OGA of KIC approves 40 pct cash dividends for year 2022

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KUWAIT CITY, April 1: The Ordinary General Assembly of Kuwait Insurance Company met on Thursday, March 30, 2023 and approved all agenda items, including, the distribution of cash dividends to the shareholders at a rate of 40%, i.e. forty fils per share. The net profit reached KWD 42.08 million (USD 137.53 million) with Earnings Per Share of Fils 227.74. This includes an exceptional net profit of KWD 29.40 Million (USD 96.01 million), which was gained due to the swap of Ahli United Bank shares held by KIC into Kuwait Finance House shares, after the acquisition.

A photo from the Ordinary General Assembly of Kuwait Insurance Company.

After excluding these exceptional profits, the net profit becomes KWD 12.68 million (USD 41.43 million), with Earnings Per Share of Fils 68.62, compared to KWD 11.43 million (USD 34.35 million) with Earnings Per Share of Fils 61.86, last year. The Gross Written Premium, this year amounted to KWD 53.33 million (USD 174.28 million), compared to KWD 48.63 million (USD 153.92 million), last year. which shows an increase of KWD 4.69 million (USD 15.32 million), equal to 9.6%. The Net Operating Profit for this year amounted to KWD 11.71 million (USD 38.26 million) compared to KWD 10.08 million (USD 32.94 million), last year, which shows an increase of KWD 1.63 million (USD 5.32 million) equal to 16.18% .

The Shareholders equity has increased to KWD 128.85 million (USD 423.07 million) for this year compared to KWD 117.72 million (USD 384.70 million) last year, which shows an increase of 9.45%. The investment income for this year amounted to KWD 9.33 million (USD 30.49 million) compared to KWD 8.18 million (USD 26.73 million), last year which shows an increase of KWD 1.14 million (USD 3.72 million). In addition to this, we achieved an exceptional investment profit of KWD 29.40 million (USD 94.90 million).

Shareholders
Mr. Sami Sharif, Chief Executive Officer, stated that we have achieved these operating results as a part of fulfilling our obligations towards shareholders and customers and we continue to follow a conservative policy with our continued success in managing the challenges facing us. Mr. 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 have taken progressive steps towards geographical expansion, outside Kuwait Aiming to focus on the importance of corporate social responsibility, the 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.

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