Arab Insurance Group (Arig) today announced net profits of $8.6m for the first half of 2006.
The result represents an increase of 34% over the net profit of $6.4m registered for the same period in the previous year.
GWP during the half year was $107.5m, up from $106.8 million, despite the significant scaling down of treaty business where several non-profitable accounts were not renewed as part of Arig's strategy of maintaining strict underwriting discipline in the prevailing soft market.
According to the company, the increase in business was largely due to strong growth in facultative premiums by 25% and the commencement of operations in Singapore, which led to premiums from the ASEAN region growing by 46%.
Yassir Albaharna, Arig's chief executive officer, said: “We continue our focus on underwriting discipline and the profitable growth of our core reinsurance business which assumes critical importance especially in soft market conditions.”
