2nd Nov 2006 12:19
Arab Insurance Group (B.S.C.)02 November 2006 2nd November 2006 Press Release Arig net profit increases by 50% for the 3rd quarter 2006 Manama: Arab Insurance Group (Arig) today announced its results for the ninemonths ended 30 September 2006 reporting a net profit of US$ 12.9 million. Thisrepresents an increase of 50% over the net profit of US$ 8.6 million registeredin the second quarter of 2006, and compares to a net profit of US$ 13.2 millionfor the same period last year (excluding profits of US$ 28.9 million fromdiscontinued operations). The gross premiums at the end of the quarter were US$ 146.8 million, up from US$144.9 million for the same period in 2005. The growth was mainly in facultativereinsurance premiums (property and engineering classes) which grew by 36% to US$23.6 million for the period from US$ 17.4 million. As a part of maintainingstrict underwriting discipline, Arig did not renew several non-profitabletreaties. The treaty premium at the end of the quarter was US$ 119.2 million,down from US$ 125.0 million. Life premiums grew by 65% to US$ 4.0 million fromUS$ 2.4 million in 2005. The commencement of Arig's branch operations in Singapore resulted in a strongpremium growth of 67% from East Asia markets. Despite the increased volatility in global financial markets, resulting insignificant unrealised losses on the trading portfolios, Arig's investmentincome amounted to US$ 26.2 million. Shareholders' equity at 30 September 2006increased to US$ 275.8 million compared to US$ 272.4 million at year-end 2005. ***************** For further information or enquiries, please contact Deepak Kanulkar on Tel: +973 17 544 321, Fax: +973 17 531155, Mobile: +9733933 9263 & Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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