Kuwait Reinsurance Company (Kuwait Re) has announced that it achieved a profit after tax of KWD14.13m ($45.8m) in 2024 compared to KWD10.83m in the previous year, a jump of 30.4%, according to a statement the company lodged with the Kuwait stock exchange.
The statement attributed the surge in profits to a higher insurance revenue, which grew by 12% to KWD79.9m in 2024 from KWD71.4m in 2024, and increased net investment revenues which reached KWD9.22m from KWD6.63m, up by 39%.
As of the end of 2024, total equity stood at KWD91.71m compared with KWD79.69m, 15% increase.
Kuwait Re's board of directors has recommended the issue of 23,035,452 bonus shares in the ratio of 8 shares for each 100 shares, amounting to KWD2.30m for the year ended 31 December 2024. Further, the board proposed a cash dividend of 10 fils per share for the year ended 31 December 2024. The reinsurer’s issued and paid-up share capital as of the end of last year comprised 287,943,151 shares with a nominal value of 100 fils each.