Warba Insurance's written premiums rise 3% at the end of 3rd quarter

The meeting was held at the company headquarters in Warba Tower in downtown Kuwait City, where the results were unanimously approved as they were in line with the managements projected performance.

The announced results reflected a healthy growth of 3.1% to reach KD19.9m in comparison to KD19.3M at the end of the same period of 2011. Assets reached KD100m after rising 19.1% & shareholder's equity stabilized at KD44.3m at the end of the same period. Technical reserves also rose to KD41.2m, growing 72.6% in comparison to the same period in 2011.

As a result of all the factors contributing to the growth of the enterprise, Warba Insurance registered realized profits worth KD1.265m rising approx. 80% from the same period last year, which was reflected in the earnings per share reaching 7.3 fils/share in comparison to 4.07fils/share at the end of the same period in 2011.

Mr. Anwar Jawad Bukahmseen - Chairman of Warba Insurance Co. - commented at the end of the board meeting that the 3rd quarter results are very good even though the effects of the financial slowdown are continuing to have their impact on both local and regional markets in addition to the political instability that is shadowing the region, in comparison to Kuwait that has emerged as an oasis of unwavering steadiness.

Adding to this positive outlook, Mr. Tawfiq S. Al Bahar - Managing Director - said that the company exerted extra efforts to overcome the challenges that were brought about during the 3rd fiscal quarter of 2012, in order to maintain its development and year end goals, where the results are considered satisfactory in light of the continued instability in the region and the effects of this instability on the economy and politics of its different countries which has reflected negatively on several major sectors of the economies of this states, especially the insurance sector. These results are a positive reflection on the solidity of the company and its ability to mitigate risk and the company's technical apparatus.

Last September, Standard & Poors (S&P) Rating Agency upgraded Warba Insurance Co Kuwait to 'BBB', which came as a positive endorsement to the stability & management capabilities of the company, driving further development of business opportunity in both local and regional markets.