Arig's H1 net drops to $8.8m
Manama, August 4, 2009
Arab Insurance Group (Arig), a professional reinsurance provider in the Mena region, posted net profits of $8.8 million for the first six months of 2009, against $11.4 million for the same period last year.
Life and Non-life classes continued to perform at a robust combined ratio of 94.31 per cent against 94.26 per cent for the similar period a year ago.
The group’s reinsurance portfolio reached $163.0 million for the first half this year against $184.0 million last year. The drop in gross premium is the result of lower trading volumes in the cyclical lines of business that would recover in tandem with the economies of the Emerging Markets, which form Arig’s core business area.
Personal line classes, especially medical business performed strongly, reflecting increased demand for such classes in the regional insurance markets.
Shareholders’ Equity amounted to $250.3 million on June 30, 2009, compared to $239.6 million at the end of December 2008.
Book value per share stood at $1.18 for H1 this year against $1.13 in December 2008.-TradeArabia News Service