Kuwait Insurance Company records KD 6.5 million net profit for H1 2017
Kuwait Insurance Company S.A.K. announced its financial results for the first half ending 30 June 2017. The results reported a net profit of KD 6.5 million for the first half of 2017, compared to a loss of (KD1.026 million) for the same period last year, showing an increase of 735 percent, with Earning Per Share (EPS) at 35.29 fils, compared to a loss of (5.55 fils) per share for the same period last year.
Mr. Sami Sharif, CEO of Kuwait Insurance Company said in a press release: the company continues to maintain growth in operational performance during the first half of 2017 due to the implementation of business plan, which include definite objectives to achieve precise results and outcomes in accordance to specific timelines.Shareholders equity reached KD 67.6million, compared to KD 56.3 million in the first half of 2016, a growth of 20 percent. This indicates company’s ability to protect it sassets and shareholders’ interests.
Sami Sharif added that Gross Written Premium reached KD 21.6 million, which shows an increase of KD 1.1 million, i.e. 13 percent growth compared to KD 20.5 million recorded in first half in 2016. Total Assets reached KD 164.3 million, compared to KD 145.8 million in the first half of 2016, showing an increase of KD 18.5 million i.e. 13 percent. Sami Sharif stressed that the company’s Net Profit showed growth despite the increase in Net Technical Reserves to reach KD 78.1 million for the current period, compared to KD 72.6 million for the same period last year, an increase of 7.5 percent, 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 with 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 ended the statement by saying that during second half of 2017, Kuwait Insurance Company will introduce new and innovative insurance products, which will create new segments, grow the size of insurance market in Kuwait, and accordingly increase the company’s market share.