Kuwait Re's 2018 profits grew 10% to $11.1m
Source: Middle East Insurance Review | Mar 2019
Kuwait Reinsurance Company has reported a solid profit after tax of KWD3.37m ($11.1m) for the year 2018, up 10% y-o-y, mainly contributed by the increase in net earned premiums and investment income.
The company’s investment portfolio improved from both 2017’s level and the projections, adding to the profit KWD2.96m with a yield of 3.49% in 2018 compared to KWD2.36m with 2.98% yield in the previous year. Net earned premiums increased by 30% y-o-y to KWD37.93m.
GWP for the year surged by 33% to KWD46.56m from KWD35.07m in 2017, in line with the approved business plans, said Kuwait Re. Underwriting results soared 30% y-o-y to KWD3.25m last year.
Shareholders’ equity showed sturdy growth to KWD48.69m, up from KWD45.73m in 2017, while return on equity for the year 2018 reached 7.14%, compared to 6.92% a year ago. Basic and diluted earnings per share (EPS) were 19.05 fils, compared to 17.27 fils in 2017.
“We are glad to report that the objectives of 2018 business plan were achieved. While the market remained soft and competitive, Kuwait Re endeavoured to enhance its geographical diversification and business mix, while maintaining a disciplined approach to underwriting, and prudent risk management. We continue to focus on our mission to be a preferred partner in risk management by being approachable, professional, and agile,” said Mr Dawoud Al Duwaisan, CEO of Kuwait Re. M
KWD1 = $3.29