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.