AM Best affirms Kuwait Re's rating

AM Best has confirmed Kuwait Re's "A-" (Excellent) financial strength and "a-" (Excellent) long-term credit ratings. The outlook for both ratings remains stable.

The rating reflects the company's strong balance sheet, adequate operating performance, neutral business profile and appropriate enterprise risk management.

The reinsurer has ended the financial year 2022 with a turnover of 74.2 million KWD (243.2 million USD) and a net profit of 8 million KWD (26 million USD).

The five-year average combined ratio (2018-2022) stood at 94.8% and the return on equity (ROE) at 9.9%.