The profits of insurers listed on the Kuwait Stock Exchange increased by 24.5% for the first quarter of 2023 to KWD21.52m ($70m) compared to the corresponding quarter in 2022.
Kuwait-headquartered Gulf Insurance Group (GIG) has improved its business profile, earnings and assets diversification following its integration of AXA's operations in Saudi Arabia, the UAE, Qatar, Oman and Bahrain that it acquired in September 2021, notes Moody's Investors Service.
Kuwait's Insurance Regulatory Unit and the Interior Ministry have decided to form a joint coordinating committee to study the effects of premium hikes for mandatory vehicle third-party liability insurance policies.
Kuwait Insurance Company (KIC) has produced strong operating performance as is demonstrated by a five-year (2018-2022) weighted average return-on-equity ratio of 16.3%, with earnings over this period supported both by the company's underwriting and investment results, says AM Best.
The Financial Strength Rating of 'A' (Excellent) and the Long-Term Issuer Credit Rating of 'a' (Excellent) of Gulf Insurance Group (GIG), with a 'Stable' outlook, remain unchanged following the recent announcement that Fairfax Financial Holdings is to acquire an additional 46.32% share of GIG from Kuwait Projects Company (Holdings) [KIPCO], says AM Best.
Canada-headquartered Fairfax Financial Holdings and Kuwait Projects Company (Holding) (KIPCO) have entered into an agreement pursuant to which certain affiliates of Fairfax will acquire all of the shares of Gulf Insurance Group (GIG) under the control of KIPCO and certain of its affiliates (the "KIPCO Sellers").
Kuwait's Insurance Regulatory Unit (IRU) has suspended a decision to increase tariffs for compulsory motor third-party liability insurance in the country, a week after it had announced the hikes.
Insurance companies listed on the Kuwait Stock Exchange achieved net profits of KWD108.86m ($355.29m) for 2022, 2% higher than the KWD106.68m recorded for 2021.
The Supreme Committee of the Insurance Regulatory Unit (IRU) has issued a decision to regulate the issuance of compulsory motor third-party liability insurance policies.
Kuwait-headquartered Gulf Insurance Company has announced that its subsidiary GIG Egypt had signed an agreement to acquire AIG Egypt for EGP196.97m ($6.4m). The stake to be acquired is 95.02%.