Kuwait – Mubasher: Warba Insurance achieved a net profit of about KWD 746,110 ($2.47 million) during the second half of 2016 versus a net loss of around KWD 377,930 ($1.25 million) in the same period a year ago.

The positive turn in Q2 financials resulted from a decrease by 32.3% in net claims incurred from KWD 2.66 million on 30 June, 2015 to KWD 1.80 million on 30 June, 2016, according to a bourse statement issued Sunday.

Earnings increased by 6.7% to reach KWD 2.23 million over the first six months this year as compared with KWD 2.09 million in the same period of 2015.

The growth in H1 profits was due to more earned premiums at a value of to KWD 10.58 million by 30 June, 2016 as compared to KWD 9.93 million by 30 June, 2015.