Kuwait Insurance Company achieved a profit of $23.1mln in the first half of 2024

PHOTO

Kuwait City - Kuwait Insurance Company has announced its financial results for period ending 30/06/2024.

Gross profit for this period reached KD 7.1 million (USD 23.1 million), compared to KD 6.12 million (USD 19.8 million) for the same period last year. This represents an increase of KD 980,000 (USD 3.18 million) and a growth rate of 16%.

The Gross Written Premium for the current period amounted to KD 41.5 million (USD 134.7 million), reflecting a significant increase compared to KD 29.2 million (USD 94.8 million) for the same period last year. This represents an increase of KD 12.3 million (USD 39.9 million), equivalent to an 42% growth.

Earned premiums for the current period totaled KD 39.2 million (USD 127.3 million), a substantial increase from KD 21.4 million (USD 69.5 million) for the same period last year. This represents an increase of KD 17.8 million (USD 57.8 million), equivalent to a 61.4% growth.

Operating profit reached KD 2.89 million (USD 9.4 million) for the current period, up from KD 2.36 million (USD 7.8 million) for the same period last year. This marks an increase of KD 530,000 (USD 1.7 million), equivalent to a 22.8% growth.

Investment income for the current period amounted to KD 3.81 million (USD 12.4 million), compared to KD 3.46 million (USD 11.2 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. Sami 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 policies on their mobile phones by scanning a barcode. Soon, all insurance policies 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.

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 ahead, 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. Sherif expressed his gratitude and appreciation to Insurance Regulatory Unit for its efforts in developing and organizing the insurance sector in Kuwait and enhancing its global standards. He also extended his thanks to the Capital Markets Authority, Boursa Kuwait, the Ministry of Commerce, and all regulatory bodies in Kuwait for their active role in fostering a professional business environment.