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%.
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.