Kuwait Re’s Q1 net profit swells 40%, CoR hits 89.9%

In its Q1 2024 results, Kuwait Reinsurance Company revealed that its net profit grew by 40% year-over-year to $13.18 million, while total assets expanded to $669.1 million.

The firm’s gross written premiums in the opening quarter of 2024 were also up, climbing 12% from Q1 2023’s figure of $115.84 million to $131.16 million.

Meanwhile, Kuwait Re’s net insurance financial result for Q1 2024 improved to $6.4 million, while its combined ratio was 89.9%, a slight increase from the previous year’s quarter.

The reinsurer’s Q1 2024 investment also expanded considerably, growing 93% from the previous quarter to $9.2 million.

Kuwait Re’s profit before contribution to the Kuwait Foundation for Advancement of Sciences, national labour support tax and zakat was $13.8 million. After these contributions, the profit for the period was $13.2 million.

Commenting on the results, the firm noted that its strategic focus is to continue delivering solid growth and financial stability.

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