Total Premiums Up 12.4% Y/Y

KUWAIT CITY, May 13

Warba Insurance Co (K.S.C.) -- Kuwait's fastest growing innovator of premium insurance solutions -- announced today its financial results for the quarter ending 31 March, highlighting registered profits of KD 1,382,936 during the period. The announcement came on the heels of the conclusion of the company's fourth meeting of the Board of Directors for fiscal year 2013, which was chaired by Anwar Jawad Bukhamseen -- Board Chairman, to ratify the results. In a press statement, Bukhamseen said Warba posted a profit for the period ended 31 March 2013 of KD 1.38 M, with retained profits from the past year worth KD 2,471,948, bringing the total profits for the first quarter to KD 3,854,884 against KD 3,118,278 for the same period of the previous year which reflects a significant growth of 23.6%.

Indicators
Bukhamseen added that the results were fitting as the company was able to achieve meaningful development in all major indicators whether underwriting profit, revenues, shareholder equity, assets and technical assets for the quarter ending 31 March 2013. Bukhamseen pointed to the stated company strategy that targets continuous sustainable progression in financial results as the platform that management is centering its tactics upon to provide substantial returns benefiting both shareholders and clients through diversification of our portfolio mix and implementing sound underwriting policy.

Highlighting the major parameters of growth, Warba Insurance 's Chairman pointed to the growth of the total premiums by 12.4% to KD 8.75 million in comparison to KD 7.79 million for the same period in 2012; the growth of net premiums earned by 23.1% to KD 3.95 million in comparison to KD 3.2 million for the same period in 2012; the growth of net earnings by 11.3% to KD 4.78 million; the growth of shareholder equity by 3.1% to KD 48.3 million in comparison to KD 46.8 million for the same period in 2012; the growth of assets by 9% to KD 96.1 million in comparison to KD 88.2 million for the same period in 2012; the growth of technical reserves by 46.6% to KD 33.9 million in comparison to KD 23.1 million in comparison to the same period in 2012; the growth of capital reserves by 0.5% to KD 21.7 million and the earnings per share to 8 fils at the conclusion of the period on 31 March 2013.

In conclusion, Bukhamseen commented on the results by saying that Warba and its team have managed to overcome the challenges of fierce competition in the insurance market, and an anemic economic outlook to provide value for its shareholders and policyholders. 

He said he was elated and confident of the results of the start of the fiscal year 2013, adding that he is looking forward to a year of profitable and sustainable growth across all of business segments aiming to excel at differentiating Warba Insurance 's market offerings with a customer centric approach that leads to growth in market share and client satisfaction. 

© Arab Times 2013