Kuwait Re reports strong results for the period ended 30 September 2019

Kuwait Reinsurance Company K.S.C.P reported a net profit of KD 3.87 MLN for the period ended Q3 2019, an increase of 30% as compared to KD 2.97 MLN for the corresponding period previous year. Basic and Diluted Earnings per share (EPS) were Fils 20.63, compared to Fils 15.84 in Q3 2018.

Highlights for the performance as at Q3 2019 includes the following:

• Gross written premium increased by 19% to KD 49.71 MLN from KD 41.60 MLN in the corresponding period previous year.

• The underwriting result improved to KD 2.95 MLN from KD 2.66 MLN, 11% increase from the corresponding period previous year.

• The combined ratio slightly increased to 96.5% compared to 96.1% in the corresponding period previous year.

• The Company’s net investment income showed consistent growth, an increase of 32% to KD 3.10 MLN with a yield of 4.57% compared to KD 2.35 MLN with 3.76% yield in the corresponding period previous year.

• The Net profit of the company improved significantly by 30% to KD 3.87 MLN from KD 2.97 MLN in the corresponding period previous year, mainly contributed by the increase in net earned premium and investment income.

• The Shareholders’ equity has grown to KD 51.99 MLN, from KD 48.69 MLN at the end of 2018, an increase of 7%.

• The company’s Invested assets has shown steady growth to KD 93.71 MLN, from KD 87.01 MLN at the end of 2018, an increase of 8%. The total assets of Kuwait Re has gone up by 16% to KD 150.78 MLN, from KD 129.47 MLN at the end of 2018.