Kuwait Re posts strong results for 1H
Source: Middle East Insurance Review | Sep 2020
Kuwait Re has reported a net profit of KWD3.09m ($10.1m) for the first six months of this year, an increase of 7% as compared to net gains of KWD2.87m in the corresponding period last year.
Technical risk evaluation and prudent capacity allocation led to solid underwriting performance and absorbed the expected volatility in investment income, the reinsurer said in a statement explaining the improved net results.
GWP amounted to KWD39.89m in 1H2020 compared to KWD41.31m in the corresponding period last year.
The company’s underwriting results improved by 25%: KWD2.88m compared to KWD2.30m during 1H2019. Net investment income in 1H2020 was KWD1.77m with a yield of 3.58% compared to KWD2.17m with 4.91% yield in the corresponding half last year. Combined ratio improved to 93.5% compared to 95.7% in 1H2019.
Kuwait Re’s total assets increased by 11% to KWD 165.43m at 30 June 2020, from KWD149.39m at the end of 2019. Its invested assets grew to KWD100.35m at 30 June, from KWD97.40m at the end of 2019, an increase of 3.0%.
Shareholders’ equity increased to KWD54.55m at 30 June, from KWD53.57m at the end of 2019, an increase of 1.8%. M
KWD1 = $3.27