Bahrain: Trust Re's 1Q GWP up 33%

Source: Middle East Insurance Review | Jul 2017

Trust Re saw its GWP grow 32.6% to US$230.8 million in the first quarter of 2017, while net profit rose 5.9% to $9.0 million compared to $8.5 million in the same period a year ago.

Net underwriting profit shrunk by 29.4% y-o-y to $2.4 million and net non-technical income grew 33.3% to reach $6.8 million in the first quarter this year.

The combined ratio for the quarter was 2.5 percentage points higher at 96.5%. Dividend distribution and reduction in share price of equities impacted the growth of equity which fell to $433.7 million in the first quarter of 2017 from $456.9 million in the same period last year.

“Despite being challenged by rate pressures and market conditions, our solid performance for the first quarter of this year clearly demonstrates the resilience of our business model. We remain committed to being an effective solutions provider to our business partners in all our areas of operation,” said Mr Fadi AbuNahl, Group Chief Executive Officer & Director. M

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