Al-Ahleia Insurance posts KD 8.5 mln in 2014 profits

07/04/2015 07:05 AST

Al-Ahleia Insurance Company has posted KD 8.5 million (USD 28.3 million) in profits in 2014, lower than KD 9.5 million (USD 31.6 million) in 2013, chairman Sulaiman Al-Dalali has said.

The strict strategy adopted by the company to curb surrounding risks has focused on the types of insurance activities and services offered to clients, and in the meantime providing utmost possible protection to the firm, Al-Dalali added on Monday during Al-Ahleia's 51st general assembly.

Al-Ahleia strongly believes that corporate governance is a basic tool to improve performance, reduce risks to their lowest and protect shareholders' rights and interests, he noted.

During today's meeting, Al-Dalali submitted a report, substantiated with figures, on the firm's 2014 activities, focusing on insurance events.

According to the report, the company's insurance activities hit KD 31.5 million last year, marking a rise of 4.3 percent compared to KD 30.2 million a year before. Net revenues from insurance hit KD 7.4 million, KD six million in 2013.

Meanwhile, the general assembly agreed today to offer shareholders a cash dividend of 32 percent of the nominal value of shares (32 fils per share).

The assembly, convened with an attendance of 90.2 percent of shareholders, also endorsed all items on its 2014 agenda.

Al-Ahleia Insurance Company was founded in 1962, with paid capital of KD 20 million, and is now a leading one in Kuwait and the Arab World.

The Company was launched in response to the economic growth of the State of Kuwait following the discovery of oil and the drive to penetrate the international oil market. It was listed at the Kuwait Stock Exchange (KSE) in 1984.

KUNA