Bahrain-based Trust Re, a leading reinsurance company, posted profits of $30.8 million in 2015, as against $15.4 million in the year before, marking an increase of 100 per cent.

The company attributed the profit to very strong non-technical income, in particular a one-off realised gain on sale of shares during the first half of the year.

Trust Re achieved Gross Written Premium of $475.9 million during the year, up 5.1 per cent compared to $452.6 million during the previous reporting period.

Net underwriting profit was up 49.6 per cent to reach $17.5 million (2014: $11.7 million) largely as a result of a more favourable loss experience compared to last year. The Group’s combined ratio improved to 94.0 per cent (December 2014: 95.8 per cent); the improvement reflects a decrease in large losses and a more favourable expense ratio compared to 2014.

Total investments and finance income grew to $24.2 million (2014: $14.1 million) and total shareholders’ equity rose year-on-year to reach $429.6 million (2014: $385.2 million).

Fadi AbuNahl, CEO of Trust Re, said: “We have delivered solid results for 2015, based on disciplined underwriting which was supported by extremely strong performance of our non-technical income”.

“We broadened our service offering, with 2015 being the first full year of operations for our Life & Health reinsurance department. This year, we further diversified by launching two new lines of business, Aviation and Surety. The Trust Re team remains committed to delivering products and services that meet our partners’ requirements and their support remains crucial to our success,” he added. – TradeArabia News Service