GULF INSURANCE GROUP

Gulf Insurance Group K.S.C.

GINSStocksBoursa KuwaitInsurance

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (KWD)

1-5

	Q1 2026Mar 31, 2026	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025
Operating Summary
Revenue	206.99M	137.11M	185.50M	192.65M	185.68M
Operating Expenses	186.44M	121.42M	182.67M	179.70M	173.14M
Pretax Income	18.57M	16.21M	6.94M	9.66M	10.63M
Income Tax	2.79M	4.14M	3.49M	1.78M	2.52M
Net Income	13.00M	9.71M	0.86M	4.43M	6.58M
Premium Revenue	192.46M	123.28M	180.69M	181.71M	177.84M
Policy Benefits	142.21M	86.57M	173.84M	85.75M	160.55M
Policy Cost	26.66M	27.31M	—	49.71M	21.98M
EPS (Basic)	0.05	0.03	0.00	0.02	0.02
EPS (Diluted)	0.05	0.03	0.00	0.02	0.02
Margins & Efficiency
Net Margin %	+6.3%	+7.1%	+0.5%	+2.3%	+3.5%
Revenue & Income
Revenue Growth (YoY)	+11.5%	+17.2%	-22.4%	-22.6%	-16.7%
Revenue Insurance	206.99M	137.11M	185.50M	192.65M	185.68M
Premiums Annuity Rev	192.46M	123.28M	180.69M	181.71M	177.84M
Other Revenue Insurance	0.73M	0.82M	0.34M	0.84M	0.88M
Earnings From Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	—	—	—	—	—
Gain Investment Rev Insurance	—	4.78M	4.73M	2.68M	—
Currency Exchange Gain (Loss)	—	0.08M	0.10M	0.96M	—
Expenses & Provisions
SG&A Insurance	9.11M	9.52M	8.83M	9.18M	8.27M
Other Opex Insurance	8.46M	-1.97M	—	35.07M	-17.66M
Total Opex Insurance	186.44M	121.42M	182.67M	179.70M	173.14M
Interest Expense	-0.91M	-0.94M	-1.59M	-1.17M	-1.15M
Other Non Operating Income (Expenses)	-1.08M	0.01M	5.40M	-0.62M	-0.76M
Policy Benefits	142.21M	86.57M	173.84M	85.75M	160.55M
Policy Cost	26.66M	27.31M	—	49.71M	21.98M
Asset Writedown	—	1.20M	—	—	—
Impairment of Goodwill	—	—	—	—	—
Amortization Goodwill Intangibles Insurance	—	—	—	—	—
D&A For EBITDA	3.14M	1.76M	3.33M	3.02M	2.85M
Deferred Policy Acquisition Cost	—	—	—	—	—
Profitability & Returns
EBIT	20.55M	15.70M	2.83M	12.95M	12.54M
EBIT Margin	+9.9%	+11.4%	+1.5%	+6.7%	+6.8%
EBITDA	23.70M	17.46M	6.16M	15.97M	15.38M
EBITDA Margin	+11.4%	+12.7%	+3.3%	+8.3%	+8.3%
EBT Excluding Unusual Items	18.57M	14.85M	6.75M	12.12M	10.63M
Pretax Income	18.57M	16.21M	6.94M	9.66M	10.63M
Opinc Insurance	20.55M	15.70M	2.83M	12.95M	12.54M
Operating Margin	+9.9%	+11.4%	+1.5%	+6.7%	+6.8%
Profit Margin	+6.3%	+7.1%	+0.5%	+2.3%	+3.5%
Net Income	13.00M	10.50M	1.65M	5.98M	6.58M
Net Income to Common	13.00M	9.71M	0.86M	4.43M	6.58M
Net Income Growth	+97.6%	+176.8%	-69.3%	+2.6%	-39.9%
Earnings From Continuing Ops.	15.78M	12.07M	3.45M	7.88M	8.11M
Minority Interest in Earnings	-2.78M	-1.58M	-1.80M	-1.90M	-1.53M
Income Tax Expense	2.79M	4.14M	3.49M	1.78M	2.52M
Effective Tax Rate	+15.0%	+25.5%	+50.3%	+18.5%	+23.7%
Per Share & Capital
EPS (Basic)	0.05	0.03	0.00	0.02	0.02
EPS (Diluted)	0.05	0.03	0.00	0.02	0.02
EPS Growth	+97.6%	+223.1%	-81.2%	-12.3%	-35.5%
Dividend Per Share	—	—	—	—	—
Shares Change (YoY)	0	-0	—	0	0
Shares Outstanding (Basic)	284.57M	284.57M	284.57M	284.57M	284.57M
Shares Outstanding (Diluted)	284.57M	284.57M	284.57M	284.57M	284.57M
Dividend Growth	—	—	—	—	—
Free Cash Flow	2.75M	-30.74M	-5.58M	17.19M	30.68M
Free Cash Flow Margin	+1.3%	-22.4%	-3.0%	+8.9%	+16.5%
Free Cash Flow Per Share	0.01	-0.11	-0.02	0.06	0.11
Payout Ratio	—	+3.1%	+45.8%	+122.0%	—
Preferred Dividends & Other Adjustments	0.00M	0.79M	0.79M	1.55M	0.00M
Supplemental
Other Unusual Items	—	0.16M	0.19M	-2.46M	—
Total Interest Dividend Income	13.80M	8.24M	-0.27M	7.42M	6.96M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (KWD)

1-5

	Q1 2026Mar 31, 2026	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025
Operating Summary
Revenue	206.99M	137.11M	185.50M	192.65M	185.68M
Operating Expenses	186.44M	121.42M	182.67M	179.70M	173.14M
Pretax Income	18.57M	16.21M	6.94M	9.66M	10.63M
Income Tax	2.79M	4.14M	3.49M	1.78M	2.52M
Net Income	13.00M	9.71M	0.86M	4.43M	6.58M
Premium Revenue	192.46M	123.28M	180.69M	181.71M	177.84M
Policy Benefits	142.21M	86.57M	173.84M	85.75M	160.55M
Policy Cost	26.66M	27.31M	—	49.71M	21.98M
EPS (Basic)	0.05	0.03	0.00	0.02	0.02
EPS (Diluted)	0.05	0.03	0.00	0.02	0.02
Margins & Efficiency
Net Margin %	+6.3%	+7.1%	+0.5%	+2.3%	+3.5%
Revenue & Income
Revenue Growth (YoY)	+11.5%	+17.2%	-22.4%	-22.6%	-16.7%
Revenue Insurance	206.99M	137.11M	185.50M	192.65M	185.68M
Premiums Annuity Rev	192.46M	123.28M	180.69M	181.71M	177.84M
Other Revenue Insurance	0.73M	0.82M	0.34M	0.84M	0.88M
Earnings From Equity Investments	—	—	—	—	—
Gain (Loss) on Sale of Assets	—	—	—	—	—
Gain Investment Rev Insurance	—	4.78M	4.73M	2.68M	—
Currency Exchange Gain (Loss)	—	0.08M	0.10M	0.96M	—
Expenses & Provisions
SG&A Insurance	9.11M	9.52M	8.83M	9.18M	8.27M
Other Opex Insurance	8.46M	-1.97M	—	35.07M	-17.66M
Total Opex Insurance	186.44M	121.42M	182.67M	179.70M	173.14M
Interest Expense	-0.91M	-0.94M	-1.59M	-1.17M	-1.15M
Other Non Operating Income (Expenses)	-1.08M	0.01M	5.40M	-0.62M	-0.76M
Policy Benefits	142.21M	86.57M	173.84M	85.75M	160.55M
Policy Cost	26.66M	27.31M	—	49.71M	21.98M
Asset Writedown	—	1.20M	—	—	—
Impairment of Goodwill	—	—	—	—	—
Amortization Goodwill Intangibles Insurance	—	—	—	—	—
D&A For EBITDA	3.14M	1.76M	3.33M	3.02M	2.85M
Deferred Policy Acquisition Cost	—	—	—	—	—
Profitability & Returns
EBIT	20.55M	15.70M	2.83M	12.95M	12.54M
EBIT Margin	+9.9%	+11.4%	+1.5%	+6.7%	+6.8%
EBITDA	23.70M	17.46M	6.16M	15.97M	15.38M
EBITDA Margin	+11.4%	+12.7%	+3.3%	+8.3%	+8.3%
EBT Excluding Unusual Items	18.57M	14.85M	6.75M	12.12M	10.63M
Pretax Income	18.57M	16.21M	6.94M	9.66M	10.63M
Opinc Insurance	20.55M	15.70M	2.83M	12.95M	12.54M
Operating Margin	+9.9%	+11.4%	+1.5%	+6.7%	+6.8%
Profit Margin	+6.3%	+7.1%	+0.5%	+2.3%	+3.5%
Net Income	13.00M	10.50M	1.65M	5.98M	6.58M
Net Income to Common	13.00M	9.71M	0.86M	4.43M	6.58M
Net Income Growth	+97.6%	+176.8%	-69.3%	+2.6%	-39.9%
Earnings From Continuing Ops.	15.78M	12.07M	3.45M	7.88M	8.11M
Minority Interest in Earnings	-2.78M	-1.58M	-1.80M	-1.90M	-1.53M
Income Tax Expense	2.79M	4.14M	3.49M	1.78M	2.52M
Effective Tax Rate	+15.0%	+25.5%	+50.3%	+18.5%	+23.7%
Per Share & Capital
EPS (Basic)	0.05	0.03	0.00	0.02	0.02
EPS (Diluted)	0.05	0.03	0.00	0.02	0.02
EPS Growth	+97.6%	+223.1%	-81.2%	-12.3%	-35.5%
Dividend Per Share	—	—	—	—	—
Shares Change (YoY)	0	-0	—	0	0
Shares Outstanding (Basic)	284.57M	284.57M	284.57M	284.57M	284.57M
Shares Outstanding (Diluted)	284.57M	284.57M	284.57M	284.57M	284.57M
Dividend Growth	—	—	—	—	—
Free Cash Flow	2.75M	-30.74M	-5.58M	17.19M	30.68M
Free Cash Flow Margin	+1.3%	-22.4%	-3.0%	+8.9%	+16.5%
Free Cash Flow Per Share	0.01	-0.11	-0.02	0.06	0.11
Payout Ratio	—	+3.1%	+45.8%	+122.0%	—
Preferred Dividends & Other Adjustments	0.00M	0.79M	0.79M	1.55M	0.00M
Supplemental
Other Unusual Items	—	0.16M	0.19M	-2.46M	—
Total Interest Dividend Income	13.80M	8.24M	-0.27M	7.42M	6.96M