Kuwait Re's profits grew almost 50% to $9.4m in 1H2019
Source: Middle East Insurance Review | Oct 2019
Kuwait Re posted a 49.5% surge in net profit to KWD2.87m ($9.4m) for the first half of 2019, mainly contributed by the increase in net earned premiums and investment income. Gross premiums amounted to KWD41.31m in 1H2019, up 23.3% from the same period a year ago.
According to the data released by the reinsurer, net earned premiums rose 20.4% to KWD22.06m in 1H2019, while investment income jumped by 51.7% to KWD2.17m. Underwriting results also improved by 23% to KWD2.3m in the first half of this year.
The company’s combined ratio remained almost at the same level at 95.7% compared to 95.9% in the corresponding period last year.
Kuwait Re CEO Dawoud Al Duwaisan said, “The results are driven by strong underwriting performance, as well as excellent investment income. It reflects the advantage of being a composite reinsurer with a diversified book of business, and the positive impact of actions taken to optimise capacity allocation.
“Our underwriters are working harder to manage the portfolio risk, while negotiating practical terms and conditions. We aim to generate real and sustainable returns that allow us to add value to all stakeholders.” M
KWD1 = $3.29