Greetings

Dear partners and colleagues!

It is a great pleasure for me to present the Annual Report of Future Re Company for the year 2023.

This report covers the overall operating performance, profit and loss through reinsurance and investment business, as well as the auditor’s report on the financial performance of the Company.

In 2023, the country has seen remarkable successes and improvements in the maintenance and reinforcement of most sectors of the national economy while large scale construction projects for better livelihood of the people were successfully carried out. Agricultural production also increased significantly and marine transportation resumed vitalization.

In tandem with the overall activation of national economy last year, Future Re has renewed the reinsurance treaties with domestic insurers including CAR & EAR, Marine Cargo and Hull, Agriculture Reinsurance and others.

The Company has mainly provided local insurers with proportional reinsurance cover such as Quota Share Reinsurance and Surplus Reinsurance for the risks assumed, while binding non-proportional reinsurance for Crop, Civil Engineering Completed Risks and Marine Cargo reinsurance.

Future Re also put emphasis in keeping contacts with overseas insurers, reinsurers and brokers aiming to expand its presences in international markets, and as a result we have successfully contracted several inward and outward reinsurance treaties with Asia, Middle East and African markets last year.

For the offshore risks, the company provided Facultative Reinsurance Cover for several classes, including Property All Risks, Third Party Liability, Business Interruption and Standard Fire and Allied Perils, etc.

Gross written premium for UY 2023 was KPW 1,928,770,416 and net profit in reinsurance (before payment to State) was KPW 1,280,061,341, which increased to 103.81% and 100.56% respectively over the previous year, and the combined loss ratio was 44.13% in reinsurance portfolio.

During the reporting period, the Company regarded the optimization of operation and administration costs as its standing principle and appropriated KPW 212,367,067 to this effect.

As a result, the Company has achieved total business income of KPW 2,205,058,410, and recorded its net profit (before payment to State) of KPW 1,093,367,067.

In order to upgrade the reinsurance business on a scientific, modern and IT basis, which is the key to business development, the Company focused on studying the up-to-date underwriting standards and modules which are applied in the international insurance markets, and established a system of scientific and practical analysis and risk management for reinsurance business.

The company also adhered to talent-priority policy requesting all the underwriters and staff to learn up-to-date underwriting standards and management skills to enable them successfully respond to changes and developments in the risks and market.

We are orienting ourselves towards sustained and stable progress of our business activities in the coming years as we have been doing so far, and we are confident in our future.

The Company will consolidate its leading position as a sole professional reinsurer in local market, by expanding the success achieved in 2023 as well as making up for the lacks in its management, and also to widen the scope of the business exchanges with overseas insurers and reinsurers, brokers, based upon the valuable experience that it could make a start in the international insurance markets last year.

I, on behalf of the executive board of the Company, would like to express my warming greetings to all domestic insurers and broking company, who have supported and encouraged us with firm belief in us.

And I also extend my deep gratitude to overseas partners and colleagues for having cooperated with keen interest in us.

Best regards.