AM Best Confirms Kuwait Insurance Company's Rating

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

For the rating agency, the insurer's 2019 results are strong. The company's turnover reached 37.6 million KWD (123.6 million USD); a 3.5% increase compared to the 36.3 million KWD (119 million USD) recorded in 2018.

KIC's net profit in 2019 reached 9.5 million KWD (31.2 million USD) against 8.9 million KWD (29.1 million USD) in 2018.

The average combined ratio over the period 2015-2019 is 85% and the return on equity (ROE) is 8.4%.

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