Mubasher: Kuwait Reinsurance recorded a rise of 29.3% in profits during the fourth quarter of 2016 as compared to the same period a year ago.

Earnings increased to KWD 1.72 million ($5.62 million) in Q4-16 from KWD 1.33 million ($4.34 million) in Q4-15, the company said in a bourse filing issued on Thursday.

During the fiscal year of 2016, Kuwait Reinsurance posted a drop of 38.9% in profits to total KWD 1.95 million from KWD 3.2 million in FY15.

The board members recommended a bonus share of 8% or 8-for-100 shares, the statement added.