Kuwait Re's net profit for Jan-Sep up 30% to nearly $13m
Source: Middle East Insurance Review | Dec 2019
Kuwait Reinsurance has reported a net profit of KWD3.87m ($12.75m) for the first nine months of 2019, an increase of 30.3% as compared to KWD2.97m for the corresponding period last year. The increase was mainly contributed by increases in net earned premiums and investment income.
The reinsurer’s GWP increased by 19.5% to KWD49.71m in 9M2019 from KWD41.60m in the corresponding period in 2018, while net earned premiums amounted to KWD32.61m in the first nine months of 2019, up 17.1% from the same period last year. Combined ratio slightly increased to 96.5% compared to 96.1%.
Its underwriting result improved to KWD2.95m, an increase of 10.9% from the same period a year ago. Net investment income showed consistent growth, up 31.9% to KWD3.10m with a yield of 4.57% compared to KWD2.35m with 3.76% yield in the corresponding period the previous year.
Shareholders’ equity grew to KWD51.99m at 30 September 2019, compared to KWD48.69m at the end of 2018.
Kuwait Re said its invested assets also showed steady growth to KWD93.71m at the end of September 2019, from KWD87.01m at the end of 2018. Total assets increased by 16.5% to KWD150.78m at 30 September 2019, compared to KWD129.47m at the end of last year. M
KWD1 = $3.29