Kuwait: Kuwait Re's ratings upgraded on sustained improvement in operating results

Source: Middle East Insurance Review | Sep 2025

Kuwait Reinsurance Company (Kuwait Re) has sustained improvement in its operating performance in recent years, evidenced by a return-on-equity ratio that increased steadily to 16.5% in 2024 from 9.5% in 2020, says AM Best.

Reflecting this, AM Best has upgraded Kuwait Re’s Financial Strength Rating to ‘A’ (Excellent) from ‘A-’ (Excellent) and the Long-Term Issuer Credit Rating to ‘a’ (Excellent) from ‘a-’ (Excellent), which is majority owned by Al Ahleia Insurance Company. The outlook of these credit ratings has been revised to ‘Stable’ from ‘Positive’.

The ratings also reflect Kuwait Re’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Kuwait Re’s earnings have been underpinned by robust underwriting profitability, which includes substantial reserving margins that provide a buffer against volatility. AM Best expects Kuwait Re’s underwriting discipline and prudent risk selection to support its prospective operating metrics. M

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