Mubasher: Al Ahleia Insurance posted a drop of 47% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings shrank to KWD 1.52 million ($5.1 million) in Q4-17 from KWD 2.87 million ($9.6 million) in Q4-16, according to a disclosure on Tuesday.

During fiscal year 2017, Al Ahleia Insurance registered a decline of 4.9% in profits to KWD 8.61 million compared to KWD 9.05 million in FY16.

The decrease in FY17 profits is attributed to a growth in net incurred compensations in addition to an increase in technical reserves, Al Ahleia Insurance clarified.

Al Ahleia Insurance’s board members recommended a cash dividend of 35% or 35 fils for share for FY17, at a total value of KWD 7 million.

It is noteworthy that during the first nine months of 2017, profits enlarged by 14.7% to KWD 7.09 million compared to KWD 6.18 million in the same period a year ago.