Tawa Plc. (TAW.L) Thursday said annual pre-tax loss widened to $22.0 million from last year's $10.4 million. Loss for the period attributable to owners of the company was $22.5 million or 20.22 cents per share compared to a loss of $21.6 million or 19.83 cents per share last year.
Net earned premium revenue was $0.8 million compared to $58.2 million last year as Insurance premium revenue was a negative $0.2 million this year compared to $58.6 million last year.
As an alternative technique to assuming run-off risks, Tawa set up a dedicated reinsurance vehicle, QX Reinsurance Company Limited, in Bermuda to reinsure portfolios.
Risk carriers profit excluding QX Re was $8.1 million compared to a loss of $18.6 million last year.
Gilles Erulin, CEO, said, ''We are disappointed by the QX Re outcome, which masks the results of a solid year of work from all our teams, and look forward to 2013 for those efforts to progressively crystallize into cash flow and net asset value".
The company does not plan a dividend for 2012. The company noted that 2013 will see a continuation of its efforts to grow the service business. ''Volatility reduction and downscaling will continue for our risk carriers. At Group level our agenda remains: deleveraging, cost savings and the restoration of an internal and external investment capacity,'' the firm added.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.