By: Eman Ghaly

Kuwait – Mubasher: The financial statements of eight Kuwait-listed insurance companies revealed a 0.11% rise in the sector’s profits for the fourth quarter of 2016, compared to the same period in 2015.

Profits reached KWD 6.153 million ($20.17 million) in Q4-16, compared to KWD 6.146 million ($20.15 million) in Q4-15, according to the statements of the eight companies to Boursa Kuwait.

On the level of annual results, the profits of the companies stood at KWD 27.03 million ($88.62 million) compared to KWD 37.15 million ($121.8 million) in 2015, showing a drop of 27.2%.

Al Ahleia Insurance achieved the largest quarterly profits of KWD 2.86 million, while Gulf Insurance Group Company recorded the largest annual profits at KWD 122 million.

On the other hand, First Takaful Insurance profits were the lowest in Q4-16 at KWD 118,000, while Warba Insurance profits were lowest on annual basis with KWD 321,220.

Al Ahleia Insurance achieved the highest growth rate in quarterly results with 125.2%, while Wethaq Takaful Insurance achieved the highest surge on the annual level after turning profitable with about KWD 904,000.

The sector did not lose in Q4-16 except Warba which lost KWD 565,000, while Kuwait Insurance Company’s yearly losses amounted to KWD 595,000.

On the level of cash dividends, Gulf Insurance Group’s shareholders were granted the highest dividends at 40%, as Kuwait Reinsurance Company was the only company which distributed bonus shares worth 8% of its capital.

Translated by: Mohamed Hesham Azab