Kuwait Reinsurance Company K.S.C.P (Kuwait Re) has reported net profit after tax of US $26.03 million for the year 2022, an increase of 25% as compared to $20.85 million in the previous year.
The company’s underwriting results also improved by 20% during this time, ending the year at $25.28 million, versus $21.03 million previously.
And this was on a combined ratio of 92.8%, down 1.4 percentage points from the 94.2% reported by Kuwait Re in 2021.
Gross written premiums for 2022 amounted to $242.45 million, again showing a 3% increase from the $236.45 million reported in the prior year period.
Additionally, Kuwait Re’s net investment income increased by 15% to $15.05 million with a yield of 3.1% compared to $13.06 million with 2.9% yield in the previous year.
Shareholders’ equity increased 9% to $226.95 million, and the company’s invested assets increased 8% to $483.62 million.
The total assets of Kuwait Re grew by 10% to $698.05 million, from $631.92 million at the end of 2021.
Source: reinsurance