ASIAN REINSURANCE CORPORATION

PRESS RELEASE

The Asian Reinsurance  Corporation (Asian Re) held its Management Board, Council and the Fifth  Shareholders’ Assembly meetings on 22-24 June 2011  in  Bangkok to adopt and approve the  accounts for the year 2010.

Asian Re  is  an  inter-governmental  organisation  established  in  1979 under  the  aegis  of  the  UN/ESCAP. 

 The equity   holders  of  the Corporation are  ten  governments  of  the  ESCAP region (Regular  members)  and nine leading insurance and reinsurance  companies (Associate members).  The present   Sharesholders’   equity   is  US$  54.7 mn. 

In 2010, the gross premium of the Corporation grew by 8.6%  to US$ 57.54 mn. and  the net premium also rose to US$33.50 mn.  The net operating  profit  for  2010  was   US$2.78 mn.  against US$1.39 mn.  for 2009.  The  total  assets  increased  to  US$ 101.69  mn  as  at  end  of  2010  compared  to  US$ 93.45 mn of the previous year. 

A cash  dividend of 5.5% was declared  for  the  year  by  the  Shareholders’  Assembly.

The   current   Chairman  Dr. A. Hemmati  and   Vice-Chairman ,        Ms.  G.D.C.  Ekanayake  were  re-elected  for  a  further  term  of  two years  by  the  Council.

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