Kuwait’s Insurance Regulatory Unit announced profits worth over KD 7.3 million (about USD 23.8 million) during the fiscal year 2022-2023.
In a press statement on Saturday, head of the unit Mohammad Al-Otaibi said that the unit achieved a rise in net assets by over 70 percent, compared to the previous fiscal year.
The unit has gained over KD 16 million (USD 52.19 million) in net revenues in the past three years, said Al-Otaibi, adding that about KD 11 million (USD 35.8 million) went to the state buedget.
Meanwhile, he noted that the financial performance from 1 April, 2022 until 31 March, 2023 is the best recorded rate since the establishment of the unit.
The unit, established in 2019, regulates insurance activity and controls it in a fair, transparent and competitive manner, and develops insurance activity in line with international practices, while providing protection for all stakeholders involved in the insurance activity.
Source: Kuwait News Agency