KWSE:GINS Cash Flow Statement

Financials in millions KWD. Fiscal year is January - December.

Millions KWD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	24.7	25.92	21.21	33.38	72.6
Depreciation & Amortization	8.6	8.75	8.36	7.1	3.57
Other Amortization	3.71	2.95	2.18	-	-
Gain (Loss) on Sale of Assets	-0.03	-	4.63	-	-
Gain (Loss) on Sale of Investments	-0.08	0.1	10.82	-	0.65
Change in Accounts Receivable	-22.59	-21.66	11.96	15.01	-19.45
Reinsurance Recoverable	4.46	-22.14	-30.84	61.44	95.91
Change in Unearned Revenue	-	-	-	-	-9.84
Change in Insurance Reserves / Liabilities	66.8	56.66	34.64	-98.19	-111.74
Change in Other Net Operating Assets	-45.48	17.79	-17.16	-5.62	16.87
Other Operating Activities	-35.53	-35.69	-22.06	-9.91	-64.1
Operating Cash Flow	14.72	15.34	35.1	15.52	-9.96
Operating Cash Flow Growth	-4.04%	-56.29%	126.13%	-	-
Capital Expenditures	-2.43	-2.45	-1.66	-1.7	-2.59
Sale of Property, Plant & Equipment	0.11	0.03	1.05	0.06	2.1
Purchase / Sale of Intangible Assets	-3.84	-2.7	-7.01	-3.28	-
Cash Acquisitions	-	-	-0.57	-	-0.97
Investment in Securities	-58.57	-10.13	-99.67	1.64	-7.17
Other Investing Activities	47.48	45.3	34.98	25.14	10.35
Investing Cash Flow	-17.19	31.56	-71.43	21.87	6.44
Long-Term Debt Issued	96.03	-	-	-	125.44
Total Debt Repaid	-81.94	-4.47	-6.8	-17.41	-50.53
Net Debt Issued (Repaid)	14.09	-4.47	-6.8	-17.41	74.9
Issuance of Common Stock	-	1.6	-	-	117.1
Common Dividends Paid	-9.11	-13.11	-17.83	-11.85	-20.15
Other Financing Activities	-9.27	-11.16	-9.91	-6.87	-2.68
Financing Cash Flow	-4.28	-27.15	-34.55	-36.13	169.17
Foreign Exchange Rate Adjustments	-3.6	-12.23	-3.55	-5.12	-5.39
Net Cash Flow	-10.35	7.52	-74.43	-3.85	160.26
Free Cash Flow	12.29	12.89	33.45	13.83	-12.55
Free Cash Flow Growth	-4.67%	-61.45%	141.90%	-	-
Free Cash Flow Margin	1.75%	1.56%	4.38%	2.09%	-3.36%
Free Cash Flow Per Share	0.04	0.04	0.12	0.05	-0.06
Cash Interest Paid	4.54	6.19	7.29	3.63	2.57
Cash Income Tax Paid	7.19	7.98	5.4	-	-
Levered Free Cash Flow	-3.54	70.45	368.94	-595.89	265.01
Unlevered Free Cash Flow	-0.51	74.51	373.5	-593.63	266.65
Change in Working Capital	16.11	17.05	12.11	-12.65	-38.04

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.