25th Jul 2007 14:00
Arab Insurance Group (B.S.C.)25 July 2007 25 July 2007 Press Release Arig reports half year profits of US$ 18.6 million Manama: Arab Insurance Group (Arig) announced a net profit of US$ 18.6 millionfor the half year 2007. Profits grew by 115% compared to half year 2006 profitsof US$ 8.6 million. Strong underwriting and investment performance contributedto this positive result. Gross premiums written grew by 23% buoyed by significant new business growthfrom the Far-East and Sub-Saharan Africa. Arig's traditional Middle-East andNorth African markets also recorded reasonable growth despite non-renewal ofseveral underperforming and inadequately priced accounts. Shareholder's equity at the period-end was US$ 288.7 million after dividenddistribution of US$ 22 million for the year 2006. The book value per share as atend June 2007 was US$ 1.35. On 29 June 2007, Arig acquired Scottish Re Limited's Middle East LifeReinsurance portfolio amounting to approximately US$ 22 million in annualpremiums. Financial impact of the acquisition will be included in the thirdquarter accounts. Financial Highlights as at 30 June 2007 (US$'000) 30 June Year 2007 2006 2006 Gross premiums written 132,457 107,474 166,304Underwriting result 6,953 2,727 8,066Investment income 27,445 14,527 38,377Operating expenses 12,480 11,435 24,188Net profit 18,591 8,648 30,366 Investment assets 677,184 646,697 674,274Net technical provisions 417,520 383,202 361,219Shareholders' equity 288,709 269,523 293,396Total assets 997,286 929,489 930,176Book value per share (US$) 1.35 1.24 1.36 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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