Kuwait - Mubasher: Kuwait Reinsurance Company recorded a 73.6% year-on-year drop in profits in the second quarter of 2016, according to a bourse filing on Wednesday.

Profits reached KWD 132,230 ($437,100) down from KWD 501,220 ($1.66 million) in Q2-15.

As for the first half of the year, profits declined 13.7%, to KWD 1.07 million, from KWD 1.24 million in the same period last year.

This shrinkage in profits is due to the mere decline in return on investments as well as FX losses.