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Jun 2020

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 
 
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