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Arig Returns Profitable 1st Quarter Result on Single-Digit Portfolio Growth

Source: Corporate Communications

Arig Returns Profitable 1st Quarter Result on Single-Digit Portfolio Growth

 

Bahrain: Arig reported reduced net profits of US$ 2.7 million for the first quarter of 2013 (Q1 2012: US$ 5.5 million) on gross premiums of US$ 164.9 million (Q1 2012: US$ 159.9 million), an increase of 3%. Arig’s non-life combined ratio reached 79.7% for the first quarter (Q1 2012: 75.2%).

The underwriting result was lower at US$ 1.6 million against the previous year’s quarter (Q1 2012: US$ 3.5). Investments returned US$ 6.4 million (Q1 2012: US$ 10.5 million) following uplift in the global equity markets.

Yassir Albaharna, CEO of Arig, commented: “Following our practice of prudent reserving we have catered for some potential claims as a precaution. This has lowered the underwriting result even though it is too early in the year to say if this would have a lasting effect on our overall performance in 2013.”

Arig’s shareholders’ equity increased to US$ 249.6 million on 31st of March, 2013 (end of 2012: US$ 247.1 million), with a book value per share of US$ 1.26 for the same period (end of 2012: US$ 1.25).

 

Financial Highlights as at 31 March 2013 (in US$ million)

As at 31 March Full Year
2013 2012 2012
Gross premiums written 164.9 159.9 238.6
Technical result 2.4 3.3 27.0
Underwriting result 1.6 3.5 19.9
Non-life combined ratio 79.7% 75.2% 96.9%
Investment income 6.4 10.5 21.4
Operating expenses 6.8 7.7 28.4
Net profit 2.7 5.5 15.3
Investment assets 628.9 643.0 652.9
Net technical provisions 649.9 668.0 543.7
Shareholders’ equity 249.6 235.3 247.1
Total assets 1,092.7 1,120.0 999.4
Book value per share (US$) 1.26 1.19 1.25

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 and Dubai and offers a wide range of reinsurance products and services. Arig’s subsidiaries include Takaful Re (Dubai), Gulf Warranties (Bahrain), ARIMA Insurance Software (Bahrain) and Arig Capital Ltd, (UK). Arig is also an equal partner in the joint venture Hardy Arig Insurance Management HAIM (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 17 531 155, or email: dardour.a@arig.com

 


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