The Asian Reinsurance Corporation (Asian Re) held its Management Board, Council and the second Shareholders’ Assembly meetings on 4th,5th and 6th June 2008 in Bangkok to adopt and approve the accounts for the year 2007.

After opening of the Corporation to associate membership from July 2005 to UN member countries outside ESCAP, private organizations, private corporations ,non-government organizations, multilateral institutions etc. seven insurance and reinsurance companies joined the Corporation so far and they hold 66.5% equity of the Corporation .

The constituting Agreement was amended allotting two seats in the Management Board for Associate members . At the Shareholders’ Assembly held on 6th June 2008 , Associate Members from among themselves elected two to the Management Board – GIC Re and Bimeh Markazi Iran .

In 2007, the gross premium of the Corporation grew by 16.9% to US$ 32.6 mn and the net premium rose by 19.6% to US$19.16 mn. Investment income recorded an increase of 72%.The net operating profit for the year rose to US$ 3.2 mn - an increase of 7.8% over previous year. The total assets stood at US$ 77.2 mn as at end of 2007 compared to US$ 56.9 mn of previous year. Shareholders’ funds grew by 52.6%. A dividend of 5.5% was declared for the year by the Shareholders’ Assembly.

Asian Re has been assigned a rating of ‘B++’ (Good) by A.M. Best.

The Corporation has plans to increase the shareholders’ equity to US$ 100 mn by the year 2010 which is presently at US$ 51.5 mn.