Kuwait Insurance Company has announced its financial results for period ending 30/09/2024. The net profit achieved for the current period amounted to KD 8.3 million (USD 27.2 million) with Earnings per share of Fils 44.65 (US Cents 14.6),along with, the realized gain from the sale of investments up till the third quarter of 2024, amounted to KD 1.4 million (USD 4.6 million) which, as per the IFRS 9, is included in the retained earnings directly and not in the income statement.

The Gross Written Premium for the current period amounted to KD 53.9 million (USD 176.7 million) compared to KD 42.4 million (USD 139 million) for the same period last year. This represents an increase of KD 11.5 million (USD 37.7 million), equivalent to a 27% growth.

Earned premium for the current period amounted to KD 55.1 million (USD 180.6 million) compared to KD 33.5 million (USD 109.8 million) for the same period last year. This represents an increase of KD 21.6 million (USD 70.8 million), equivalent to a 64% growth.

Operating profit reached KD 3.95 million (USD 12.9 million) for the current period.

Investment income for the current period amounted to KD 5.6 million (USD 18.5 million), compared to KD 5.1 million (USD 16.7 million) for the same period last year, representing a 10% increase.

The company's CEO, Mr. Sami Sharif, stated that our recent successes are the result of significant efforts over the past years to establish a strong foundation, enabling us to achieve sustainable growth in both profits and premiums. This success is also attributed to our robust and stable financial base.

In recognition of our achievements, the company was awarded “Most Trusted Insurance Company” for 2024 by The Global Economics magazine, and “Most Financially Stable Insurance Company” for 2023 by the same publication, which specializes in annual rankings in the fields of economy and business. Additionally, KIC was honored with the “Best Company in General Insurance for 2023” award by International Finance magazine.

Mr. Sharif highlighted that, in addition to our impressive sales and profit growth, this year has been marked by significant achievements. Notably, our company's credit ratings were reaffirmed by AM Best and Moody's credit rating agencies, with an A- (Excellent) and A3 rating respectively, both with a stable outlook. We take pride in maintaining these ratings, as they position us as leaders among local and regional companies in the insurance sector.

On another note, we have made significant progress in our digitization project. Currently, customers can easily download some insurance documents on their mobile phones by scanning a barcode. Soon, all insurance documents will be available for download, in line with the new requirements set by the Insurance Regulatory Unit. Additionally, we launched a travel insurance campaign to coincide with the summer season, promoting it through social media channels and at Kuwait International Airport’s Pearl Lounge.

In its commitment to corporate social responsibility, Kuwait Insurance Company (KIC) signed a memorandum of understanding with the Sabah Al-Ahmad Center for Giftedness and Creativity. Through this partnership, KIC aims to sponsor specialized programs in science and technology for children and youth, helping to develop their skills and talents. Also, the company has collaborated with Tadwire to collect and recycle electronic waste. This is the part of company's commitment and belief in the importance of applying sustainability principles and solutions in all forms.

Additionally, KIC sponsored the Kuwait Sustainability Exhibition, promoting a culture of sustainability and raising awareness about the importance of creating a sustainable society for future generations. In collaboration with the Kuwait Food and Relief Bank for the second consecutive year, KIC conducted its charitable campaign, "Iftar for the Fasting Person," distributing Iftar meals to fasting workers and individuals with limited income.

Kuwait Insurance Company is dedicated to investing in and developing its staff by providing training and enrolling them in educational programs. This initiative enhances their ability to deliver top-tier insurance services to organizations, individuals, and stakeholders, thereby serving the interests of both society and the State of Kuwait.

Looking forward, we are excited about the many accomplishments yet to come. I would like to take this opportunity to thank everyone who has contributed to achieving our goals, including the Board of Directors, shareholders, and all company employees.

In conclusion, Mr. Sharif expressed his gratitude and appreciation to the Insurance Regulatory Unit for raising the standards of the Kuwait Insurance sector globally and for making the Insurance activities regulated and organized in the State of Kuwait. In addition to the above Mr. Sharif would also commend the Capital Markets Authority, the Ministry of Commerce, and all regulatory bodies in Kuwait for their active role in fostering a professional business environment.

Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info).