Kuwaiti gov’t fails to repay KWD 57.8m for Afya Health – Gulf Ins.
Friday, 12 27 2019, Category: Insurance and Reinsurance, Country: Kuwait
The Kuwaiti Ministry of Health has failed to repay KWD 57.8 million arrears to Afya Health, a project offering health insurance for Kuwaiti retirees, Gulf Insurance Group announced.
The value of arrears is distributed over KWD 27.2 million for Afya1 and KWD 30.6 million for Afya2, the group disclosed to Boursa Kuwait on Monday, noting that the overdue payment is expected to be collected by the health ministry in the coming few weeks.
Gulf Insurance asserted its strong financial solvency, showing its ability to repay all dues to all service providers to ensure the best services to retirees, the group noted in response to a local newspaper referring that the arrears threaten the group's ability to continue making hospital payments.
The Boursa Kuwait-listed company highlighted that no financial impact shall reflect on the company’s profile.
It is noteworthy to mention that during the first nine months of 2019, Gulf Insurance achieved KWD 10.71 million profits, up 1% from KWD 10.6 million in the corresponding period of 2018.