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FINANCIAL NEWS
Bahrain’s Arig reports USD3.8m profit in H1
14 Aug 2012
(MENAFN) Bahrain-based Arab Insurance Group’s (Arig) reported USD3.8 million net profit during the first half of 2012, compared to USD4.1 million loss a year earlier, Gulf Daily News reported.
The company said its results swung to profitability in the period helped by better underwriting performance and the absence of large natural catastrophes.
Arig’s underwriting business reported USD5.2 million profit during the first six months of the year, compared to USD3.9 million loss a year ago.
Investment income remained almost unchanged at USD8.7 million compared to USD8.8 million last year.
More prudent risk selection and generally favorable reinsurance results this year translated into a reduced combined ratio of 85.4 percent from 93.1 percent for the non-life portfolio, said the company.
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