Kuwait Re [4] continues to demonstrate its solidity and success through a reported net income of 2.97 million KWD (9.83 million USD) for nine months ended 30 September 2018.
Kuwait City: Kuwait Reinsurance Company K.S.C.P. reported profit after tax of 2.97 million KWD (9.83 million USD) for the period ended 3rd quarter 2018, an increase of 7% as compared to 2.78 million KWD (9.20 million USD) for the corresponding period last year, mainly contributed by the increase in net earned premium. Basic and Diluted Earnings per share (EPS) were Fils 16.79, compared to Fils 15.69 in the corresponding period last year.
The gross written premium for the period increased substantially by 40% to 41.60 million KWD (137.7 million USD) from 29.77 million KWD (98.5 million USD). The company’s underwriting results have also increased by 41% to 2.66 million KWD (8.80 million USD), compared to 1.88 million KWD (6.23 million USD) in Q3 2017. Following the good performance, the combined ratio improved to 96% compared to 98% in the corresponding period last year.
The company’s Investment portfolio improved from both last year’s level and the projections, adding to the profit 2.35 million KWD (7.78 million USD) with an annualized yield of 3.70% compared to 2.08 million KWD (6.89 million USD) in the corresponding period last year.
Shareholders’ equity showed steady growth to 48.62 million KWD (161 million USD) as at 30 Sep 2018, against 45.95 million KWD (152 million USD) million in the previous year.
Dawoud Al-Duwaisan, CEO, Kuwait Re commented: “The reinsurance market is facing many challenges, yet approached with the right attitude, those challenges can be mitigated. We have maintained our disciplined approach to underwriting, prudent risk management, and are aiming to build and maintain long-term relationships with our partners by being approachable, professional, and agile. It is only with the support of our sincere partners, that we were able to achieve such consistent results”.
Kuwait Re: Financial Highlights
In million KWD| 30-09-18 | 30-09-17 | |
|---|---|---|
Gross Written Premium | 41.60 | 29.77 |
Net Earned Premium | 27.84 | 20.82 |
Net Claims | (18.09) | (13.50) |
Net Acquisition Costs | (7.10) | (5.44) |
Underwriting Results | 2.66 | 1.88 |
Management Expenses | (1.57) | (1.37) |
Combined Ratio | 96% | 98% |
Investment Income | 2.35 | 2.08 |
Others (net) | (0.47) | 0.19 |
Net Profit/(Loss) | 2.97 | 2.78 |
About Kuwait Reinsurance Company K.S.C.P.
Kuwait Re is a leading provider of reliable reinsurance solutions. Since its establishment in 1972, the company works alongside its clients to ensure that risk is not only controlled, but also used as an integral tool to guarantee growth and expansion.
Operating within an environment of fairness, transparency and reliability, Kuwait Re enjoys an A.M. Best credit rating of (A-), with a stable outlook; it is listed in Kuwait Stock Exchange and is regulated by Kuwait’s Capital Market Authority and by the Ministry of Commerce.
The company is composite reinsurer, offering Treaty Reinsurance, Facultative Risk Transfer solutions for Property, Engineering, Casualty, Marine, Downstream Energy, Upstream Energy, and Renewable Energy, as well as Life Reinsurance. With offices in both Kuwait and Malaysia, Kuwait Re aims to become a true partner in Risk Management.