31st Mar 2008 12:52
Arab Insurance Group (B.S.C.)31 March 2008 Press Release 30 March 2008 Arig's AGM approves 2007 results and elects new Board Manama: Arab Insurance Group (Arig) held its 27th Annual General AssemblyMeeting of shareholders at the Sheraton Hotel in Bahrain on 30 March 2008. The meeting, with 60.6% of shareholders attending, was presided over by Arig'sChairman, Mr. Khalid Ali Al Bustani. At the meeting, shareholders approved Arig's 2007 results, which had registereda net profit of US$ 23.7 million. The result represents an 8.0% average returnon shareholders' equity. In view of the continued profitable operations of the Company, the Boardrecommended a cash dividend of 7.5% on paid-up capital (7.5 cents per share)amounting to US$ 16.5 million. The reinsurance book grew by 50% to US$ 250 million (2006: US$ 166.3 million).Investment earnings also increased by about 40% to US$ 53.7 million for the year(2006: US$ 38.4 million), representing an average rate of return on investmentsof 7.7% (2006: 5.8%). "The Board remains cautiously optimistic that Arig will continue to optimize itsbusiness model and improve on returns from its reinsurance operations despite achallenging industry and a volatile world economic climate" said Mr. Ali AlBustani. The General Assembly also elected members of the Board of Directors for the nextthree years. Mr. Majed Ali Omran Al Shamsi and Mr. Fathi Emhimed El Hagi havenow joined the Board as new members replacing Mr. Ali Ibrahim Kajoor and Dr.Omar E. Al-Hossomi. Mr. Al Bustani thanked the outgoing Board members, who overthe course of their association, have contributed immensely to the Company. The shareholders reappointed KPMG as Arig's auditors for the financial year2008. Following the shareholders' meeting, the new Board of Directors re-elected Mr.Khalid Al Bustani as Chairman and Mr. Khalid Bin Kalban as Vice Chairman andalso reconstituted the Audit and Executives Committees. About Arig Arab Insurance Group (Arig) is one of the largest Arab-owned, professionalreinsurance providers in the Middle East and North Africa. Arig is listed on thestock exchanges in Bahrain, Dubai and Kuwait and offers a wide range ofreinsurance 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 For further information, please contact Amel Dardour, Corporate Communications, Tel: +973 17 544 357, Fax: +973 17 531155, or email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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