23rd Jul 2008 15:46
July 22nd, 2008
Solid 2nd Quarter for Arig Despite Trailing Investments
Manama: Arab Insurance Group (B.S.C.) (Arig) announced half-year net profits of US$ 11.4 million (1st HY 2007: US$18.6 million). The company's core reinsurance business continues to perform better than for the same period last year. However, the volatility of the global financial markets resulted in lower investment income compared to 2007. In order to balance risk from reinsurance against capital market risk, Arig maintains a highly diversified investment portfolio, which is conservatively managed.
Arig's reinsurance portfolio grew by 40% for the first six months with Gross Written Premium accounting for US$ 184 million (1st HY 2007: US$ 132.5 million). Life business and the growth dynamics experienced within the Non-Life portfolio continue to be key drivers of growth.
Shareholders' equity stood at US$ 289.4 million and book value per share was US$ 1.37 at the end of June 2008.
The Company continues to expand on its already strong competitive position in the Afro-Asian region - despite a growing number of national and international players offering ample capacities to clients.
Financial Highlights as at 30 June 2008
|
(US$ '000) |
|||
|
as at 30 June |
Full Year 2007 |
||
|
2008 |
2007 |
||
|
Gross Written Premium |
183 974 |
132 457 |
249 968 |
|
Underwriting Result |
3 713 |
6 953 |
270 |
|
Total Investment Income |
15 339 |
27 446 |
53 693 |
|
Total Operating Expenses |
16 874 |
12 480 |
29 170 |
|
Net Profit |
11 439 |
18 591 |
23 655 |
|
Investment Assets |
715 154 |
677 184 |
711 658 |
|
Technical Reserves |
545 643 |
417 520 |
459 104 |
|
Shareholders' Funds |
289 448 |
288 709 |
298 438 |
|
Total Assets |
1 140 297 |
997 286 |
1 049 808 |
|
Book Value per share (US$) |
1,37 |
1,35 |
1,40 |
About Arig
Arab Insurance Group (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) and ARIMA Insurance Software (Bahrain). Additional information about Arig can be obtained at www.arig.net
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