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Premium growth helps lift Kuwait Re profits by 40%

13th February 2020 - Author: Matt Sheehan

Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported a 40% increase in net profit for 2019, helped by an increase in net earned premiums and investment income.

Kuwait ReProfit was recorded at KD 4.73 million (US $15.52 million) last year, compared with KD 3.37 million ($12.24 million) in 2018.

This result was boosted by Kuwait Re’s underwriting performance, which improved 20% to KD 3.90 million ($12.79 million), up from KD 3.25 million ($10.66 million) previously.

However, the combined ratio improved only slightly to 96.6% compared to 96.9% in the prior year.

Kuwait Re’s net investment income also showed consistent growth, representing an increase of 29% to KD 3.82 million ($12.53 million) with a yield of 4.14% compared to KD 2.96 million ($9.71 million) with 3.49% yield in the previous year.

Invested assets grew to KD 97.40 million ($319.50 million), from KD 87.01 million ($285.42 million) at the end of 2018, marking an increase of 12%.

Total assets, meanwhile, went up by 15% to KD 149.39 million ($490.04 million), from KD 129.47 million ($424.70 million) at the end of 2018.

Return on equity for 2019 increased to 9.26%, compared to 7.14% previously, while shareholders’ equity grew to KD 53.38 million ($175.10 million), from KD 48.69 million ($159.72 million) at the end of 2018, an increase of 10%.

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