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Bahrain- Arig reports $4.5m profit in Q1

13 May 2010

(MENAFN) The Chief Executive Officer of the Arab Insurance Group (Arig) said that the Manama-based firm posted a net profit of $4.5 million in the first quarter of this year up from $1.5 million a year earlier, assisted by rebounding investment returns, Gulf News reported.

The CEO said that shareholders’ equity after the first quarter stood at $257.2 million against $267.3 million at the year-end following distribution of $13.2 million in dividends on last year’s results.

Year-on-year, gross premiums written grew by 27 percent to $141.7 million and the company’s non-life combined ratio came in at a favorable 85.7 percent, he added.

Arig earned $6.5 million in investment income in the first quarter, a turnaround from last year’s first quarter loss of $300,000, the CEO said.

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