SINGAPORE (April 26): Singapore RE posted a 67.9% rise in 1Q earnings to $4.6 million from a year ago.

In the 1Q ended March, the reinsurance group’s gross written premium rose 6.6% to $32.4 million due partly to organic growth and partly from new sources of business.

However, net earned premium dropped by 4.4% to $13.8 due to substantially higher retrocession premium.

Net claims fell 58.1% to $3,7 million due to lower advised outstanding losses and IBNR loss reserve provision.

Net commission expense rose 45.3% to $5.4 million due to higher profit commission accrual. As a consequence, a higher underwriting surplus of $2.7 million were recorded in the quarter under review.

Net investment income declined 7.5% to $2.3 million due to lower interest income derived from fixed income securities on the back of lower coupon rates.

Overall, the group’s profit before income tax of $5.2 million was 66.7% higher than the $3.1 million recorded in the corresponding quarter a year earlier.

Shares of Singapore RE closed at 30.5 cents on Wednesday before the announcement.