Bahrain: Trust Re's 2016 GWP reaches $481.7 mln

Source: Middle East Insurance Review | May 2017

Trust Re’s GWP reached US$481.7 million in 2016 compared to 2015’s $475.9 million, the reinsurer said in a recent press release.

The Group’s profits for 2016 was $18.8 million (2015: $30.8 million). The significant difference compared to the prior year period is attributed to a higher investment income, a major proportion of which was driven by a one-off gain on sale of shares.

The Group’s combined ratio was 95.1% (2015: 94.0%). Net underwriting profit achieved ($13.0 million) dropped slightly from 2015 as a result of continued pressure on reinsurance rates. Total equity rose by 13.4% to $487.3 million (2015: $429.6 million).

Commenting on the full year results for 2016, Group CEO & Director Fadi AbuNahl, said: “Despite prevailing soft market conditions and the ever-present threat of emerging risks, we were able to report a profitable performance for 2016 due to the resilience of our business model. We look forward to another successful year in 2017, with the continued support of our valued business partners” M

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