Alliance Re declares 0.40c final dividend

Alliance International Reinsurance Company Ltd. (ALL) has declared a final dividend of 4% on nominal value or 0.40 cents per share for 2004, lifting its total dividend for the year to 0.90 cents per share for a yield of 5.7%.

All released its final audited results, reporting that gross premiums written for the period 1 January to 31 December 2004 amounted to CYP 16.137.241 against CYP 18.314.750 for the corresponding period of 2003. Gross premiums written for the same period expressed in US$ which is the main currency in which the Company transacts business totaled $ 34.598.244 against $ 35.585.560 for the corresponding period of 2003, representing a decrease of 2,77%.

Net earned premiums amounted to CYP 13.943.590 against CYP 13.703.394 for the corresponding period of 2003. Net earned premiums for the same period expressed in US$ totaled $ 29.895.058 against $ 26.625.695 for the corresponding period of 2003, representing an increase of 12,28%

Net Investment Income for the period amounted to CYP 1.121.862 against CYP 1.279.758 for the same period of 2003,representing a decrease of 12,34%, mainly attributed to realized losses on equity investment disposals.

Operational profit for the period amounted to CYP 1.221.213 against a profit of CYP 1.191.631 for the corresponding period of 2003, an increase of 2,49%.

Profit before taxation for the year amounted to CYP 1.151.286 against a profit of CYP 934.602 for the corresponding period of 2003, an increase of 23,19% while net profit for the period amounted to CYP 981.173 against a net profit of CYP 815.153 for the corresponding period of 2003, an increase of 20,37%.

The Company’s book value as at 31 December 2004 was 37,60 Cyprus cents per share.