.jpg)
Singapore Reinsurance has reported a first quarter profit increase of 11.6% to US$5.2 million, up from US$4.6 million in the same period last year.
Gross written premiums increased by 22.1% to US$39.5 million, up from US$32.4 million a year ago. This was attributed to timing differences in the receipt and booking of statement of accounts.
However, net written premium dipped by 26.2% to US$9.83 million due to lower premiums booked for a cedant. Meanwhile, this decline in net premium income caused a negative premium reserve strain of US$1.2 million.
Net claims remained relatively stable at US$3.73 million, 0.3% higher than the same period last year,
“In spite of the spate of mega catastrophic losses around the world in 4Q17, global excess reinsurance capacity appears to remain largely intact and this will continue to fuel intense competition and have adverse impact on the group’s premium growth and profitability,” the reinsurer said in a statement.
“Looking forward, the investment environment will also likely remain volatile and uncertain, given the many unresolved disputes, geopolitical and economic in nature, among the major economies in the world.”
