Kuwait Re’s net profit climbs 30% to $46m in 2024

Kuwait Reinsurance Company has reported a net profit after tax of $45.93 million for the full year 2024, an increase of 30% as compared to the $35.22 million figure posted in 2023.

The firm’s insurance revenue was also up in 2024, climbing 12% from $232.11 million in 2023 to $259.88 million.

Meanwhile, Kuwait Re saw a solid 9% growth in gross written premiums in 2024, reaching $325.76 million, up from $300 million in 2023.

However, despite these positive financial indicators, Kuwait Re also disclosed a slight deterioration in its combined ratio in 2024, which marginally worsened to 91.35%, compared to 91.03% in 2023.

While this indicates a slight increase in underwriting costs relative to premiums earned, Kuwait Re’s overall performance remained strong in 2024, supported by a net investment income of $32.08 million.

In related news, back in July of 2024, global credit rating agency AM Best revised Kuwait Re’s outlook to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent).

At the time, the rating agency stated that these ratings reflect Kuwait Re’s balance sheet strength, which was assessed as very strong, underpinned by its risk-adjusted capitalisation.

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