Mubasher: Kuwait Reinsurance Company reported a 60.7% year-on-year growth in profits during the first quarter of 2019.

The firm generated a profit of KWD 1.636 million ($5.4 million) in Q1-19, up from KWD 1.018 million ($3.4 million) during Q1-18, according to a statement to Boursa Kuwait on Thursday.

The Kuwaiti insurer attributed the rise in Q1-19 profits to an increase in net premiums written, combined with higher investment revenues.

In April, the company’s shareholders approved to distribute KWD 891,000 at 5 fils as cash dividends for the full fiscal year 2018.

In 2018, Kuwait Reinsurance’s profits grew 10.1% to KWD 3.37 million, against KWD 3.06 million a year earlier.