4 April 2016, Manama

In the twelve months ended 31st December 2015, Trust Re achieved Gross Written Premium of US$ 475.9 million, up 5.1% compared to the previous reporting period (2014: US$ 452.6 million).

The Group's profits rose significantly, by 100%, to US$ 30.8 million (2014: 15.4 million) primarily due to very strong non-technical income, in particular a one-off realised gain on sale of shares during the first half of the year. Net Underwriting Profit was up 49.6% to reach US$ 17.5 million (2014: US$ 11.7 million) largely as a result of a more favourable loss experience compared to last year. The Group's combined ratio improved to 94.0% (December 2014: 95.8%); the improvement reflects a decrease in large losses and a more favourable expense ratio compared to 2014.

Total investments and finance income grew to US$ 24.2 million (2014: US$ 14.1 million) and total shareholders' equity rose year-on-year to reach US$ 429.6 million (2014: US$ 385.2 million).

Fadi AbuNahl, CEO of Trust Re, commented on the full year results as follows: "We have delivered solid results for 2015, based on disciplined underwriting which was supported by extremely strong performance of our non-technical income".

He added: "We broadened our service offering, with 2015 being the first full year of operations for our Life & Health reinsurance department. This year, we further diversified by launching two new lines of business, Aviation and Surety. The Trust Re team remains committed to delivering products and services that meet our partners' requirements and their support remains crucial to our success".

-Ends-

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 US$ 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, the Former Soviet Union (FSU) 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.

© Press Release 2016