KIC General Assembly approves 30% cash dividend
Kuwait Insurance Co reports net profit of KD 9.54mn
KUWAIT CITY, March 28: The Ordinary and Extraordinary General Assembly of Kuwait Insurance Company S.A.K.P held a meeting recently during which it approved all items on its agenda, including the distribution of a 30 percent cash dividend to its shareholders at a rate of 30 fils per share. KIC reported a net profit of KD 9.54 million (USD 30.9 million) for the fiscal year 2019, compared to KD 8.97 million (USD 29 million) for the previous year.
On this occasion, Sami Sharif, CEO of Kuwait Insurance Company, said, “Despite the current exceptional and challenging circumstances our country is going through, we were very keen to hold our General Assembly meeting on time to fulfil our obligations toward our shareholders, while abiding by the recommendations and directives of the Ministry of Health and relevant regulators.
“These results, along with the growth and stability the Company achieved across all performance indicators, reflect the sound policies
A photo from the event
adopted by the Company’s management to bolster its financial position and develop a balanced business portfolio that is not tied to a specific kind of business or customers.
Additionally, we are totally committed to the directives of the Board of Directors, in terms of preserving the Company’s market share while achieving the required balance between increasing sales and conservative underwriting.”
Sharif added that, despite the enormous challenges we face in the current economic conditions, our achievements were not limited to sales, as we continue to work diligently to bolster our Company’s solid foundations by developing our employees’ capabilities and knowledge while growing our technological skills.
Moreover, we continue to promote a corporate culture of risk management, corporate governance, compliance, internal audit, policies and procedures. These measures promote an open employee mentality that is capable of dealing positively and skillfully with all significant topics.
On a separate note, Kuwait Insurance Company contracted recently with “A.M. Best” and obtained a Financial Strength Rating (A-) Excellent with a stable outlook. This is in addition to Moody’s who have affirmed KIC with A3 Insurance Financial Strength Rating with a stable outlook.
These ratings from international Credit Rating agencies puts the onus on the Company’s management not just to preserve KIC status but also to improve its financial position and the level of service provided to clients, while providing added value to shareholders.
As a Company that does not rest on its laurels, KIC looks forward to putting tireless and diligent effort in the coming years, in order to preserve its leading status as a top provider of Insurance services in the Kuwaiti market.
In that occasion, I would like to thank all those who helped the Company achieve its goals, including the board of directors, shareholders and employees.