TanRe’s 2016 profit drops 50pc

The only reinsurance firm in the country which belongs to the government, posted a pretax profit of 3.29bn/- in 2016 down from 6.08bn/- in 2015. TanRe profit slow down has been attributed to mainly fair value loss of 751.86m/- in 2016 compared to gain of 986.98m/- in 2015.

Another reason is slowing down of other operating revenue by 25 per cent to 580.49m/- contributed to the profit dropping last year. During the year under review, TanRe net premiums increased slightly by 3.0 per cent to 62.4bn/- from 60.58bn/-.

However, the fair value loss reduces TanRe total revenue level to post 68.2bn/- which was almost similar income generated in 2015. On the other hand, the financial statement issued yesterday shows total claims and other expenses increased by 4.0 per cent to 64.9bn/- from 61.45bn/-.

TanRe assets grew by almost 1.0bn/- to 79.6bn/-, pushed mainly by financial assets - through profit and property investments portfolios.

TanRe was established in 2002 to transact reinsurance business in respect of the following classes of business such as all non-life insurance business, including marine and aviation and all life insurance business like pension business.

SOURCE: DAILY NEWS

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