Arig registers Q1 net income of $4.5m
Manama, May 12, 2010
Arig (Arab Insurance Group), one of the largest Arab-owned, professional reinsurance providers in the Mena, recorded net profit of $4.5 million for the first quarter of 2010 (Q1 2009: $1.5 million).
Year-on-year, gross premiums written grew by 27 per cent to $141.7 million from $111.8 million in 2009.
The company’s non-life combined ratio came in at a favorable 85.7 per cent.
Shareholders’ Equity after the first quarter stood at $257.2 million (December 2009: $267.3 million) following distribution of $13.2 million in dividends on the financial year 2009 result.
Arig’s share book value registered $1.22 on March 31, 2010 (December 2009: $1.27).-TradeArabia News Service