Mubasher: Kuwait Reinsurance reported a decline of 8.6% in profits during the second quarter of 2018 compared to the same period in the prior year.

Earnings shrank to KWD 907,000 ($3 million) in Q2-18 from KWD 992,000 ($3.2 million) in Q2-17, according to a bourse statement on Thursday.

During the first six months of 2018, Kuwait Reinsurance achieved an incline of 4.9% in profits to KWD 1.93 million compared to KWD 1.84 million in the first half of 2017.

Kuwait Reinsurance clarified that the increase in H1 profits is attributed to a growth in net income from premiums.

It is noteworthy that the company achieved a rise of 20.8% in profits to KWD 1.02 million in the first quarter of 2018 from about KWD 844,540 in the same period last year.