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.
Profit 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%.
