Changes in the global financial markets pushed earnings from investments to $26.8m as at 30 September 2009 compared to a loss of $6.4m 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 $8.1m (2008: loss of $22.3m).
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 $247.3m for the nine-month period, 3.4% higher than in the previous year (first three Quarters 2008: $239.1m).
Arig's Shareholders' Equity stood at $263.1m on 30 September 2009 (December 2008: $239.6m) while Book Value per share registered at $1.25 on 30 September 2009 (December 2008: $1.13).
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Arig posts 3rd quarter profit of $16.9m on performance and investments
- Bahrain: Thursday, November 12 - 2009 at 11:06
- PRESS RELEASE
Arig recorded net profits of $16.9m for the first nine months of 2009 (loss at 3rd Quarter 2008: $10.8m) on the back of solid returns from its reinsurance activities and investments. Reinsurance operations returned $7.4m for the period against a loss of $7.7m for the same period last year.
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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). Arig is also an equal partner in the joint venture Hardy Arig Insurance Management (HAIM).
For further information, please contact:
Amel Dardour, Corporate Communications,
Tel: +973 17 544 357
Fax: +973 17 531 155
Posted by Nadeen El AjouThursday, November 12 - 2009 at 11:06 UAE local time (GMT+4)
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