Kuwait Insurance Company

A historic company in the Gulf, Kuwait Insurance was established in 1960, one year before the independence of the Emirate. Since then, the company has always occupied a prominent place in the market where it underwrites life and non-life risks. With a workforce of 230 employees, by the end of 2012, spread between headquarters and twelve branches, KIC is the reference insurer for many foreign groups based in Kuwait.

In addition to the traditional risks: motor, health and fire, the company has developed a number of niches such as liability coverage for architects, engineers, doctors and lawyers.

Despite the significant loss sustained in 2009, KIC has returned to profitability as of 2010. Endowed with a share capital, regarded to be among the highest in the market and a shareholder’s equity that exceed 160 million USD, the company has greatly upgraded its structures. It currently has a computer system that allows it to be at the forefront of innovation.

Kuwait Insurance in 2012

Paid up capital	68 931 000 USD
Turnover	118 321 000 USD
Total assets	483 413 000 USD
Shareholder's equity	164 096 000 USD
Net profit	13 894 000 USD
Net loss ratio	50.5%
Net expenses ratio	43.7%
Net combined ratio	94.2%
Number of branches	12
Number of employees	230

Board of directors and management

Chairman	Mohammed Saleh Yousef Behebehani
Vice chairman	Suleiman Khaled Al Ghunaim
General manager	Ali Hamad Al Bahar
Deputy general manager	Ahmad S. Al Bahar
Director	Fouad Abdulrahman Al Bahar
Director	Manaf Mohammed Ahmad Al Hamad
Director	Ali Morad Behbehani
Director	Jassim Mustafa Boodai
Director	Talal Mohammed Reda Behbehani

Main shareholders

Mohammad Saleh & Redha Y. Behbehani Co.	7.40%
Mohammad S. Y. Behbehani	5.18%
Public Institution for Social Security	5.15%
Bibi H. A. Marafie	5.05%
Other shareholders	77.22%

Main technical highlights: 2008-2012

in USD

	2008	2009	2010	2011	2012
Gross written premiums	98 356 803	102 613 587	108 249 082	94 069 763	118 321 041
Net written premiums	53 545 851	46 922 128	52 725 422	51 194 682	58 405 275
Net earned premiums	53 840 470	48 959 803	51 210 926	50 831 829	57 365 860
Net incurred losses	-35 249 354	-10 795 905	-24 199 694	-17 251 939	-29 006 977
Management expenses¹	22 852 545	22 578 296	24 392 141	25 525 583	25 501 294
Loss ratio*	65.4%	22.1%	47.2%	33.9%	50.5%
Net expenses ratio²	42.7%	48.1%	46.3%	49.9%	43.7%
Net combined ratio	108.1%	70.2%	93.5%	83.8%	94.2%
Net financial income	12 035 037	11 931 295	11 783 893	7 738 493	8 014 342
Net result	10 784 496	-21 803 191	13 884 315	15 645 838	13 893 639

¹ Management expenses = administrative expenses + acquisition costs
² Expenses ratio = management expenses / written premiums net of reinsurance
* Net of reinsurance

Evolution of premiums, losses and results: 2008-2012

in thousands USD

Evolution of ratios: 2008-2012

Turnover’s breakdown per class of business: 2008-2012

in USD

	2008	2009	2010	2011	2012	2012 shares	2011/12 growth
Marine & aviation	11 640 338	13 395 362	11 751 816	9 942 843	9 966 582	8.4%	0.2%
Fire	13 594 549	13 337 685	13 816 199	14 560 330	19 300 100	16.3%	32.6%
Accident¹	56 186 765	58 889 491	63 329 446	54 126 254	67 955 906	57.5%	25.6%
Life²	16 935 151	15 171 941	16 621 709	13 274 222	19 526 019	16.5%	47.1%
Takaful	-	1 819 108	2 729 912	2 166 114	1 572 434	1.3%	-27.4%
Total	98 356 803	102 613 587	108 249 082	94 069 763	118 321 041	100%	25.8%

¹ Including engineering, third party liability, professional liability, motor and miscellaneous accident
² Including health

Turnover’s breakdown per class of business in 2012

Net result per class of business: 2008-2012

in USD

	2008	2009	2010	2011	2012
Marine & aviation	1 850 519	5 257 575	1 274 424	1 233 149	1 914 271
Fire	1 075 124	2 004 758	818 958	655 895	1 088 185
Accident	4 859 935	21 389 267	12 401 593	15 447 891	12 355 237
Life	1 921 668	524 496	267 217	2 067 901	976 910
Takaful	-	-	-	510 225	179 201
Others	1 077 250	-50 979 285	-877 877	-4 269 223	-2 620 165
Total	10 784 496	-21 803 191	13 884 315	15 645 838	13 893 639

Net earned premiums: 2008-2012

in USD

	2008	2009	2010	2011	2012
Marine & aviation	1 567 272	1 542 171	1 454 005	1 450 365	1 558 136
Fire	1 350 944	1 472 333	1 793 575	2 030 380	1 760 072
Accident	39 800 471	33 855 735	33 275 566	35 453 221	37 711 308
Life	11 121 783	11 109 301	12 581 056	9 751 989	14 811 547
Takaful	-	980 263	2 106 725	2 145 874	1 524 797
Total	53 840 470	48 959 803	51 210 926	50 831 829	57 365 860

Net incurred losses: 2008-2012

in USD

	2008	2009	2010	2011	2012
Marine & aviation	+148 327	+3 408 665	-285 053	+117 349	-75 989
Fire	+537 372	+1 398 750	+15 538	-404 766	-156 668
Accident	-29 809 968	-8 390 842	-16 337 065	-13 781 303	-18 970 669
Life	-6 125 085	-6 464 951	-5 744 820	-2 305 598	-8 699 664
Takaful	-	-747 527	-1 848 294	-877 621	-1 103 987
Total	-35 249 354	-10 795 905	-24 199 694	-17 251 939	-29 006 977

Net non life loss ratios: 2008-2012

	2008	2009	2010	2011	2012
Marine & aviation	9.5%	221.0%	19.6%	8.1%	4.9%
Fire	39.8%	95.0%	0.9%	19.9%	8.9%
Accident	74.9%	24.8%	49.1%	38.9%	50.3%
Takaful	-	76.3%	87.7%	40.9%	72.4%
Total	65.4%	22.1%	47.2%	33.9%	50.5%

Sources: The figures have been extracted from the different balance sheets of «Kuwait Insurance Company»

Exchange rate KWD/TND as at 31/12	2008	2009	2010	2011	2012
Exchange rate KWD/TND as at 31/12	3.66032	3.49663	3.5629	3.59635	3.5524