Kuwait-Mubasher: Warba Insurance reported 78.8% decline in earnings of the fourth quarter of 2015 as compared to the same quarter of 2014.

The company clarified in a bourse statement that a growth of 33.2% in compensations affected the financials of Q4 negatively.

It added that the fiscal year’s profits growth was due to 11.6% increase in written premiums to KWD 18.25 million in 2015 from KWD 16.35 million in 2014, leading to a rise of operating profits by over 30%.

Warba’s profits stood at about KWD 26,200 ($86,580) in Q4-15, compared to around KWD 123,300 ($407,460) in Q4-14.

During the fiscal year 2015, Warba’s profits grew 9.3% to reach KWD 1.64 million, compared to KWD 1.5 million in the fiscal year 2014.

The board has proposed 10% cash dividends or 10 fils per share payout for FY15.