Arab Insurance Group (Arig) reports half-year net profit of US$ 3.8 million compared to a net loss of US$ 4.1 million of the same period in 2011. Where gross premiums written for first half 2012 reported US$ 171.1 million compared to US$ 188.9 million, a decrease of 9.4 percent.
The company’s underwriting result for the period ending 30 June 2012 produced income of US$ 5.2 million compared to a loss of US$ 3.9 million in the corresponding period of 2011, while investment income remained largely flat at US$ 8.7 million at the half-year point against US$ 8.8 million in 2011. Net under writing result for the second quarter amounted to US$ 1.7 million compared to US$ 5.4 million of the same period in 2011.
Tighter risk selection and generally favorable reinsurance results in 2012 translated into a reduced combined ratio of 85.4% for the company’s non-life portfolio versus 93.1% of the corresponding period in 2011. However, as original premium rates charged by insurers in the MENA region remained intensely price competitive and some regional markets succumbed to political turmoil, gross written premiums declined to US$ 171.1 million compared to US$ 188.9 million in 2011, or by 9.4% year-on-year.
Total assets at the end of 30 June 2011 recorded as 1059.6 million compared to 1139.1 millions as at 30 June 2011.
Shareholders’ equity increased to US$ 234.4 million at 30 June 2012 compared to US$ 222.4 million as of December 2011, and book value per share recorded at US$ 1.18 (December 2011: US$ 1.12).
Arig is one of the largest Arab-owned, professional reinsurance providers in the Middle East and North Africa. Arig is listed on the stock exchanges in Bahrain, Dubai and Kuwait and offers a wide range of reinsurance products and services. Arig’s subsidiaries include Takaful Re (Dubai), Gulf Warranties (Bahrain), ARIMA Insurance Software (Bahrain) and Arig Capital Ltd, UK. Arig is also an equal partner in the joint venture Hardy Arig Insurance Management (HAIM).
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