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FINANCIAL NEWS
Arab Insurance Group achieves $12m Q3 earnings
15 Nov 2010
(MENAFN) Chief Executive Officer of Arab Insurance Group (ARIG), Yassir Al Baharna, announced that the company has returned to profit during the July-September period of 2010, by posting earnings of $12.3 million, as opposed to $11.2 million during the same period a year ago, Trade Arabia reported.
During the third quarter of the current year, investments brought in $20.5 million, as opposed to $26.8 million during the entire January-September period, explained Al Baharna.
Earnings for the mentioned period amounted to $11.5m compared to $16.9 million a year earlier, but a strong recovery following a $2.8 million loss recorded at mid-year.
ARIG attributes the rough financial patch to the combined effects of reduced demand for reinsurance, discontinuation of some under-performing contracts and deferred policy renewals led to a reduction in gross premiums written, which reached $207 million at the end of the third quarter compared to $247.3 million this time last year, though the CEO regards this drop as a temporary effect.
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