Building on the successes achieved in 2023, KIC has delivered further strong growth in premium levels through the first half of 2024. Gross written premiums increased to €15m from €6m for the corresponding period in 2023, marking a year-on-year rise of 250%. Our Asian/Middle East operations and West African business were significant contributors to this growth, although our US generated inward reinsurance was a developing factor in our growth. Strong performance from our Sureties division contributed to KIC semiannual results as well. Additionally, our net underwriting result rose from €4.1m in 2023 to €6.8m for the half-year to 30th June 2024, reflecting a 65% increase. This highlights our continued commitment to strong underwriting and rigorous business acceptance criteria.
Net profits also saw a significant increase, rising from €2.6m in H1 2023 to €5.1m in H1 2024. We have maintained control over our cost base while making strategic investments in our back-office operations to support growth. At the same time, we continue to expand our underwriting team to ensure that risks are assessed according to our robust governance framework.
This period has also been one of significant transformation for KIC. We’ve implemented several important changes within the company and successfully launched a comprehensive rebranding effort. These initiatives were aimed at enhancing our market presence, refining our operations, and better aligning our services with the evolving needs of our clients. It’s a testament to the hard work and dedication of the entire KIC team that we’ve managed to achieve such strong performance during this time of internal development.
I am proud to acknowledge the remarkable efforts of the KIC team, who have delivered impressive results in the first half of this year, even while driving forward these important changes. We remain committed to acting in the best interests of our clients, stakeholders, and staff, and we will continue to provide competitive, professional service as we embrace this new phase of growth. I extend my sincere thanks to our staff, professional partners, and clients for their continued support.
Shay Reches
Chief Executive Officer