Kuwait City, May 14: Kuwait Insurance Company announced the results of the first quarter of the current year, where the Gross profit for the current period amounted to KD 3.6 million (USD 11.7 million) compared to KD 3.4 million (USD 11 million), which shows an increase equal to 4.7%.

The Gross Written Premium for the current period amounted to KD 23 million (USD 75 million), compared to KD 15.8 million (USD 51.3 million) for the same period last year, which shows an increase of KD 7.3 million (USD 24 million), equal to 46.3 %.

Earned premium amounted to KD 20 million (USD 65 million) for the current period, compared to KD 12.4 million (USD 40 million), which shows an increase of KD 7.6 million (USD 25 million ), equal to 61.4%.

Operating profit amounted to KD 2.2 million (USD 7.14 million), compared to KD 2.1 million (USD 6.8 million) for the same period last year.

The company's CEO, Mr. Sami Sharif, stated that the successes we are achieving are the results of the huge effort made in the previous years to build the foundations that enable us to enjoy the sustainable growth in profits and in premiums and due to the strong and stable financial foundation. The company won the award “Most Financially Stable Insurance Company” for the year 2023 from “The Global Economics” magazine, which specializes in launching annual classifications in the fields of economy and business. Additionally, KIC also received the award for “Best Company in General Insurance for the year 2023” from “International Finance” magazine.

Mr. Sami Sharif mentioned that in addition to the sales and profits, this year was also full of other accomplishments, such as, the reaffirmation of our company's credit ratings from AM Best and Moody's credit rating agencies with an 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.

Aiming to focus on the importance of corporate social responsibility, Kuwait Insurance Company signed a memorandum of understanding with the Sabah Al-Ahmad Center for Giftedness and Creativity. KIC aims to contribute by sponsoring specialized and diverse programs in the fields of science and technology for children and youth to hone their skills and develop their talents and abilities. The company also sponsored the Kuwait Sustainability Exhibition to promote the culture of sustainability in society and spread awareness about the importance of creating a sustainable society for future generations. The company, in cooperation with the Kuwait Food and Relief Bank for the second year in a row, carried out its charitable campaign “Iftar for the Fasting Person” by distributing Iftar meals to fasting workers and people with limited income.

Kuwait Insurance Company is keen in investing and developing the staff by providing training and enrolling them for educational programs, which will develop them in providing insurance services to organizations, individuals, and stakeholders. With this step, they not only serve the interests of the society but also of the State of Kuwait.

We still look forward to accomplishing a lot in the coming years and 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.