KIC posts KD 9.55mn net profit for 1H
Gross written premium amounts to KD 21mn
KUWAIT CITY, July 28: Kuwait Insurance Company announced Net Profit for the first half of this year amounting to KWD 9.55 million (USD 30.9 million), with Earnings Per Share of 51.65 fils, compared to KWD 7.9 million (USD 25.7 million) with Earnings Per Share of 42.9fils, last year.
The gross written premium for the current period amounted to KWD 21 million compared to KWD 20.3 million for the same period last year. The net operating profit for the current period amounted to KWD 2.77 million compared to KWD 2.06 million for the same period last year.
Sami Sharif, CEO of Kuwait Insurance Company, commended the company for its excellent achievement, saying, “The main impetus for achieving these excellent results stems from our entrenched sense of duty to fulfill our commitments and obligations towards our shareholders and clients, despite the exceptional circumstances and challenges enveloping the country. During the Covid-19 lockdown period, we worked diligently and creatively, by utilizing all available means of modern communication, to communicate properly with our clients and issue them insurance policies online. Such a modern approach to business was employed while adhering to the latest safety recommendations and guidelines of the Ministry of Health and relevant authorities, especially as we consider our employees our most important asset.”
Sharif added, “These results, along with the growth and stability achieved across most performance indicators, reflect the sound policies adopted by the Company’s management to bolster its financial position and develop a balanced business portfolio not tied to a specific kind of business or customers. Moreover, I remain deeply committed to the directives of the Board of Directors, in terms of preserving the Company’s market share while achieving the required balance between increasing sales and conservative underwriting.
“Despite the enormous challenges we face in these economic conditions, coupled with the Corona pandemic, our achievements were not limited to sales, as we continue to work diligently to bolster our Company’s solid foundations by developing our employees’ capabilities and knowledge while growing our technological resources. Moreover, we continue to develop a corporate culture of risk management, corporate governance, compliance and internal audit, based on a comprehensive set of procedures and policies. These measures promote an open employee mindset capable of dealing positively and skillfully with all these significant topics.”
It is worth mentioning that in the month of June 2020, Kuwait Insurance Company held an online meeting with Moody’s Credit Rating Agency, where we obtained the same A3 credit rating with a stable outlook, as before. As mentioned before, we contracted last year with “A.M. Best Rating Agency” and obtained a Financial Strength Rating (A-) Excellent with a stable outlook. These positive ratings from internationally recognized institutions put the onus on the Company’s management not just to preserve KIC status, but also to improve its financial position and the level of service provided to clients while providing added value to shareholders.
Aiming to focus on the importance of Corporate Social Responsibility, Kuwait Insurance Company launched a campaign that raises awareness about the importance of preserving the environment. The campaign commenced with an initiative to clean the beach at Kuwait Towers on Friday morning (July 3). More than One Hundred KIC employees, including the CEO, participated in the cleaning process amidst high spirits. Sami Sharif stressed that this activity reflects the company’s Corporate Social Responsibility towards society, and its deep expression of gratitude towards the government and people of Kuwait for the financial and moral support they provide to citizens and residents alike.
As a Company that does not rest on its laurels, KIC looks forward to monumental achievements in the years ahead, to preserve its leading status as a top provider of Insurance services in the Kuwaiti market. Sami Sharif thanks all those who help the Company achieve its goals, including the board of directors, shareholders, and Company employees.