Kuwait Re has recently released its results for the first half of 2019. The reinsurer posted a 49% increase of its net profit at 2.87 million KWD (9.4 million USD) against 1.92 million KWD (6.2 million USD) at the end of H1 2018.
This growth was mainly due to an improvement in the technical result which amounted to 2.3 million KWD (7.5 million USD) in H1 2019 versus 1.87 million KWD (U6.1 million) one year earlier, that is an increase of 23%.
The growing net result was accompanied by a 23.27% increase in the gross premiums, that is 41.31 million KWD ($135.42 million) compared to 33.51 million KWD (109.58 million USD) in H1 2018. The investment income also improved rising from 3.46% in H1 2018 to 4.91% in H1 2019. Finally, the combined ratio gained 0.2% at 95.7%.
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