Singapore Re posts profit in Q1
Singapore Reinsurance had a profitable first quarter of 2018, with a profit before tax of $5.94 million, an increase of 13.4 percent year-on-year.
Singapore Re's gross written premium rose 22.1 percent to $39.53 million from $32.37 million in the first quarter of 2018.
However, net written premium slid 26.2 percent to $9.83 million, which the group attributed to lower premiums booked for a cedant. The decline in net premium income resulted in a negative premium reserve strain of $1.2 million.
"In spite of the spate of mega catastrophic losses around the world in the last quarter of 2017, global excess re/insurance capacity appears to remain largely intact. This will continue to fuel intense competition and have adverse impact on premium growth and profitability,” Singapore Re said in its quarterly report.
"The investment environment will remain highly volatile and uncertain, given the many unresolved disputes geopolitical and economic in nature among the major economies of the world."
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