Kuwait Re reported 40% jump in net profit to $15m for 2019
Source: Middle East Insurance Review | Mar 2020
Kuwait Reinsurance has reported a surge of 40% in net profit to KWD4.73m ($15.4m) for 2019 compared to the previous year, according to a statement issued by the company. GWP increased by 22% y-o-y to KWD56.96m.
The jump in the net results was contributed mainly by the increase in net earned premium and investment income. Net earned premiums grew by almost 19% to KWD45.01m in 2019, while net investment income showed consistent growth, an increase of 29% to KWD3.82m with a yield of 4.14% compared to KWD2.96m with 3.49% yield in 2018.
Other performance highlights for 2019 include the following:
- Underwriting result improved to KWD3.9m, up 20% from the previous year;
- Combined ratio slightly improved to 96.6% compared to 96.9% in the previous year;
- Shareholders’ equity amounted to KWD53.38m at the end of 2019, an increase of 10% over a year ago. The return on equity for 2019 increased to 9.26% as compared to 7.14% in the previous year; and
- Total assets increased by 15% y-o-y to KWD149.39m at the end of 2019. M
KWD1 = $3.26