KIC announces a net profit of KD 5.9 million for Q1 2019

Sami Sharif

KUWAIT: Kuwait Insurance Company announced a net profit of KD 5.9 million and earnings per share of 31.9 fils for the first quarter of 2019, compared to KD 4.98 million and earnings per share of 26.96 fils for the same period of 2018.
Meanwhile, the company maintained the gross written premium, which amounted to KD 11.7 million compared to KD 11.8 million for the same period of last year. As for the net operating profit for the current period, it amounted to KD 2.9 million compared to KD 2.7 million for last year. In addition, the shareholders’ equity increased to KD 87.9 million for the 1st quarter of 2019, compared to KD 71.4 million for the 1st quarter of 2018.

Sami Sharif, CEO of Kuwait Insurance Company, stated that these results reflect the continuous growth of the company, and confirm its ability to protect its assets as well as the rights of its clients and shareholders, especially amid the extreme competition in the local insurance market and the highly unstable global economic conditions.

Moreover, Sami Sharif commended the company for continuously preserving its credibility and transparency by adhering to the rules and regulations of corporate governance issued by the Capital Markets Authority. This approach enhances the company’s resilience, bolsters its risk management strategy and underscores its ability to adapt to economic fluctuations around us while pursuing the goals set by the Board of Directors.

He also stated that Kuwait Insurance Company will continue to work with strong determination and perseverance to achieve its restructuring targets. The company has developed new products which will be introduced in the coming period, and will continue to invest in technology in all of its internal and external dealings. Kuwait Insurance Company maintains an A3 credit rating from Moody’s with a stable outlook.

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