.16M	828.18M	763.23M	660.78M	373.26M
Premiums Annuity Rev	663.53M	784.54M	740.95M	632.50M	292.17M
Other Revenue Insurance	2.88M	3.74M	2.32M	2.39M	28.00M
Gain (Loss) on Sale of Assets	—	-0.03M	-8.87M	—	—
Gain Investment Rev Insurance	12.03M	8.96M	-0.88M	6.37M	34.39M
Currency Exchange Gain (Loss)	1.93M	2.60M	3.28M	0.23M	—
Expenses & Provisions
SG&A Insurance	35.79M	37.20M	27.45M	21.26M	65.36M
Other Opex Insurance	15.44M	-37.81M	-66.39M	-136.95M	0.52M
Total Opex Insurance	656.92M	780.88M	719.24M	611.78M	307.21M
Interest Expense	-4.85M	-6.50M	-7.29M	-3.63M	-2.62M
Other Non Operating Income (Expenses)	4.04M	0.43M	1.74M	0.96M	-0.29M
Policy Benefits	506.70M	694.86M	676.60M	654.41M	203.94M
Policy Cost	98.99M	86.62M	81.58M	73.05M	35.96M
Asset Writedown	1.20M	0.16M	1.58M	—	-0.05M
Impairment of Goodwill	—	—	—	—	-3.93M
Amortization Goodwill Intangibles Insurance	—	—	—	—	1.44M
D&A For EBITDA	7.04M	6.98M	6.88M	7.10M	3.57M
Deferred Policy Acquisition Cost	—	—	—	—	18.61M
Profitability & Returns
EBIT	43.23M	47.31M	43.99M	48.99M	66.05M
EBIT Margin	+6.2%	+5.7%	+5.8%	+7.4%	+17.7%
EBITDA	50.27M	54.28M	50.87M	56.09M	69.62M
EBITDA Margin	+7.2%	+6.6%	+6.7%	+8.5%	+18.7%
EBT Excluding Unusual Items	44.35M	43.83M	41.72M	46.55M	63.14M
Pretax Income	43.44M	39.93M	37.82M	42.60M	82.62M
Opinc Insurance	43.23M	47.31M	43.99M	48.99M	66.05M
Operating Margin	+6.2%	+5.7%	+5.8%	+7.4%	+17.7%
Profit Margin	+3.1%	+2.8%	+2.3%	+5.1%	+19.5%
Net Income	24.70M	25.92M	21.21M	33.38M	72.60M
Net Income to Common	21.58M	22.80M	17.77M	33.38M	72.60M
Net Income Growth	-4.7%	+22.2%	-36.5%	-54.0%	+344.4%
Earnings From Continuing Ops.	31.51M	31.82M	29.53M	36.85M	76.50M
Minority Interest in Earnings	-6.81M	-5.90M	-8.32M	-3.47M	-3.90M
Income Tax Expense	11.93M	8.11M	8.29M	5.75M	6.12M
Effective Tax Rate	+27.5%	+20.3%	+21.9%	+13.5%	+7.4%
Per Share & Capital
EPS (Basic)	0.08	0.08	0.06	0.12	0.32
EPS (Diluted)	0.08	0.08	0.06	0.12	0.32
EPS Growth	-5.4%	+28.0%	-46.8%	-63.6%	+278.8%
Dividend Per Share	—	0.02	0.04	0.05	0.11
Shares Change (YoY)	0	0	—	0.26	0.17
Shares Outstanding (Basic)	284.57M	284.36M	283.75M	283.75M	224.57M
Shares Outstanding (Diluted)	284.57M	284.36M	283.75M	283.75M	224.57M
Dividend Growth	—	-37.8%	-31.5%	-49.1%	—
Free Cash Flow	12.29M	12.89M	33.45M	13.83M	-12.55M
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
Payout Ratio	+36.9%	+50.6%	+84.1%	+35.5%	+27.8%
Preferred Dividends & Other Adjustments	3.12M	3.12M	3.44M	—	—
Supplemental
Other Unusual Items	-2.11M	-4.03M	3.40M	-3.96M	23.46M
Total Interest Dividend Income	21.72M	30.94M	21.39M	19.51M	18.71M