Arab Insurance Group (ARIG) announced a net profit after tax of US$6.9m for the nine months to 30 September 2003, as part of its third quarter results.
This contrasts with losses of US$13.3m for the comparable period in 2002.
Group subsidiaries and associate companies recorded US$3.8 million in profit for the nine months to 30 September 2003, compared with a US$0.7m loss for the same period a year earlier.
ARIG said it expected to end the year with a net profit, compared with losses of US$36.8m for 2002.
It is now seeking a financial strength rating by an international rating agency, said a group spokesman.
