WARBA INSURANCE COMPANY (K.S.C.P)

Warba Insurance and Reinsurance Company

WINSREStocksBoursa KuwaitInsurance

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	26.61M	27.31M	27.77M	21.02M	21.71M
Operating Expenses	22.25M	21.94M	20.82M	16.31M	19.43M
Pretax Income	4.59M	5.72M	7.15M	4.90M	2.35M
Income Tax	45.92K	53.62K	37.56K	40.78K	30.04K
Net Income	4.53M	5.62M	7.09M	4.86M	2.34M
Premium Revenue	23.55M	24.90M	26.98M	19.60M	18.04M
Policy Benefits	19.90M	19.66M	18.03M	14.26M	11.48M
Policy Cost	—	—	—	—	2.23M
EPS (Basic)	0.02	0.02	0.03	0.02	0.01
EPS (Diluted)	0.02	0.02	0.03	0.02	0.01
DPS	0.02	0.01	0.01	0.01	0.01
Margins & Efficiency
Net Margin %	+17.0%	+20.6%	+25.5%	+23.1%	+10.8%
Revenue & Income
Revenue Growth (YoY)	-2.5%	-1.7%	+32.1%	-3.2%	+13.7%
Revenue Insurance	26.61M	27.31M	27.77M	21.02M	21.71M
Premiums Annuity Rev	23.55M	24.90M	26.98M	19.60M	18.04M
Other Revenue Insurance	0.28M	0.31M	0.35M	0.46M	2.34M
Gain Investment Rev Insurance	923.58K	632.10K	708.53K	-634.87K	376.25K
Currency Exchange Gain (Loss)	—	—	—	—	92.14K
Expenses & Provisions
SG&A Insurance	2.22M	2.13M	2.69M	1.94M	4.94M
Other Opex Insurance	124.29K	151.25K	98.11K	105.97K	81.24K
Total Opex Insurance	22.25M	21.94M	20.82M	16.31M	19.43M
Other Non Operating Income (Expenses)	224.49K	356.72K	208.37K	187.13K	-22.04K
Policy Benefits	19.90M	19.66M	18.03M	14.26M	11.48M
Policy Cost	—	—	—	—	2.23M
Provision for Bad Debts	—	—	—	—	700.00K
D&A For EBITDA	246.47K	250.79K	231.86K	211.13K	214.14K
Deferred Policy Acquisition Cost	—	—	—	—	619.41K
Profitability & Returns
EBIT	4.37M	5.36M	6.94M	4.71M	2.28M
EBIT Margin	+16.4%	+19.6%	+25.0%	+22.4%	+10.5%
EBITDA	4.61M	5.61M	7.18M	4.92M	2.49M
EBITDA Margin	+17.3%	+20.6%	+25.8%	+23.4%	+11.5%
EBT Excluding Unusual Items	4.59M	5.72M	7.15M	4.90M	2.35M
Pretax Income	4.59M	5.72M	7.15M	4.90M	2.35M
Opinc Insurance	4.37M	5.36M	6.94M	4.71M	2.28M
Operating Margin	+16.4%	+19.6%	+25.0%	+22.4%	+10.5%
Profit Margin	+17.0%	+20.6%	+25.5%	+23.1%	+10.8%
Net Income	4.53M	5.62M	7.09M	4.86M	2.34M
Net Income to Common	4.53M	5.62M	7.09M	4.86M	2.34M
Net Income Growth	-19.4%	-20.7%	+45.8%	+107.5%	+28.6%
Earnings From Continuing Ops.	4.54M	5.67M	7.12M	4.86M	2.32M
Minority Interest in Earnings	-11.94K	-46.42K	-24.84K	2.28K	22.97K
Income Tax Expense	45.92K	53.62K	37.56K	40.78K	30.04K
Effective Tax Rate	+1.0%	+0.9%	+0.5%	+0.8%	+1.3%
Per Share & Capital
EPS (Basic)	0.02	0.02	0.03	0.02	0.01
EPS (Diluted)	0.02	0.02	0.03	0.02	0.01
EPS Growth	-20.1%	-21.0%	+47.1%	+105.3%	+30.8%
Dividend Per Share	0.02	0.01	0.01	0.01	0.01
Shares Change (YoY)	0.01	0	-0.01	0.01	-0.02
Shares Outstanding (Basic)	243.43M	241.31M	240.63M	242.71M	240.18M
Shares Outstanding (Diluted)	243.43M	241.31M	240.63M	242.71M	240.18M
Dividend Growth	+25.0%	+20.0%	+75.4%	-19.7%	+29.1%
Free Cash Flow	0.81M	10.71M	6.28M	4.15M	1.49M
Free Cash Flow Margin	+3.1%	+39.2%	+22.6%	+19.7%	+6.9%
Free Cash Flow Per Share	0.00	0.04	0.03	0.02	0.01
Payout Ratio	+64.2%	+41.0%	+18.7%	+33.9%	+55.2%
Supplemental
Total Interest Dividend Income	1.86M	1.46M	-0.27M	1.60M	0.96M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (KWD)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operating Summary
Revenue	26.61M	27.31M	27.77M	21.02M	21.71M
Operating Expenses	22.25M	21.94M	20.82M	16.31M	19.43M
Pretax Income	4.59M	5.72M	7.15M	4.90M	2.35M
Income Tax	45.92K	53.62K	37.56K	40.78K	30.04K
Net Income	4.53M	5.62M	7.09M	4.86M	2.34M
Premium Revenue	23.55M	24.90M	26.98M	19.60M	18.04M
Policy Benefits	19.90M	19.66M	18.03M	14.26M	11.48M
Policy Cost	—	—	—	—	2.23M
EPS (Basic)	0.02	0.02	0.03	0.02	0.01
EPS (Diluted)	0.02	0.02	0.03	0.02	0.01
DPS	0.02	0.01	0.01	0.01	0.01
Margins & Efficiency
Net Margin %	+17.0%	+20.6%	+25.5%	+23.1%	+10.8%
Revenue & Income
Revenue Growth (YoY)	-2.5%	-1.7%	+32.1%	-3.2%	+13.7%
Revenue Insurance	26.61M	27.31M	27.77M	21.02M	21.71M
Premiums Annuity Rev	23.55M	24.90M	26.98M	19.60M	18.04M
Other Revenue Insurance	0.28M	0.31M	0.35M	0.46M	2.34M
Gain Investment Rev Insurance	923.58K	632.10K	708.53K	-634.87K	376.25K
Currency Exchange Gain (Loss)	—	—	—	—	92.14K
Expenses & Provisions
SG&A Insurance	2.22M	2.13M	2.69M	1.94M	4.94M
Other Opex Insurance	124.29K	151.25K	98.11K	105.97K	81.24K
Total Opex Insurance	22.25M	21.94M	20.82M	16.31M	19.43M
Other Non Operating Income (Expenses)	224.49K	356.72K	208.37K	187.13K	-22.04K
Policy Benefits	19.90M	19.66M	18.03M	14.26M	11.48M
Policy Cost	—	—	—	—	2.23M
Provision for Bad Debts	—	—	—	—	700.00K
D&A For EBITDA	246.47K	250.79K	231.86K	211.13K	214.14K
Deferred Policy Acquisition Cost	—	—	—	—	619.41K
Profitability & Returns
EBIT	4.37M	5.36M	6.94M	4.71M	2.28M
EBIT Margin	+16.4%	+19.6%	+25.0%	+22.4%	+10.5%
EBITDA	4.61M	5.61M	7.18M	4.92M	2.49M
EBITDA Margin	+17.3%	+20.6%	+25.8%	+23.4%	+11.5%
EBT Excluding Unusual Items	4.59M	5.72M	7.15M	4.90M	2.35M
Pretax Income	4.59M	5.72M	7.15M	4.90M	2.35M
Opinc Insurance	4.37M	5.36M	6.94M	4.71M	2.28M
Operating Margin	+16.4%	+19.6%	+25.0%	+22.4%	+10.5%
Profit Margin	+17.0%	+20.6%	+25.5%	+23.1%	+10.8%
Net Income	4.53M	5.62M	7.09M	4.86M	2.34M
Net Income to Common	4.53M	5.62M	7.09M	4.86M	2.34M
Net Income Growth	-19.4%	-20.7%	+45.8%	+107.5%	+28.6%
Earnings From Continuing Ops.	4.54M	5.67M	7.12M	4.86M	2.32M
Minority Interest in Earnings	-11.94K	-46.42K	-24.84K	2.28K	22.97K
Income Tax Expense	45.92K	53.62K	37.56K	40.78K	30.04K
Effective Tax Rate	+1.0%	+0.9%	+0.5%	+0.8%	+1.3%
Per Share & Capital
EPS (Basic)	0.02	0.02	0.03	0.02	0.01
EPS (Diluted)	0.02	0.02	0.03	0.02	0.01
EPS Growth	-20.1%	-21.0%	+47.1%	+105.3%	+30.8%
Dividend Per Share	0.02	0.01	0.01	0.01	0.01
Shares Change (YoY)	0.01	0	-0.01	0.01	-0.02
Shares Outstanding (Basic)	243.43M	241.31M	240.63M	242.71M	240.18M
Shares Outstanding (Diluted)	243.43M	241.31M	240.63M	242.71M	240.18M
Dividend Growth	+25.0%	+20.0%	+75.4%	-19.7%	+29.1%
Free Cash Flow	0.81M	10.71M	6.28M	4.15M	1.49M
Free Cash Flow Margin	+3.1%	+39.2%	+22.6%	+19.7%	+6.9%
Free Cash Flow Per Share	0.00	0.04	0.03	0.02	0.01
Payout Ratio	+64.2%	+41.0%	+18.7%	+33.9%	+55.2%
Supplemental
Total Interest Dividend Income	1.86M	1.46M	-0.27M	1.60M	0.96M