Kuwait City, Nov 13: Kuwait Insurance Company announced the financial results for the first nine months of the current year, where the profit for the current period amounted to KD 10.7 million (USD 34.7 million), with Earnings Per Share of 57.8 fils (US Cents 18.8). Upon applying the new accounting standard IFRS 9, the net profit for the current period is KD 9.6 million (USD 31.2 million) as shown in the income statement, in addition to KD 1.1 million (USD 3.6 million) which is shown in the retained earnings for the current period, compared to KD 9.5 million (USD 31.2 million) with Earnings Per Share of 51.8 fils (US cents 16.8) for the same period last year.  

Retained earnings for the current period increased to KD 77.5 million (USD 251.6 million) compared to KD 74.7 million (USD 242.5 million) for the same period last year, which shows an increase of 3.7% and the company has zero debt.

The Gross Written Premium for the current period amounted to KD 42.4 million (USD 137.7 million) compared to KD 39.7 million (USD 128.8 million) for the same period last year, which shows an increase of KD 2.7 million (USD 8.8 million), equal to 6.8%.

Insurance and reinsurance expenses decreased to KD 25.9 million (USD 84.1 million) for the current period from KD 26.7 million (USD 86.8 million) for the same period last year, which shows a decrease of 3%.

The Operating Profit for the current period amounted to KD 6.4 million (USD 20.8 million) for the current period compared to KD 3.9 million (USD 12.7 million) for the same period last year, which shows an increase of KD 2.5 million (USD 8.1 million), equal to 64%.

Mr. Sami Sharif, CEO, stated that, to make them comparable, the new accounting standard IFRS 17 has been applied to the results of the first nine months of this year, as well as, to the results of the first nine months of last year, retrospectively, so that they are comparable. Mr. Sharif, who is also an actuarial expert, added that the implementation of the new accounting standard may lead to the fluctuations in profit that may be positive or negative, during the first two years, and these fluctuations will decrease and gradually normalize by the end of the second year of its implementation. 

Mr. Sharif also said that, the successes we are achieving are the results of the huge effort made in the previous years to build the foundation, which has enabled us to enjoy the sustainable growth in profits and in premiums. The company has won the award for the “Most Financially Stable Insurance company” in Kuwait for the year 2023, from the “The Global Economics” magazine, the institution specialized in issuing annual classifications in the fields of economics and business. In addition to this, the “International Finance” magazine awarded the company as the “Best Company in General Insurance” for the year 2023.

Mr. Sharif mentioned that in addition to the sales and profits, the company still maintains the Credit Ratings from AM Best and Moody's credit rating agencies as  A- ( Excellent) and A3 respectively, both with a stable outlook and we are proud in continuing with these ratings as we lead among the various local and regional companies of the insurance sector.

We still look forward to accomplishing a lot in the coming period to enable the company to face the challenges in the future that may arise from regional and global developments. I would like to take this opportunity to thank everyone who has contributed in achieving our goals, including the Board of Directors, the shareholders, and the company's employees.