The Kuwait Insurance Company (KIC) has released its financial statements for June 30, 2024. Compared to KD 6.12 million (USD 19.8 million) for the same period in 2023, the gross profit for this period was KD 7.1 million (USD 23.1 million). This indicates a growth rate of 16% and an increase of KD 980,000 (USD 3.18 million).
The gross written premium for the current period was KD 41.5 million (USD 134.7 million), a significant rise from KD 29.2 million (USD 94.8 million) at the same time last year. This amounts to a 42% growth or an increase of KD 12.3 million (USD 39.9 million).
Earned premiums increased significantly from KD 21.4 million (USD 69.5 million) for the same time last year to KD 39.2 million (USD 127.3 million) for the current period. This is a 61.4% gain, or an increase of KD 17.8 million (USD 57.8 million).
During the current period, operating profit increased to KD 2.89 million (USD 9.4 million) from KD 2.36 million (USD 7.8 million) at the same time as the previous year. This is a 22.8% gain, or an increase of KD 530,000 (USD 1.7 million).
The investment revenue for the current period was KD 3.81 million (USD 12.4 million), which is 10% more than KD 3.46 million (USD 11.2 million) for the same time the previous year.
“Our recent results, according to the company’s CEO, Sami Sharif, are the consequence of major efforts made over the previous years to build a solid foundation that has allowed us to achieve sustainable growth in both earnings and premiums. We also credit our success to our strong and steady financial foundation,” the venture stated.
Meanwhile, the Global Economics magazine, which specialises in yearly rankings in economics and business, recognised Kuwait Insurance Company’s accomplishments by naming the venture the “Most Trusted Insurance Company” for 2024 and the “Most Financially Stable Insurance Company” for 2023.
Sami Sharif emphasised that 2024 has been notable for important accomplishments for the business in addition to its remarkable growth in sales and profits. Notably, the credit rating agencies AM Best and Moody’s reaffirmed the company’s credit ratings, which are A- (excellent) and A3, respectively, with stable outlooks, thereby establishing the Kuwait Insurance Company as an industry leader in the insurance business.
“In addition, our digitisation effort has advanced significantly. Customers can currently quickly download certain insurance plans by scanning a barcode on their smartphones. All insurance policies will shortly be downloadable in compliance with the updated guidelines established by the Insurance Regulatory Unit. In addition, we started a campaign to promote travel insurance in time for the summer, which we promoted on social media and at the Pearl Lounge at Kuwait International Airport,” the venture stated.
Among the other news, KIC and the Sabah Al-Ahmad Centre for Giftedness and Creativity inked a memorandum of agreement as part of the venture’s commitment to corporate social responsibility. KIC hopes to support children and teens with specialised scientific and technology programmes through this relationship, assisting in developing their abilities and skills.
To further encourage sustainability and increase awareness of the significance of building a sustainable society for future generations, KIC is also supporting the “Kuwait Sustainability Exhibition.”
For the second year in a row, KIC carried out its humanitarian initiative, “Iftar for the Fasting Person,” providing Iftar meals to low-income and fasting workers in partnership with the Kuwait Food and Relief Bank.
Kuwait Insurance Company has remained committed to training and educating its employees, as well as investing in their professional development. Through this initiative, they will be better equipped to serve the interests of the State of Kuwait and the general public by providing businesses, individuals, and stakeholders with top-notch insurance services.