Bahrain: Trust Re's 1Q profits up 8% to US$8.4 mln
Source: Middle East Insurance Review | Jul 2016
Bahrain-headquartered Trust Re has reported a profit increase of 7.7% for the first quarter of this year with gains reaching US$8.4 million compared to $7.8 million for the corresponding quarter last year.
The quarterly result was influenced by a higher investment result ($5 million for January to March this year compared to $3.2 million a year ago) and a more favourable loss experience, Trust Re said. The company reported a 0.5 percentage point increase in the combined ratio to 94.0%.
GWP amounted to $174 million for the quarter ended 31 March 2016, compared to $204.5 million in the same period last year.
Commenting on the company’s performance for 1Q 2016, Trust Re CEO, Mr Fadi AbuNahl, said: “We continued to distinguish ourselves by means of excellent customer service and extension of our service offering, namely Aviation and Surety.”
He continued: “The support of our partners is vital, especially as challenging market conditions persist. Nonetheless, we are optimistic about another profitable year of operations for our company”.
Shareholder’s equity increased by $1.1 million, representing internal capital generation of $16.1 million and dividend payment of $15.0 million during the period.