Investment returns remained flat with a marginal deficit of $0.3m reflecting current financial market conditions.
Gross Written Premium was down by 14% due to lower trading volumes in the cyclical Engineering and Marine lines as well as the selective acceptance policy exercised by the Company. The Group's reinsurance portfolio reached $111.8m for the quarter.
All Life and Non-life classes produced a robust combined ratio of 93.8% (1st Quarter 2008: 101.3%) based on Net Earned Premiums.
Shareholders' Equity increased to $241.0m on 31 March 2009 (December 2008: $239.6m). Book value per share stood at $1.14 on 31 March 2009 (December 2008: $1.13).
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Arig records 1Q profit backed by strong reinsurance performance
- Bahrain: Thursday, May 14 - 2009 at 13:17
- PRESS RELEASE
Following a full-year loss in 2008, Arig returned to profitability posting a 1st quarter net profit of $1.5m (1Q 2008: $3.0m) backed by strong Technical Result of $8.6m (1Q 2008: $3.3m) across its reinsurance portfolio.
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About ArigArig 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).
Posted by Rana MesbahThursday, May 14 - 2009 at 13:17 UAE local time (GMT+4)
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