SINGAPORE (Apr 19): Singapore Reinsurance reported first quarter earnings increased 11.6% to $5.2 million in 1Q18 compared to $4.6 million in 1Q17.
Gross written premium rose 22.1% to $39.5 from $32.4 million a year ago due to timing difference in receipt and booking of statement of accounts.
However, net written premium dropped 26.2% to $9.83 million due to lower premiums booked for a cedant and the decline in net premium income resulted in a negative premium reserve strain of $1.2 million.
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