Kuwait Reinsurance has posted a 49% surge in net
profit to KWD2.87m ($9.43m) for the first half of 2019, as compared to KWD1.92m for the corresponding period previous year.
Mr Dawoud Al Duwaisan, Kuwait Re’s CEO, said, “The results are driven by strong underwriting performance, as well as excellent investment income. It reflects the advantage of being a composite reinsurer with a diversified book of business, and the positive impact of actions taken to optimise capacity allocation.
“Our underwriters are working harder to manage the portfolio risk, while negotiating practical terms and conditions. We aim to generate real and sustainable returns that allow us to add value to all stakeholders.”
Other highlights for the 1st Half 2019 performance include the following:
- Gross written premium increased by 23% to KWD41.31m
- The underwriting result improved by 23% to KWD 2.30m
- The combined ratio remained almost at the same level at 95.7% for 1H2019 compared to 95.9% in the corresponding period in 2018
- Investment income improved significantly, adding KWD2.17m to the bottom line with a yield of 4.91% compared to KWD1.43m with a 3.46% yield for the corresponding period in 2018
- Shareholders’ equity grew to KWD51.14m at 30 June 2019, from KWD48.69m at the end of 2018, an increase of 5%
- Total assets increased by 17% to KWD151.65m at 30 June 2019 from KWD129.47m at the end of 2018.