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Arig Posts 3rd Quarter Profit Of US$ 16.9 Million On Performance And Investments
Posted:  Wednesday, November 11, 2009
Source :  Corporate Communications 

Arig Posts 3^rd Quarter Profit Of US$ 16.9 Million On Performance And Investments

 

 

Manama: Arig recorded net profits of US$ 16.9 million for the first nine months of 2009 (loss at 3^rd Quarter 2008: US$ 10.8 million) on the back of solid returns from its reinsurance activities and investments. Reinsurance operations returned US$ 7.4 million for the period against a loss of US$ 7.7 million for the same period last year. Changes in the global financial markets pushed earnings from investments to US$ 26.8 million as at 30 September 2009 compared to a loss of US$ 6.4 million after the 3^rd Quarter of 2008 - mostly a result of the large correction in market values of the equities held by Arig at the time.

 

Net earnings for the 3^rd Quarter 2009 alone amounted to US$ 8.1 million (2008: loss of US$ 22.3 million).

 

Non-life classes continued to perform well showing an improved combined ratio of 95.1% (same period 2008: 97%). The Group's reinsurance portfolio reached US$ 247.3 million for the nine-month period, 3.4% higher than in the previous year (first three Quarters 2008: US$ 239.1 million).

 

Arig's Shareholders' Equity stood at US$ 263.1 million on 30 September 2009 (December 2008: US$ 239.6 million) while Book Value per share registered at US$ 1.25 on 30 September 2009 (December 2008: US$ 1.13).                       

 

 

Financial Highlights as at 30 September 2009

 

	(US$'000)
	30 September		Year 2008
	2009	2008
Gross premium written	247,271	239,098	280,694
Technical Result	11,238	7,240	9,585
Underwriting result	7,392	(7,690)	(15,867)
Investment income	26,762	(6,412)	(26,044)
Operating expenses	26,171	25,726	32,394
Net profit	16,944	(10,834)	(28,568)
Investment assets	659,746	694,735	678,507
Net technical provisions	604,698	550,218	524,735
Shareholders' equity	263,121	261,373	239,579
Total assets	1,157,374	1,142,441	1,082,887
Book value per share (US$)	1.25	1.24	1.13

 

 

About Arig

 

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). Arig is also an equal partner in the joint venture Hardy Arig Insurance Management (HAIM). Additional information about Arig can be obtained at www.arig.net

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