Thai Re sees 418% jump in net profit in Q1’24

Thai Reinsurance Company (Thai Re) has released their results for the first quarter of 2024, which includes a net profit of THB 57 million ($1.58 million), 418% higher than the prior year’s first quarter, due to improved reinsurance results.

This was disclosed in financial statements lodged with the Stock Exchange of Thailand, which also showed that net written premiums (NWP) climbed 10% year on year, reaching THB 1.2 billion ($33.10 million).

Thai Re noted that the increase in NWP was due to the company’s strategy of following the global reinsurance market.

Moreover, reinsurance results showed a profit of THB 41 million, ($1.13 million) improving by a substantial 783% from the prior year period, which the company attributed towards a provision for doubtful debt made in 2023 on an account of a COVID-19 affected insurance company.

As well as this, Thai Re’s combined ratio for Q1 2024 stood at 96.7%.

Thai Re also posted a net investment income of THB 18 million ($496,620), climbing by an impressive 1,700% compared to Q1 2023.

Lastly, Thai Re’s net services income for the first quarter of 2024 was THB 11 million ($303,399), which represented a decline of 39% from the previous year.

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