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Monday , February 6 2023

KIC logs net profit of KD 11.7m in the 1st nine months of 2022

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KUWAIT CITY, Nov 20: Kuwait Insurance Company announced the financial results of the first nine months of 2022, where the net profit for the current period amounted to KD 11.7 million (USD 37.6 million) compared to KD 10.7 million (USD 34.5 million) for the same period last year, with Earnings per Share of 63.4Fils for the current period compared to 58.0Fils for last year. The Gross Written Premium, for the current period before deducting the Premium received in advance for Life and Motor, amounted to KD 41.7 million compared to KD 35.4 million for the same period last year which shows an increase of KD 6.3 million, equal to 18%.

The Operating Profit for the current period amounted to KD 9.2 million compared to KD8.3 million for the same period last year. The Shareholders equity has increased to KD 123 million compared to KD 117 million for the same period last year. The investment income for the current period amounted to KD 8.3 million compared to KD 7.5 million for the same period last year. Sami Sharif, CEO of the company, stated that these achievements are a result of not only the wise strategic approach taken but also of the skills and experiences of the Company’s Executive Team. Sharifis confident that the company’s management is on the right path in achieving sustainable growth and show positive performance that will lead to added value to the shareholders and diversified services of high quality to customers

Quality
Sharif also mentioned that, Kuwait Insurance Company has grown to a new and notable stage that has begun to bear fruit and our reputation has enhanced in terms of insurance quality and credibility. In addition to the sales and profits, the company still maintains the Credit Ratings of A- (Excellent) and A3from AM Best and Moody’s credit rating agencies respectively, both with a stable outlook and we are proud in continuing with these ratings as we are one among the various leading local and regional companies of the insurance sector. Sharif added that the company has taken progressive steps towards geographical expansion, outside Kuwait.

Also, the company has made qualitative leaps in implementingthe company’s plan which is to keep pace with the current technologies in providing insurance services. In addition to that, the company is continuing its social responsibilities in various fields. We still look forward to accomplishing a lot in the coming period to enable the company to face 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.

Kuwait Insurance Company was established in 1960 by Amiri Decree No. 7 of 1960 as the first insurance company in Kuwait and the GCC. The company enjoys a stable and strong financial foundation and maintains a leading position in the local and regional insurance market by providing reliable and innovative insurance products and services and professional team of experts at the level of Kuwait and GCC. KIC’s vision is to be the fastest growing company in Kuwait and to expand geographically. To be the company of choice for personal and commercial insurance products and services. To be the fastest and the simplest in delivering our services and the most advanced in using technology and to be the company of choice for employment. (AP).

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