Mubasher: Kuwait Insurance achieved a leap of 506% in profits during the fourth quarter of 2017 compared to the corresponding period in 2016.

Earnings surged to KWD 866,000 ($2.9 million) in Q4-17 from nearly KWD 142,900 ($477,500) in Q4-16, according to a bourse statement on Thursday.

During the fiscal year 2017, the provider of life and non-life insurance products achieved a profit of KWD 8.1 million against losses of nearly KWD 594,700 in the previous fiscal year.

The positive turn in FY17 financials is attributed to higher revenue from investments, the Kuwait-based firm said. 

Kuwait Insurance’s board recommended a cash dividend of 25% or 25 fils per share for FY17, the statement added.

At the stock level, Kuwait Insurance closed Thursday’s session 5.2% higher at 284 fils.