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Arig posts net profit of US$ 7.6 million for 1st quarter 2007

Source: Corporate Communications

Manama: Arab Insurance Group (Arig) announced a net profit of US$ 7.6 million for the first quarter of the year (Q1 2006: US$ 8.0 million) supported by strong underwriting performance and good investment earnings.

Gross premiums written grew by 10% on the back of significant growth in new business from markets in the Far-East and Sub-Saharan Africa. Arig’s traditional Middle-East and North African markets also recorded reasonable growth despite non-renewal of several underperforming or inadequately priced accounts. The Group’s Islamic subsidiary Takaful Re also continued to expand its market position with Participant’s gross contributions growing to US$ 9.2 million (Q1 2006: US$ 2.3 million).

Shareholder’s equity at the quarter-end was US$ 279.8 million after dividend of US$ 22 million for the year 2006 with the per share book value of US$ 1.30 reflecting a gradual increase over the year-end 2006 post dividend book value.

Financial Highlights as at 31 March 2007

(US$’000)
31 March Year2006
2007 2006
Gross premiums written

92,997

84,504

166,304

Underwriting result

3,672

4,096

8,066

Investment income

9,000

11,445

38,377

Operating expenses

5,590

5,001

24,188

Net profit

7,638

8,015

30,366

Investment assets

681,777

659,879

674,272

Net technical provisions

416,764

391,111

361,219

Shareholders’ equity

279,786

269,250

293,396

Total assets

1,010,386

956,081

930,176

Book value per share (US$)

1.30

1.24

1.36

 

 


© 2022 Arab Insurance Group (B.S.C.) is a reinsurance firm regulated by the Central Bank of Bahrain