Standard and Poor's confirms Warba Insurance's BBB rating

Standard and Poor's has confirmed Warba Insurance's Financial Strength Rating at BBB with a negative outlook.

The agency justified its decision by the decline in the Kuwaiti insurer's revenues at 94.2 million USD in 2018 against 115.32 million USD in 2016. However, the company's net result improved reporting a net profit of 1.9 million USD in 2018 after two successive loss-making years (-6.3 million USD in 2016 and -2.5 million USD in 2017).