Kuwait Re posts 72% profit growth to $6 mln in 1H
Source: Middle East Insurance Review | Oct 2017
Kuwait Re has reported an increase of 72% in profits to KWD1.84 million (US$6.1 million) for the first half of this year, according to financial statements posted on its website.
Net profit surged by 694% to KWD991,000 for the second quarter of the year from about KWD132,000 for the corresponding three months last year.
The company said that the interim profits were due to increased investment returns and underwriting gains.
This was despite premiums earned falling by 23.7% to KWD14.4 million in the first half of this year, compared to KWD18.9 million in the same period last year. M
KWD1 = US$3.32