Kuwait Insurance posts KD 3.8 million profits for 2010

13/03/2011 00:00 AST

Kuwait Insurance Company posted KD 3.8 million profits for 2010, compared with KD 6.2 million losses the previous year, the company Chairman Mohammed Behbehani said Sunday.

Addressing the general assembly of the company's shareholders, Behbehani said shareholders' contribution to the company's assets rose to KD 53.2 million, against KD 38.5 million. The assembly recommended the distribution of 20 percent cash dividends on shareholders, 20 fils per share, Behbehani announced.

The company's premiums went up to KD 30.4 million, vise-a-vise KD 29.5 million, he said. The KIC has also maintained its position at the top of the local market despite the increase of rival companies. The company's investment activities also recorded profits in 2010 estimated at KD 1.4 million, vise-a-vise KD 12.9 million-losses a year earlier. KIC is the largest and oldest insurance company in Kuwait as it was established in 1960.


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Capital Standards Rating assigns A- to Kuwait Insurance

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