Kuwait Re has posted a 29% year on year increase in net profits after zakat to KWD9.5m ($31m) for the first nine months of this year on the back of a surge in investment income.
Investment income soared to KWD7m in the first three quarters of this year, representing an increase of 49%, or KWD2.3m, over the corresponding period in 2023. This growth was due to higher interest income on deposits of KWD1.1m and a positive turnaround of KWD0.93m in unrealised gains on changes in the fair value of financial assets.
Underwriting results, as reflected by reinsurance service results, fell by 1.43% in the first nine months of this year to KWD4.29m, despite a 13% rise in reinsurance revenue.
Summary of unaudited financial results for the first nine months of 2024:
-
|
Kuwait Re (KWD)
|
Jan-Sep 2024
|
Jan–Sep 2023
|
%Change
|
|
Reinsurance Revenue
|
59,008,050
|
52,202,708
|
13.04
|
|
Reinsurance Service Results
|
4,290,958
|
4,353,168
|
-1.43
|
|
Net Reinsurance Results
|
3,327,429
|
3,853,943
|
-13.66
|
|
Investment Results
|
7,034,670
|
4,725,002
|
48.88
|
|
Net Profit after zakat and taxes
|
9,499,053
|
7,342,111
|
29.38
|
|
Total Equity @30 Sep
|
86,995,544
|
76,094,261
|
14.33
|
- Source: Kuwait Re