Saturday , September 23 2023

KIC maintains excellent ratings from … ‘Moody’s and A.M. Best’

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KUWAIT CITY, March 8: Moody’s credit rating agency affirmed the financial strength rating of Kuwait Insurance Company at A3 with a stable outlook. Similarly, A.M. Best credit rating agency affirmed the financial strength rating of KIC at A- (excellent) with a stable outlook. In that occasion, Sami Sharif, CEO of Kuwait Insurance Company, said, “We are glad to maintain excellent ratings amid the challenging economic environment. These positive ratings are significant to us, and represent a validation to the company’s commitment to diversify its traditional and Takaful insurance products and honor its financial obligations.”

Sami Sharif, CEO of Kuwait Insurance Company

Sharif added, “The ratings are a direct result of the company’s healthy capitalization, robust position and established name in the local insurance market, as well as a sustainable and remarkable underwriting profit margin. Additionally, they reflect a sound operational performance and a proper approach to the management of risk and challenges during emergencies.”

On a similar note, KIC profits increased to KD 10.5 million during the previous financial year 2020, representing an increase of 10% compared to 2019. In its most recent meeting, the board of directors authorized the distribution of 30% cash dividend (30 fils per share) for the previous year, totaling KD 5.5 million. Finally, Sami Sharif commended KIC’s team of dedicated managers and professionals on their diligent efforts and sincere commitment, which enabled the company to reach its current coveted status.