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Kuwait Insurance Company in 2024
|
| Insurance revenue | 225 182 027 USD |
| Share capital | 62 826 659 USD |
| Assets | 757 625 402 USD |
| Shareholder’s equity | 502 513 342 USD |
| Net result | 35 933 372 USD |
Management
| Ali Morad Behbehani | Chairman of the Board of Directors |
| Sami Sharif | Chief Executive Officer |
| Ossama Reda El Bizri | Chief Financial Officer |
| Meshari AlNusf | Head of Investment |
| Muhannad Ayass | Director-Fire, Marine & General Accident |
| Fadi Chammas | Director Life & Medical |
| Jean Youssef Safi | Director, Reinsurance |
Shareholding
| Shareholders | In % |
| Mohammad Saleh and Reza Yousuf Behbehani Co | 12.23% |
| Bibi Hussain Abdul Karim Marafie | 5.70% |
| The Public Institution for Social Security - Kuwait | 5.15% |
| Others | 76.92% |
Kuwait Insurance Company: main technical indicators
In thousands USD| Indicators | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| IFRS17 | |||||
| Insurance revenue | - | - | 165 189 087 | 174 505 290 | 225 182 027 |
| Non-life insurance revenue | - | - | 124 204 134 | 120 063 342 | 169 158 701 |
| Life and health insurance revenue | - | - | 40 984 953 | 54 441 948 | 56 023 326 |
| Insurance service expenses | - | - | 92 071 003 | 56 187 556 | 116 123 595 |
| Non-life insurance service expenses | - | - | 63 006 033 | 18 195 674 | 77 168 392 |
| Life and health insurance service expenses | - | - | 29 064 970 | 37 991 882 | 38 955 203 |
| Insurance service result | - | - | 20 022 619 | 36 826 675 | 28 767 953 |
| Net result | - | - | 143 803 670 | 39 911 376 | 35 933 372 |
| IFRS4 | |||||
| Gross written premiums | 124 670 853 | 154 663 546 | 164 401 222 | - | - |
| Gross non-life written premiums | 97 306 862 | 121 042 775 | 120 325 621 | - | - |
| Gross life and health written premiums | 27 363 991 | 33 620 771 | 44 075 601 | - | - |
| Net written premiums | 53 164 723 | 65 274 676 | 78 732 079 | - | - |
| Net non-life written premiums | 37 335 322 | 43 830 932 | 46 952 228 | - | - |
| Net earned premiums | 53 249 222 | 62 710 165 | 77 312 887 | - | - |
| Net non-life earned premiums | 37 419 821 | 41 266 421 | 45 533 036 | - | - |
| Net non-life incurred losses | 14 554 681 | 11 821 816 | 13 832 099 | - | - |
| Management expenses | 11 056 425 | 14 270 737 | 18 179 099 | - | - |
| Net result | 34 476 808 | 37 694 750 | 137 178 154 | - | - |
Kuwait Insurance Company: Insurance revenue by class of business
In thousands USD| Classes of business | 2020 | 2021 | 2022 | 2023 | 2024 | 2024 shares |
|---|---|---|---|---|---|---|
| Motor | - | - | 39 130 867 | 39 824 337 | 52 042 970 | 23.11% |
| Takaful insurance | 1 373 635 | 4 818 807 | 6 821 370 | 12 161 381 | 38 733 370 | 17.20% |
| Accident (1) | 62 201 861 | 77 837 670 | 39 014 222 | 37 008 518 | 35 831 688 | 15.91% |
| Fire | 23 507 917 | 28 215 042 | 29 049 429 | 20 456 304 | 31 490 251 | 13.99% |
| Marine and aviation | 10 223 449 | 10 171 256 | 10 188 246 | 10 612 802 | 11 060 422 | 4.91% |
| Total non-life | 97 306 862 | 121 042 775 | 124 204 134 | 120 063 342 | 169 158 701 | 75.12% |
| Life and health | 27 363 991 | 33 620 771 | 40 984 953 | 54 441 948 | 56 023 326 | 24.88% |
| Grand total | 124 670 853 | 154 663 546 | 165 189 087 | 174 505 290 | 225 182 027 | 100% |
(1) includes motor and other risks for 2020 and 2021
Data in accordance with IFRS4 for 2020 and 2021 and in accordance with IFRS17 for 2022, 2023 and 2024.
Kuwait Insurance Company: insurance service expenses by class of business
In thousands USD| Classes of business | 2022 | 2023 | 2024 | Evolution 2023-2024 |
|---|---|---|---|---|
| Motor | 31 643 844 | 27 396 259 | 33 491 230 | 22.57% |
| Takaful insurance | 6 429 710 | 8 268 442 | 29 390 722 | 256.40% |
| Accident (1) | 10 879 036 | -5 053 133 | 15 964 317 | -416.76% |
| Fire | 12 011 924 | -12 038 340 | 1 755 206 | -114.62% |
| Marine and aviation | 2 041 519 | -377 554 | -3 433 083 | 811.70% |
| Total non-life | 63 006 033 | 18 195 674 | 77 168 392 | 325.22% |
| Life and health | 29 064 970 | 37 991 882 | 38 955 203 | 2.81% |
| Grand total | 92 071 003 | 56 187 556 | 116 123 595 | 107.22% |
Source: Kuwait Insurance Company
Exchange rate as at 31/12/2024: 1 KWD = 3.23782 USD; 31/12/2023: 1 KWD = 3.24638 USD; 31/12/2022: 1 KWD = 3.25952 USD; at 31/12/2021: 1 KWD = 3.29754 USD; at 31/12/2020: 1 KWD = 3.27438 USD
