Kuwait's insurer gains $16.3bn in 2012-2013 revenues

The Public Institution for Social Security has earned revenues of KD 4.6 billion (USD 16.3 billion) for the FY 2012-13, a hike of KD 643 million (USD 2.7 billion) or 16.2 percent over the budget estimates, an MP said here on Tuesday. The institution's actual expenditures hit KD 1.9 billion (USD 6.7 billion), thus saving KD 55.7 million (USD 197.3 million) or 2.8 percent of the budget estimates, Adnan Abdulsamad, the head of the National Assembly (parliament) budget committee, said to reporters following a committee session held to discuss the institution's budget and final statement of account. The social security body's total investment earnings for the FY 2012-13 shot down by KD 292 million, a dip of 23.8 percent, he remarked. It also allocated 450,000 meters for establishing a medical city for retirees, he said, adding that the institution invested roughly KD 1.7 billion, or 19.3 percent of its KD 8.8 billion deposits in a single local bank. Its deposits in this bank make up 33.4 percent of the latter's deposited total sums in late December, which amounted to KD 5.l1 million according to the exchange rate in late March 2013, the member of parliament pointed out. Its deposits with branches of a foreign bank totaled KD 1.3 million or 27.6 percent of its deposits with foreign banks, he added.