Bahrain: Trust Re's 1Q profits rise by 10%
Source: Middle East Insurance Review | Jul 2015
Trust Re saw a 10.1% increase in profits to US$8.7 million for the first quarter of this year, compared to $7.9 million for the same period in 2014.
Net underwriting profit increased by 4.4% y-o-y to reach $4.7 million, driven by top-line growth and a marginally improved combined ratio. The net non-technical income contributed US$3.2 million, up 14.3% y-o-y. GWP amounted to $204.5 million, a rise of 4.9% compared to 12 months ago.
Mr Fadi Abunahl, CEO of Trust Re, commenting on the performance, said: “In spite of a continuously challenging reinsurance market place and low interest rates environment, Trust Re produced a solid set of results for Q1 2015 which demonstrates the resilience of its business model. We remain cautiously optimistic for the full-year outcome.”