12.08.2015, 14:26
Arig Raises Half - Year Profit On Positive Underwriting And Investment Returns
OREANDA-NEWS. Improved underwriting performance and higher investment returns supported a 32% increase in the
Arig Group’s half
-
year net profit of US\\$ 6.2 million (half
-
year 2014: US\\$ 4.7 million). Earnings from the
conventional reinsurance book contributed wit
h a net income of US\\$ 9.2 million (half
-
year 2014: US\\$
7.4
million), whereas Takaful Re, the Group’s Islamic subsidiary, produced a loss of US\\$ 2.7 million over the
period (half
-
year 2014: a loss of US\\$ 2.6 million). Results include exchange rate effects a
nd an impairment
provision of
US\\$ 4.9 million
taken over the office property held by Takaful Re.
The Group’s net result for the second quarter alone was US\\$ 2.7 million (Q 2 2014: US\\$ 1.9 million).
Gross premiums written during the first half - year decreased by 21% to US\\$ 186.1 million for the Group (half - year 2014: US \\$ 236.8 million), reflecting Arig’s selective underwriting policy in a soft market environment, shifts in its Lloyd’s portfolio and exchange rate effects. The Group’s combined ratio wa s 90.2% after the second quarter (half - year 2014: 90.8%).
Yassir Albaharna, CEO of Arig, commented: “Arig significantly improved its half - year result despite losses from the Nepal earthquake and the Far East, an increase in our technical provisions and a one - off impairment taken on our subsidiary’s property holding. I am pleased to say that the Group continues to operate on very solid financials.”
Arig’s shareholders’ equity stood at US\\$ 262.1 million on 30 June 2015 (end of 2014: US\\$ 264.5 million) after the distribution of dividend US\\$ 0.05 per share. Book value per share was US\\$ 1.32 at the end of the second financial quarter 2015 (end of 2014: US\\$ 1.3 4).
About Arig
Arig is one of the largest Arab - owned, professional reinsurance providers in the Middle East and 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 Ta kaful Re (Dubai), Gulf Warranties (Bahrain) and Arig Capital Ltd. (UK)
The Group’s net result for the second quarter alone was US\\$ 2.7 million (Q 2 2014: US\\$ 1.9 million).
Gross premiums written during the first half - year decreased by 21% to US\\$ 186.1 million for the Group (half - year 2014: US \\$ 236.8 million), reflecting Arig’s selective underwriting policy in a soft market environment, shifts in its Lloyd’s portfolio and exchange rate effects. The Group’s combined ratio wa s 90.2% after the second quarter (half - year 2014: 90.8%).
Yassir Albaharna, CEO of Arig, commented: “Arig significantly improved its half - year result despite losses from the Nepal earthquake and the Far East, an increase in our technical provisions and a one - off impairment taken on our subsidiary’s property holding. I am pleased to say that the Group continues to operate on very solid financials.”
Arig’s shareholders’ equity stood at US\\$ 262.1 million on 30 June 2015 (end of 2014: US\\$ 264.5 million) after the distribution of dividend US\\$ 0.05 per share. Book value per share was US\\$ 1.32 at the end of the second financial quarter 2015 (end of 2014: US\\$ 1.3 4).
About Arig
Arig is one of the largest Arab - owned, professional reinsurance providers in the Middle East and 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 Ta kaful Re (Dubai), Gulf Warranties (Bahrain) and Arig Capital Ltd. (UK)
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