The Arab Insurance Group (Arig) has revealed that its gross reinsurance premiums in January totalled $50.3m (£31.5m), compared with $44.1m (£27.7m) last year.
The improved results follow a recently abandoned attempt to raise more capital, which it launched as part of a financial restructuring to write off losses.
The group, which owns Arig Re and insurance subsidiaries, said it made a $36.8m (£23.1m) net loss in 2002, which was less than half the $88.3m (£55.4m) net loss in 2001.
The insurer made a total gross written premium in 2002 of $202.1m (£127.3m), down slightly on the previous year's $206.5m (£129.8m).
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