News Middle East11 Nov 2019

Kuwait:Reinsurer's net profit for Jan-Sep hits nearly US$13m

11 Nov 2019

Kuwait Reinsurance has reported a net profit of KWD3.87m ($12.74m) for first nine months of this year (YTD 3Q2019), an increase of 30% as compared to KWD2.97m for the corresponding period last year. The increase was mainly contributed by increases in net earned premium and investment income.

In a statement, Kuwait Re shows other highlights of its performance for the first three quarters of this year, with comparisons with the corresponding period of last year:

• Gross written premium increased by 19% to KWD49.71m in YTD 3Q2019 from KWD41.60m in the corresponding period in 2018

• The underwriting result improved to KWD2.95m, representing an 11% increase

• The combined ratio slightly increased to 96.5% compared to 96.1%

• Net investment income showed consistent growth, an increase of 32% to KWD3.10m with a yield of 4.57% compared to KWD2.35m with 3.76% yield in the corresponding period the previous year.

• Shareholders’ equity grew to KWD51.99m at 30 September 2019, from KWD48.69m at the end of 2018, an increase of 7%.

• Invested assets showed steady growth to KWD93.71m at the end of September 2019, from KWD87.01m at the end of 2018, an increase of 8%. The total assets of Kuwait Re increased by 16% to KWD150.78m at 30 September 2019 from KWD129.47m at the end of 2018

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