"The significant difference compared to the same period in 2015 (USD 31.5 million) is owed to a higher investment income, a major proportion of which was driven by a one-off gain on sale of shares", TRUST Re announced in a press release.
The combined ratio was virtually unchanged at 95.1% (Q3 2015: 95.0%). Net underwriting profit fell by 11.7% to USD 9.1 million (Q3 2015: USD 10.3 million) as a result of continued pressure on reinsurance pricing.
Total shareholder's equity increased to USD 432.7m, compared to USD 430.0m at 31st December 2015.
Commenting on the performance for Q3 2016, TRUST Re Group CEO & Director, Mr. Fadi AbuNahl said, "Despite continuously challenging market conditions which have had an adverse impact on our bottom line as at 30th September 2016, we remain confident about the resilience of our long-term business strategy. Disciplined underwriting, coupled with stringent ERM practices, as well as the constant support of our business partners enabled us to demonstrate a profitable result for the period".
TRUST Re is a reinsurance company based in the Kingdom of Bahrain with branches in Malaysia and Cyprus, as well as a representative office in Morocco and a Liaison Office in India. With authorised, issued and paid up capital of USD 200 million, TRUST Re earned its recognition as a solid and reliable security through its long term professional commitment to the Insurance & Reinsurance Industry. It is classified as a highly reliable security (S&P: A- and A.M. Best: A-), and writes both life and non-life business on a Facultative & Treaty basis with a wide scope of geographical operation that includes: Africa, Asia, Russia, CIS countries and the Middle East and North Africa (MENA) Region. TRUST Re has a fully-owned subsidiary, Afro-Asian Assistance, which provides Travel Assistance and Personal Accident products.