Bahrain- Arig posts $22m profit in 2009

29 Mar 2010

(MENAFN) The Chairman of the Arab Insurance Group (Arig) said that the Bahrain-based group earned a net profit of $21.9 million for last year, representing 8.6 percent average return on the company’s equity, Gulf Daily News reported.

He pointed out that economic forecasts for this year remain subdued, adding that industrial production and the consumption of natural resources globally is expected to stay below the built up capacity.

He noted that this will therefore take time for markets to exhaust current surplus and start generating growth at meaningful levels.

Performance of the economies in the current year will depend on how much governments are able to increase their spending in an effort to jump start their lagging economies, the group’s chairman said.

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