KIB Takaful held, today, its Annual General Meeting (AGM) for the financial year 2022, with a full quorum of 100%. The AGM approved the Board of Directors’ recommendation to distribute 7% (7 fils per share) cash dividends to shareholders.
Osama Jawad Bukhamseen, Chairman of the Board of Directors, stated that in 2022, KIB Takaful attained its objectives and strategies for conducting its insurance business, achieved solid and sustainable results, and enhanced its financial performance indicators.
He highlighted that despite facing economic challenges at both regional and global levels, the company has managed to consistently provide cash dividends to its shareholders from 2019 to the end of 2022, while also making significant improvements in its operational performance. He also commended the Insurance Regulatory Unit for its ongoing endeavors in effectively regulating and supervising Kuwait's insurance industry, which has led to its progress and growth.  
“KIB Takaful has successfully diversified its sources of income and effectively managed risks in line with the highest industry standards. Additionally, the company has expanded its insurance activities to cater to a diverse range of Kuwaiti customers, developing new insurance products that cater to the needs of individuals, families, and communities. Furthermore, the company has expanded its presence in local and regional markets while leveraging cutting-edge technology for marketing and developing its insurance services and products. These strategic efforts have enabled KIB Takaful to achieve its strategic objectives.” He added. 
According to Saleh Suleiman Al-Trad, the Vice Chairman of the Board of Directors of KIB Takaful, the insurance underwriting stood at KWD 6,067,341 in 2022, marking an increase of 11% compared to KWD 5,454,776 in 2021. He further noted that the selection of risks was based on prudent insurance principles, which had a positive impact on the portfolio's performance in 2022. This approach also helped in reducing risks that had previously affected reinsurance contracts, particularly in the field of fire insurance. Furthermore, accurate and conservative actuarial calculations of provisions and technical reserves resulted in a healthy insurance surplus.
Meanwhile, Fadi Al-Khatib, CEO of KIB Takaful, expressed that the unwavering efforts of the company's management, along with the continuous support and guidance from the Board of Directors, have played a significant role in maintaining the sustainability and continuity of KIB Takaful's business. He further stated that in 2023 and beyond, the company will strive to improve its competitive position through continued growth and attracting new business. This will be achieved by carefully aligning with changing market conditions to effectively achieve these goals.