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FINANCIAL NEWS
Bahrain’s Arig profit up in H1
07 Aug 2014
(MENAFN) Bahrain-based Arig Group, a leading reinsurance provider, said its net profit was estimated at USD4.7 million in the first six months of the current year compared to USD5.2 million in the same period 2013, according to Gulf Daily News.
Investment returns of the group saw a significant rise during the period, and underwriting result was lower at the half-year mark.
The group’s combined ratio boosted by 4.8 points to hit 90.8 percent due to claims from the Indian Sub-continent and re-takaful interest.
As a result, underwriting returns dropped to USD0.5 million compared to USD4.2 million for the same period in 2013.
At the same time, increased income from investments of USD11.7 million in the first half this year assisted in cushioning the impact on the company’s net result.
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