Alliance doubles Q1 profits

Alliance International Reinsurance Co. Ltd. (ALL) kick-started the first quarter earning season reporting a near doubling of net profits on the back of a strong increase in premium income.

Gross reinsurance premiums written during the first quarter ending March 31, 2005 amounted to CYP 8.318.023 against CYP 7.014.062 for the corresponding period of 2004.

Gross reinsurance premiums written for the same period expressed in USD which is the main currency in which the Company transacts business totaled $18.77 mln against $14.76 mln for the corresponding period of 2004, representing an increase of 27%.

Net earned premiums amounted to CYP 3.580.020 against CYP 3.617.441 for the corresponding period of 2004. Net earned premiums for the same period expressed in USD totaled $ 8.079.394 against $ 7.611.820 for the corresponding period of 2004, representing an increase of 6%.

Net Investment Income for the period amounted to CYP 378.214 against CYP 253.021, representing an increase of 49%, mainly attributed to the high performance of government bonds.

Operational profit for the period amounted to CYP 376.946 against a profit of CYP 258.402 for an increase of about 46%.

Profit before taxation for the year amounted to CYP 619.530 against a profit before tax of CYP 365.139 in the same period of 2004, for an increase of 70%, while Net profit for the period amounted to CYP 479.868 against a net profit of CYP 322.913 for the corresponding period of 2004, representing an increase of 48.6%

The Company’s book value as at 31 March 2005 was 38,46 Cyprus cents per share.