Kuwait – Mubasher: Kuwait Insurance Company reported a profit decline by 39.2% in the third quarter of this 2016, compared to the same period of the previous year

Profits reached KWD 288,800 ($952,920), versus KWD 474,580 ($1.57 million) last year, according to a statement to the Kuwait Stock Exchange (KSE).

Results also showed KWD 737,620 in losses for the nine - month period ended September 2016 compared with KWD 5.03 million profits for the same period of the previous year.

This decline goes back to the unrealized losses caused by the available-for-sale investments prices’ decrease (the low price of available-for-sale investments) in the Kuwait Securities Exchange, The Company said.

Profits in the first half of 2016 dropped to KWD 1.03 million from KWD 4.56 million in the same period of the fiscal year 2015.