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May 2021

Kuwait: Reinsurer posts 11% rise in net profit in 2020

Source: Middle East Insurance Review | Apr 2021

Kuwait Reinsurance Company (Kuwait Re) has posted an increase of 10.8% in net profit to KWD5.23m ($17.3m) in 2020 compared to KWD4.73m in 2019, according to financial statements lodged with the Boursa Kuwait.
 
Kuwait Re said the increase in profits was due to higher net earned premiums. Operating income increased by 8.2% to reach KWD60.08m in 2020.
 
Technical result rose from KWD3.9m in 2019 to KWD3.93m last year when the combined ratio stood at 96.8%. Investment income reached KWD3.84m, a marginal increase of 0.5% compared to 2019.
 
The company’s turnover was flat at KWD56.961m in 2020 against KWD56.964m in 2019. M 
 
KWD1 = $3.30
 
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