The Arab War Insurance Syndicate (Awris), which is headquartered in Bahrain, saw gross profit in 2010 reach $15.84 million compared to $15.79 million the previous year.

Total assets increased to $140.4 million from $128.5 million in 2009.

The announcement was made during the Awris annual general meeting where the new members of Awris technical committee were elected.

Bahrain-based Takaful insurance company Solidarity Group chief executive Ashraf Bseisu was elected chairman of the committee.

'Awris funds increased by $10.3 million to $126.9 million in 2010 and insurance profit went up from $13.3 million to $13.6 million,' said Bseisu.

'Syndicate members increased to 171 companies from across the Arab world,' he added.

'A total of 155 members attended the annual general meeting representing an 87 per cent turnout.'-TradeArabia News Service