Trust Re gross written premium hit $384m
MANAMA, November 30, 2015
Trust Re, a Bahrain-based reinsurance company, has generated gross written premium of $384.2 million during the first nine months of the year.
This represented a 0.8 per cent rise from the $381.3 million reached in the equivalent period twelve months ago, said a statement.
The net earned premium grew 4.7 per cent versus the third quarter last year to reach $203.7 million, it said.
Meanwhile, the net underwriting profit was up 134.1 per cent to reach $10.3 million, mainly as a result of an improved loss experience during the reporting period.
A very strong non-technical income, further enhanced by a one-off realised gain on sale of shares during the first six months of the year, supported the bottom line and resulted in a 377.3 per cen improvement in net profit for the period.
Fadi AbuNahl, chief executive officer, said: “To date, our results have been extremely solid despite the continued challenging market conditions. Our very positive performance has come as a result of disciplined underwriting, boosted by an excellent investment result.
“Our clients’ support is a vital part of our sustained, profitable growth. Adding value to our customers will continue to be a fundamental part of Trust Re’s strategy.
"Moreover, our proactive approach to Enterprise Risk Management (ERM), enables us to adapt to the constantly evolving needs of our customers; in fact, there are many benefits to be reaped by the market as a whole from enhanced risk management.” - TradeArabia News Service
