Kuwait Reinsurance Company has reported a net profit of KWD3.09m ($10m) for the first six months of this year, an increase of 7% as compared to net gains of KWD2.87m in the corresponding period last year.
Technical risk evaluation and prudent capacity allocation led to solid underwriting performance and absorbed the expected volatility in investment income, the company says in a statement explaining the improved net results.
Other performance highlights for 1H2020 include the following:
- Gross written premium of KWD39.89m compared to KWD41.31m in the corresponding period last year.
- The company’s underwriting results improved by 25%: KWD2.88m compared to KWD2.30m during 1H2019.
- The combined ratio improved to 93.5% compared to 95.7% in 1H2019.
- Net investment income was KWD1.77m with a yield of 3.58% compared to KWD2.17m with 4.91% yield in the corresponding half last year.
- Kuwait Re’s total assets increased by 11% to KWD 165.43m at 30 June 2020, from KWD149.39m at the end of 2019.
- The company’s invested assets grew to KWD100.35m at 30 June, from KWD97.40m at the end of 2019, an increase of 3.0%.
- Shareholders’ equity increased to KWD54.55m at 30 June, from KWD53.57m at the end of 2019, an increase of 1.8%.