Thai Reinsurance has posted a 425% upsurge in net profit to THB65m ($1.84m) in 2Q2023 from the corresponding quarter in 2022, according to Mr Oran Vongsurapichet, the company’s CEO.
Net reinsurance income reached THB1,211m in 2Q2023, 14% higher compared to 2Q2022, local media quoted Mr Oran as saying.
Reinsurance income grew due to business expansion in personal and commercial lines as a result of strategic adjustments and was supported by overall reinsurance market conditions. Reinsurance premium rates have been rising in a hard market.
Thai Re expects earnings in the third quarter of 2023 to continue to recover. The company is also benefiting from rising interest rates that allow it to make higher returns on investments as well.
“We are confident that 2023 reinsurance revenue will grow by 15-17% as targeted in both conventional and non-conventional…
