Kuwait – Mubasher: Kuwait Reinsurance posted a 9.7% year-on-year decline in its profits during the first quarter of 2017, according to a bourse statement.

Profits reached KWD 844,540 ($2.77 million) in Q1-17, compared to KWD 935,600 ($3.07 million) in Q1-16.

The profit decline is mainly attributed to a drop in net written premiums.

Profits reached KWD 1.95 million in 2016, down 39% from KWD 3.2 million in 2015.