KIC records KD 7.2 mn net profit for 9M
Co hires actuarial expertise to strengthen its technical performance
KUWAIT CITY, Nov 13: Kuwait Insurance Company, announced its financial results for the first nine months ending 30.09.2017. The results reported a Net Profit of KD 7.2million for the first nine months of 2017 compared to a loss of (KD 737,000) for the same period last year which shows an increase of 1,081% , with Earning Per Share (EPS) at 39.15 fils, compared to a loss of (3.99 fils) for the same period last year.
Sami Sharif, FSA, MAAA, CEO of Kuwait Insurance Company said in a press release: the Company continues to maintain growth in operational performance during the first nine months of this year. This is due to the implementation of the Business Plan, which includes smart objectives to achieve precise results and the outcomes in accordance to specific timelines. Shareholders’ equity reached KD 70.8 million this year compared to KD 56.8 million in the same period of last year, which shows a growth of 24.6%. This indicates the Company’s ability to protect its assets and shareholders’ interests.
Sami Sharif added that the Gross Written Premium reached KD 30.2million in the first nine months for this year compared to KD 27.6 million recorded for the same period of last year which shows an increase of KD 2.6 million i.e. 9.6%. Total assets reached KD 172.2 million this year compared to KD 146.8million for the same period of last year, showing an increase of KD 25.4 million i.e. 17.3%.
Sami Sharif stressed that the Company’s Net Profit showed growth despite the increase in Net Technical Reserves to reach KD 83.7 million for the current period, compared to KD 72.9 million for the same period of last year. An increase of 14.8% was recorded which supports the Company’s ability to meet its obligations.
He stated that the Company has always presented its willingness to maintain credibility and to show transparency by complying to the rules and regulations of Corporate Governance issued by the Capital Markets Authority, which strengthens the Company’s position and manage the risks, and its ability to adapt to the unstable economic environment.
Sami Sharif said that as part of 2017 business plan and the Board of Directors’ instructions to acquire the best technical expertise to strengthen the performance of the company and despite the scarcity of specialists in actuarial science worldwide (insurance mathematics science), the company managed to hire three Associates of the Society of Actuaries that report directly to Sami Sharif who is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
Sami Sharif ended that our company is among a few insurance companies operating in the Middle East that has in-house actuarial expertise, which reflects positively on its performance and benefit to its customers. The actuarial team is responsible for designing and pricing the insurance products based on sound and scientific methods and for calculating the necessary provisions and technical reserves to strengthen company’s financial position.