Kuwait - Warba Insurance’s earnings soar 50% in 2019
Monday, 03 23 2020, Category: Insurance and Reinsurance, Country: Kuwait
Warba Insurance’s profits climbed by 49.8% on an annual basis in the fiscal year (FY) ended on 31 December 2019.
The profits for the 12-month period amounted to KWD 1.17 million ($5.53 million) by 2019 year-end, compared to KWD 781,520 ($2.53 million) in 2018, according to a bourse disclosure on Thursday.
The growth in the annual earnings was helped by an increase in the company's income from investments, coupled with a significant rise in gross earned premiums.
Furthermore, the insurance firm's board of directors has recommended a cash dividend distribution of KWD 1.21 million, representing 7.5% of the capital, and a bonus share distribution of 2.5%, equivalent to 431,970 shares.
It is worth noting that in the first nine months of 2019, the company’s profits surged by 162.22% to KWD 1.07 million, up from KWD 409,220 in the corresponding period in 2018.