Kuwait Insurance CEO resigns while profits climb
Source: Middle East Insurance Review | Apr 2016
Dr Ali Hamad Al Bahar is resigning as CEO of Kuwait Insurance Company (KIC), effective 1 April, but will remain as a member of the Board. The insurer has yet to name a replacement.
Dr Al Bahar is leaving the CEO post on a high note as KIC announced a net profit of KWD5.69 million (US$18.9 million) in 2015, up 10.5% y-o-y, according to its latest financial results filed with the Kuwait Stock Exchange. In the fourth quarter alone, net profit jumped by 239.2% to KWD661,386. Earnings per share amounted to 30.69 fils at the end of December 2015, compared to 27.64 fils a year ago.
Gross premiums increased by 4.3% y-o-y to KWD37.15 million.
However, the insurer saw its investment income fall by 11.2% to KWD4.14 million due to a big decline in realised gain from the sale of investments to KWD292,268 in 2015 from KWD1.54 million in 2014.
Total operating revenue fell marginally by 0.24% to KWD24.14 million in 2015, while net operating profit grew by 29.0% y-o-y to KWD7.09 million, according to the disclosure. During the same period, total assets stood at KWD150.69 million, compared to KWD162.09 million in 2014. Share capital remained flat at KWD19.40 million.
KWD1 = US$3.32