SINGAPORE (Nov 13): Singapore Reinsurance reported a 8% rise in 3Q earnings to $1.93 million from $1.8 million a year ago.
The group’s gross written premium rose 24.8% to $39.56 million due to new business and higher premiums, as well as timing difference in receipt and booking of statement of accounts.
Net commission expense increased by 25.8% to $3.164 million in light of higher premium income and profit commission accrual.
Net claims incurred declined by 17% to $7.093 million due to lower advised outstanding loans and IBNR loss reserve provisioning, benefitting from the relatively mild natural catastrophe season in the markets that the group is active in.
As a consequence, a lower underwriting deficit of $922,000 was recorded in the quarter under review.
Net investment income rose $337,000 or 11.5% to $3.272 million mainly due to exchange gain on revaluation of foreign-denominated property investments.
Overall, the group’s profit before income tax of $2.138 million was 12.6% higher than the $1,898 million recorded in the corresponding quarter a year ago.
In its outlook, Singapore Re says the disruptive impact of climate change appears likely to continue to cause havoc. On the investment front, the outlook of the financial markets appears more promising amid recent signs of economic recovery regionally. However, sustainability remains to be seen.
The stock closed at 32 cents.
