Arig Posts 3rd 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 3rd 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 3rd 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 3rd 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
|Gross premium written||247,271||239,098||280,694|
|Net technical provisions||604,698||550,218||524,735|
|Book value per share (US$)||1.25||1.24||1.13|
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