On 2026-08-02 08:04:46 (Saudi Time), Gulf Insurance Group announced its Interim financial results for the six months ended on June 30, 2026.

Year-on-Year Performance Drivers

For the six-month period ending June 30, 2026, insurance revenues grew 23.97% YoY to SAR 900.97 million (SAR 0.90 million after conversion: note figures are in Thousands, so SAR 900,969 thousands = SAR 900.97 million) from SAR 726.76 million, driven by strong growth in Motor and Property & Casualty lines of business. Net profit after Zakat attributable to shareholders increased 34.681% YoY to SAR 82.47 million from SAR 61.23 million, primarily supported by a 45.469% surge in the result of insurance services to SAR 206.85 million (from SAR 142.20 million) due to higher insurance revenues, and a significant 67.763% reduction in net insurance financing expenses to SAR 8.29 million (from SAR 25.70 million) reflecting favorable changes in the discounting impact on net insurance contract liabilities. These gains were partially offset by a 10.214% decline in net investment income to SAR 41.88 million (from SAR 46.65 million), attributable to unrealized losses on investments from mark-to-market valuation.

Quarter-on-Quarter Performance Drivers

QoQ, insurance revenues rose 15.72% to SAR 0.48 million (SAR 483,314 thousands / 1,000 = SAR 483.31 million) from SAR 417.66 million in the prior quarter, driven by growth across major lines of business. However, net profit attributable to shareholders declined 11.456% QoQ to SAR 38.73 million from SAR 43.74 million, primarily due to a sharp 80.892% drop in investment income to SAR 6.72 million (from SAR 35.16 million), caused by unrealized losses on investments from mark-to-market valuation. This was partially offset by a 37.938% improvement in the result of insurance services to SAR 119.92 million (from SAR 86.94 million), reflecting higher insurance revenues outpacing the rise in insurance service expenses. Net insurance finance expenses also increased 64.559% QoQ to SAR 5.15 million from SAR 3.13 million, driven by changes in the discounting impact on net insurance contract liabilities.

Other Items

The external auditor issued an unmodified conclusion with no additional comments, reservations, or other matters noted. Certain prior period amounts have been reclassified for consistency with the current period's presentation, with no effect on reported results of operations. Earnings per share for the current six-month period stood at SAR 1.57, compared to SAR 1.17 for the same period of the previous year, calculated based on a net profit of SAR 82,500 thousands over a weighted average of 52.5 million ordinary shares outstanding. Total comprehensive income attributable to shareholders for the current period was SAR 71,766 thousands, compared to SAR 99,838 thousands in the same period of the prior year, a decrease of 28.117%. Total shareholders' equity (after deducting minority equity) as at June 30, 2026 was SAR 1,210,250 thousands, up 7.406% from SAR 1,126,795 thousands at the end of the same period last year. There is no non-controlling interest as at June 30, 2026. No material risks, going concern uncertainties, debt covenant breaches, or accumulated losses were disclosed in this announcement.

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