Kuwait: Underwriting returns fuel profitability at KIB Takaful

Source: Middle East Insurance Review | Jun 2026

Kuwait-based KIB Takaful has shown a profitable financial performance, as evidenced by a three-year average net income return on equity of 8%, and mainly driven by good underwriting returns, says Fitch Ratings.

Underwriting profitability improved in 2024-2025 when KIB Takaful decided to drastically reduce its motor book. As a result, the combined ratio improved to 58% in 2025 from 113% in 2023.

Fitch has assigned KIB Takaful Insurance Co an Insurer Financial Strength (IFS) Rating of ‘A’ with a ‘Stable’ outlook.

KIB Takaful’s rating benefits from a five-notch uplift from its standalone credit quality of ‘bb+’ due to its linkages with its majority-owner Kuwait International Bank. KIB Takaful’s standalone credit quality reflects its strong capitalisation and financial performance, which offset the limited operating scale. M

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