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KUWAIT INSURANCE COMPANY S.A.K - page 19 / 29

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KUWAIT INSURANCE CO. S.A.K KUWAIT Notes to the Financial Statements 31 December 2011

Gross premium revenue

2,764,704 4,048,641

Premium ceded to reinsurers

(2,358,833) (3,477,223)

Net premiums revenue

405,871

571,418

Changes in reserve for unexpired risks

(2,583)

(6,851)

Premiums earned

403,288

564,567

Commissions earned

662,761

477,166

Net investments income

-

-

Other income

8,472

205

1,074,521

1,041,938

Expenses

Net incurred claims

32,630

(112,549)

Changes in reserve for life insurance fund

-

-

Life insurance Expiry settlement

-

-

Life insurance Policies liquidated

-

-

Commissions paid

(125,425)

(290,699)

General & administrative expenses

(638,837)

(456,312)

Participants rights

-

-

Impairment loss on investment securities

-

-

BOD remuneration

-

-

Contribution to Kuwait foundation for advancement of Science share (KFAS)

-

-

National Labour Support tax

-

-

Zakat tax

-

-

(731,632)

(859,560)

Net profit/ (loss) for the year

342,889

182,378

Information on the Company’s principal reportable segments are as follows:

Income statement

Year ended 31 December 2011 Revenue

www.kic-kw.com

Marine & aviation

Fire

(3,832,025)

(641,094)

(244,031)

-

(4,797,069)

-

64,112

-

-

64,112

-

(957,235)

-

-

(957,235)

-

(90,413)

-

-

(90,413)

(2,217,398)

(157,241)

(35,938)

-

(2,826,701)

(1,338,514)

(533,200)

(74,372)

(1,229,700)

(4,270,935)

-

-

(141,874)

-

(141,874)

-

-

-

(1,707,635)

(1,707,635)

-

-

-

(56,000)

(56,000)

-

-

-

(46,000)

(46,000)

-

-

-

(105,351)

(105,351)

-

-

-

(42,140)

(42,140)

(7,387,937)

(2,315,071)

(496,215)

(3,186,826)

(14,977,241)

4,295,436

575,000

141,873

(1,187,099)

4,350,477

15,050,330

3,691,026

602,309

- 26,157,010

(5,033,139)

(979,391)

(73,246)

- (11,921,832)

10,017,191

2,711,635

529,063

-

14,235,178

(159,079)

-

67,618

-

(100,895)

9,858,112

2,711,635

596,681

-

14,134,283

1,098,574

25,806

13,352

-

2,277,659

-

133,060

3,993

2,014,710

2,151,763

726,687

19,570

24,062

(14,983)

764,013

11,683,373

2,890,071

638,088

1,999,727

19,327,718

Total

Unallocated items

Takaful

General accident

Kuwaiti Dinars Life

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