Kuwait Insurance Co announces net profit of KD 10.5mn for 2020

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Board proposes cash dividend of 30 fils per share

KUWAIT CITY, Feb 28: Kuwait Insurance Company announced Net Profit for the year 2020 amounting to KD 10.5 million (USD 34.6 million), with Earnings Per Share of 57 fils, compared to KD 9.5 million (USD 31.4 million) with Earnings Per Share of 51.6 fils, last year.

The Board of Directors recommended distributing cash dividends to shareholders at the rate of 30% which means 30 fils per share, and this recommendation is subject to the approval of the company’s general assembly.

The Gross Written Premium for the current year amounted to KD 38.07 million (USD 125.2 million) compared to KD 37.55 million (USD 123.5 million) last year, which shows an increase of KD 520,000 (USD 1.7 million). The Net Operating Profit for the current year amounted to KD 8.8 million (USD 29 million) compared to KD 7.45 million (USD 24.5 million) last year, which shows an increase of KD 1.35 million (USD 4.5 million). Sami Sharif, Chief Executive Officer, stated that despite the economic crisis and the Corona pandemic we achieved excellent results, which prove that our plans to manage crises in times of emergency is a great success, especially during the initial days of COVID-19 where the country had gone through harsh situations such as remote working conditions due to total lockdown and partial curfew.

In addition, the lower oil prices and decline in government spending created a negative impact on the overall economic situation and the insurance market. Sami Sharif also mentioned that, “ Our achievements are not only limited to attaining higher sales and profits but also working steadily on building solid foundations, by developing the company’s human resources. As such, the Kuwait Insurance Academy has been launched, which conducts courses in the fields of management and insurance, in addition to other fields. It fills us with immense pride to announce that a good number of our staff have obtained chartered insurance certifi- cates from Chartered Insurance Institute.

Moreover, we are in a continuous process to develop a corporate culture of risk management, corporate governance, compliance, internal audit, policies and procedures. These measures promote an open employee mentality that is capable of dealing positively and skillfully with all these significant subjects. With regard to the company’s plan to keep pace with the current technologies in providing insurance services, the company has made qualitative leaps in this regard.

The company’s IT department upgraded the current system. These enhancements helped the company keep in touch with the customers, especially, during the lockdown period and in meeting their various needs related to claims or renewals of insurance policies. Aiming to focus on the importance of Corporate Social Responsibility, Kuwait Insurance Company, carried out many activities during the year.

Apart from the initiative to clean the beach at Kuwait towers the company also launched a blood donation campaign in August, under the slogan “Your blood saves a life”, in cooperation, with the Blood Bank, and a large number of the company’s employees participated in the campaign. Also, Kuwait Insurance Company organized an awareness campaign on early detection of breast cancer, one of the most common types of cancer among women.

This campaign aimed to encourage women in understanding the importance of self-examination and the necessity to conduct regular checkups and how to keep a check on the spread of the disease. Kuwait Insurance Company also organized an awareness campaign under the slogan “Prevention is better than cure” on diabetes with the aim of spreading awareness about this disease.

We still look forward to accomplish a lot in the coming years to maintain the position of Kuwait Insurance Company as a leader in the Kuwaiti market, and we can say that the company has the strength, stability and operational flexibility to face all possible scenarios to continue meeting the needs of shareholders and customers. I would like to take this opportunity to thank everyone who has contributed to achieving our goals, including the Board of Directors, the shareholders, and the company’s employees.

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