Bahrain: Trust Re's 1H net profits jump by 180% to US$32 mln in 1H
Source: Middle East Insurance Review | Oct 2015
Trust Re has reported an 180% increase in net profit for the first six months of this year to US$32.2 million, compared to $11.5 million in the first half of 2014, the company said in a statement. This was supported by very strong non-technical income, further boosted by a one-off realised gain on sale of shares.
Gross written premium reached $328.6 million from January to June, representing a 4.5% increase from the $314.3 million collected in the corresponding period of 2014.
Net underwriting profit rose by 75.4% y-o-y to reach $12.1 million for the first six months of the year, largely as a result of the improvement in the loss experience during the reporting period.
Total shareholders’ equity grew to $441.9 million at the end of June from $318.1 million a year ago.
Mr Fadi Abunahl, CEO of Trust Re, said: “The strong performance for the first six months of the year comes as a result of our solid underwriting practices backed by an excellent investment result. The support of our clients was also a key to our profitable growth in a marketplace which is experiencing persistently softening conditions.”