Kuwait – Mubasher: Kuwait Reinsurance suffered losses in the third quarter of 2016 against earnings in the same quarter a year ago.

Losses amounted to nearly KWD 834,500 ($2.75 million) in Q3-16 versus a profit of approximately KWD 629,300 ($2.08 million) in Q3-15, the company announced in a bourse statement issued on Wednesday.

During the first nine months of 2016, earnings plummeted 87.5% to about KWD 233,500 from KWD 1.9 million in the same period of 2015.

Operating revenue shrank 9.4% to KWD 28.5 million during the nine-month period this year from KWD 31.5 million in the same period of 2015.