AM Best affirms Kuwait Insurance Company's rating

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

The rating reflects the Kuwaiti insurer's strong balance sheet, good operating performance, limited business profile and appropriate enterprise risk management.

In accordance with the new IFRS 17 standards, the insurer closed the financial year 2023 with insurance revenue of 53.8 million KWD (175.4 million USD). The non-life combined ratio and return on equity (ROE) stood at 75.8% and 8.8% respectively.

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