Arig's AGM approves 2007 results and elects new Board

The meeting, with 60.6% of shareholders attending, was presided over by Arig's Chairman, Mr. Khalid Ali Al Bustani.

At the meeting, shareholders approved Arig's 2007 results, which had registered a net profit of $23.7m. The result represents an 8.0% average return on shareholders' equity.

In view of the continued profitable operations of the Company, the Board recommended a cash dividend of 7.5% on paid-up capital (7.5 cents per share) amounting to $16.5m.

The reinsurance book grew by 50% to $250m (2006: $166.3m). Investment earnings also increased by about 40% to $53.7m for the year (2006: $38.4m), representing an average rate of return on investments of 7.7% (2006: 5.8%).

"The Board remains cautiously optimistic that Arig will continue to optimize its business model and improve on returns from its reinsurance operations despite a challenging industry and a volatile world economic climate," said Mr. Ali Al Bustani.

The General Assembly also elected members of the Board of Directors for the next three years. Mr. Majed Ali Omran Al Shamsi and Mr. Fathi Emhimed El Hagi have now joined the Board as new members replacing Mr. Ali Ibrahim Kajoor and Dr. Omar E. Al-Hossomi. Mr. Al Bustani thanked the outgoing Board members, who over the course of their association, have contributed immensely to the Company.

The shareholders reappointed KPMG as Arig's auditors for the financial year 2008.

Following the shareholders' meeting, the new Board of Directors re-elected Mr. Khalid Al Bustani as Chairman and Mr. Khalid Bin Kalban as Vice Chairman and also reconstituted the Audit and Executives Committees.