Trust Re’s 2016 profit falls on lower investment income
Bahrein-based re/insurer Trust Re said that its profits fell to $18.8 million in 2016 from $30.8 million a year ago, driven by lower investment income.
In the previous year, the company had benefitted from a one-off gain on sale of shares.
The Group’s combined ratio was 95.1 percent in 2016 compared to 94.0 percent in the previous year. Net underwriting profit achieved was $13.0 million, a slight drop from 2015 as a result of continued pressure on reinsurance rates.
“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,” said CEO Fadi AbuNahl.
Gross written premium remained barely changed at $481.7 million in 2016 compared to $ 475.9 million in 2015.
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