Arig returns to profit in Q3, posts $8m net
Manama, November 11, 2009
Arig, one of the largest Arab-owned, professional reinsurance providers, has recorded net earnings of $8.1 million for the third quarter, compared to a loss of $22.3 million for the same period a year ago.
Net profit for the first nine months of 2009 was $16.9 million, against a loss $10.8 million for the same period in 2008, on the back of solid returns from its reinsurance activities and investments.
Reinsurance operations returned $7.4 million for the period against a loss of $7.7 million for the same period last year. Changes in the global financial markets pushed earnings from investments to $26.8 million as at 30 September 2009 compared to a loss of $6.4 million after the third quarter of 2008 - mostly a result of the large correction in market values of the equities held by Arig at the time.
The group’s reinsurance portfolio reached $247.3 million for the nine-month period, 3.4 per cent higher than the $239.1 million in the similar period last year.-TradeArabia News Service