Kuwait Corporate Fact Sheet

Kuwait Reinsurance Co. Fact Sheet
Insurance Sector
KAMCO Research
June 22, 2008
Reuters Code: KWRE.KW Current Price (KD) : 0.335
Key Facts
KD '000 2003 2004 2005 2006 2007
Cash & Equivalent 21,926 22,305 16,359 17,985 18,997
Reinsurance Recoverable on Outstanding Claims 1,922 1,565 1,485 1,086 956
Reinsurance Receivables 2,460 2,543 3,169 3,284 4,551
Held for Trading Investments 0 0 0 0 0
Available for Sale Investments 12,922 14,004 19,463 17,595 20,145
Investment in Properties 0 0 0 11,466 13,239
Debt Securities (Bonds & Loans) 2,471 2,810 6,769 7,015 6,661
Other Assets 2,817 3,505 5,002 1,940 2,356
Total Assets 44,518 46,731 52,248 60,370 66,905
Term Loans 2,500 3,061 3,960 5,500 4,206
Technical Reserves 12,787 13,801 15,023 15,988 18,511
Insurance & Reinsurance Companies 984 976 1,081 986 991
Other Liabilities 583 607 696 2,245 1,340
Total Liabilities 16,854 18,445 20,761 24,719 25,048
Equity 27,664 28,286 31,487 35,651 41,857
Gross Premiums Written (GPW) 3,674 5,561 7,113 8,110 9,444
Reinsurance Premiums Ceded 3,726 5,388 6,979 7,598 8,386
Net Premiums Written (NPW) (52) 173 135 512 1,058
Net Investment Income (NII) 2,966 3,075 4,094 9,529 8,359
Other Operating Income (Loss) (5) 72 87 6 163
Total Operating Revenues 2,909 3,320 4,142 10,048 9,254
Total Operating Expenses 541 581 604 735 1,224
Operating Profit 2,368 2,739 3,537 9,313 8,030
Other Expenses 93 126 196 382 363
Net Profit 2,275 2,613 3,341 8,931 7,667
Key Ratios
2003 2004 2005 2006 2007
Return On Assets 5.1% 5.6% 6.4% 14.8% 11.5%
Return On Equity 8.2% 9.2% 10.6% 25.1% 18.3%
NPW / GPW NM 3.1% 1.9% 6.3% 11.2%
Net Income / NPW NM NM NM NM 724.7%
NII / Invested Assets 19.3% 18.3% 15.6% 26.4% 20.9%
Equity / Technical Reserves 216.4% 205.0% 209.6% 223.0% 226.1%
Technical Reserves / GPW 348.0% 248.2% 211.2% 197.1% 196.0%
Historical Share Data YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 24,889 26,880 27,876 36,338 35,019
Closing Share Price (KD) 0.250 0.270 0.280 0.365 0.335
Highest Price for the Period (KD) 0.340 0.320 0.305 0.365 0.365
Lowest Price for the Period (KD) 0.230 0.222 0.240 0.250 0.300
Volume (Shares thousand) 7,130 11,320 13,590 7,410 1,740
Value (KD thousand) 1,840 3,060 3,573 2,057 585
No. of Trades 232 435 244 174 70
EPS (KD) 0.026 0.034 0.090 0.077 0.077
Book Value Per Share (KD) 0.284 0.316 0.358 0.420 0.420
Dividend Per Share (KD) 0.015 0.018 0.020 0.025 NA
Price to Earnings Multiple (X) #
12.76 9.98 3.73 4.35 4.35
Price to Book Value Multiple (X) #
1.18 1.06 0.94 0.80 0.80
Dividend Yield (%) #
4.48 5.22 5.97 7.46 7.46
KD
0.380
0.365
0.350
0.335
0.320
0.305
0.290
0.275
0.260
0.245
52-Week Price Chart Rel. to KAMCO TRW Index
KUWAITRE KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
N/A: Not Available, YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com