News Middle East25 May 2023

Kuwait:Listed insurers post 25% surge in combined net profits in 1Q2023

| 25 May 2023

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.

The following table summarises the profit/loss of the listed insurers:

(Re) Insurer

1Q2023 Net profit

Y-oY change

Market share

Main reason for change

Gulf Insurance Group

9.41

33.9%

43.7%

Increase in investment income

Al-Ahleia Insurance

5.49

24.6%

25.5%

Increase in net earned premium

Kuwait Re

2.67

29.9%

12.4%

Increase in investment income

Warba

2.39

76.0%

11.1%

Increase in net earned premium

Kuwait Insurance

1.58

-33.7%

7.3%

Fall in investment income due to IFRS 9 application

First Takaful

0.002

17.8%

-

No insurance operations

Wethaq Takaful

-0.025

-153.9%

-

No insurance operations

Total

21.52

24.5%

100.0%

 

 

IFRS 17

The listed insurers, except Kuwait Insurance Company, did not prepare their 1Q2023 financial statements in line with IFRS 17 for insurance contracts and IFRS 9 for financial instruments.

Kuwait Insurance said that it succeeded in applying the new accounting standards, with its 1Q2023 financial statements showing that operating revenue climbed by 270% year on year to KWD1.51m.

Net investment income for the current period amounted to KWD904,000 for 1Q2023 compared to KWD3.84m for the corresponding period last year. The reason for the fall is mainly due to the application of IFRS 9.

 

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