8th May 2007 07:00
Arab Insurance Group (B.S.C.)06 May 2007 6 May 2007 Press Release Arig posts net profit of US$ 7.6 million for 1st quarter 2007 Manama: Arab Insurance Group (Arig) announced a net profit of US$ 7.6 millionfor the first quarter of the year (Q1 2006: US$ 8.0 million) supported by strongunderwriting performance and good investment earnings. Gross premiums written grew by 10% on the back of significant growth in newbusiness from markets in the Far-East and Sub-Saharan Africa. Arig'straditional Middle-East and North African markets also recorded reasonablegrowth despite non-renewal of several underperforming or inadequately pricedaccounts. The Group's Islamic subsidiary Takaful Re also continued to expandits market position with Participant's gross contributions growing to US$ 9.2million (Q1 2006: US$ 2.3 million). Shareholder's equity at the quarter-end was US$ 279.8 million after dividend ofUS$ 22 million for the year 2006 with the per share book value of US$ 1.30reflecting a gradual increase over the year-end 2006 post dividend book value. Financial Highlights as at 31 March 2007 (US$'000) 31 March Year 2007 2006 2006Gross premiums written 92,997 84,504 166,304Underwriting result 3,672 4,096 8,066Investment income 9,000 11,445 38,377Operating expenses 5,590 5,001 24,188Net profit 7,638 8,015 30,366 Investment assets 681,777 659,879 674,272Net technical provisions 416,764 391,111 361,219Shareholders' equity 279,786 269,250 293,396Total assets 1,010,386 956,081 930,176Book value per share (US$) 1.30 1.24 1.36 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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