Kuwait Re reports strong results for the first half 2020

Kuwait Reinsurance Company K.S.C.P reported a net profit of KD 3.09 million for the period ended 30 June 2020, an increase of 7% as compared to KD 2.87 million in the corresponding period previous year.

The technical risk evaluation and prudent capacity allocation led to solid underwriting performance and absorbed the expected volatility in investment income. Performance highlights for H1 2020 includes the following:

▪ Gross written premium of KD 39.89 million compared to KD 41.31 million in the corresponding period previous year.

▪ The company’s underwriting results improved by 25%: KD 2.88 million comparted to KD 2.30 million during H1 2019.

▪ The combined ratio improved to 93.5% compared to 95.7% in the corresponding period previous year.

▪ The Company’s net investment income was KD 1.77 million with a yield of 3.58% compared to KD 2.17 million with 4.91% yield in the corresponding period previous year.

▪ Net profit for H1 2020 improved by 7% to KD 3.09 million from KD 2.87 million in the corresponding period previous year.

▪ Kuwait Re’s total assets have increased by 11% to KD 165.43 million, from KD 149.39 million at the end of 2019.

▪ The company’s Invested assets has grown to KD 100.35 million, from KD 97.40 million at the end of 2019, an increase of 3.0%.

▪ Shareholders’ equity increased to KD 54.55 million, from KD 53.57 million at the end of 2019, an increase of 1.8%.