Trust Re’s net profit up 180%

In the first six months of the year Trust Re’s Gross Written Premium reached US$ 328.6 million representing a 4.5 per cent increase from the US$ 314.3 million achieved in the equivalent period twelve months ago.

Net Underwriting Profit rose by 75.4 per cent to reach US$ 12.1 million (H1 2014: US$ 6.9 million), largely as a result of the improvement in the loss experience during the reporting period.

Very strong non-technical income, further boosted by a one-off realised gain on sale of shares, supported the bottom line and resulted in a 180% improvement in net profit for the period (US$ 32.2 million compared to US$ 11.5 million in H1 2014).

Total shareholder’s equity grew year-on-year to reach US$ 441.9 million (H1 2014: US$ 318.1 million).

Commenting on the first half-year results, Mr. Fadi Abunahl, CEO of Trust Re said:

“The strong performance for the first six months of the year comes as a result of our solid underwriting practices backed by an excellent investment result. The support of our clients was also a key to our profitable growth in a marketplace which is experiencing persistently softening conditions”.

He continued “The dedication of the Trust Re team ensures that we remain committed to supporting our business partners and to adding value to the markets in which we operate. In view of the very positive performance for the first six months, we look forward to the full year result with increasing optimism”.