Kuwait In­sur­ance Com­pany records KD 6.5 mil­lion net profit for H1 2017

Kuwait Times - - BUSINESS -

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.

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