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Warba Insurance incurs losses in Q2 on lower premiums

Warba Insurance incurs losses in Q2 on lower premiums
Total assets slightly decreased by 0.1% to KWD 81.91 million in Q2-17
WINSRE
WINSRE
3.23% 128.00 4.00

Mubasher: Warba Insurance Company has suffered a loss of KWD 3.1 million during the second quarter ended on 30 June 2017, against profits worth KWD 2.2 million in the corresponding period in 2016.

The insurance company registered a loss per share of 19.12 fils in Q2-17 versus earnings per share of 13.75 fils in Q2-16, according to a bourse statement issued on Thursday.

Warba Insurance’s current assets decreased by 10.1% to total KWD 43.54 million by the end of the second quarter this year from KWD 48.43 million in Q2-16.

Total assets slightly decreased by 0.1% to KWD 81.91 million in Q2-17 compared to KWD 81.96 million in Q2-16, the statement added.

Warba clarified that the negative turn in Q2 financials is attributed to a decline of KWD 4.3 million in net earned premiums to KWD 6.26 million in Q2-17 from KWD 10.57 million in the same quarter a year ago.