The company’s technical result for the two quarters was a profit of US$ 10.3 million (Q2 2012: US$ 9.2 million). Investment income increased to US$ 9.4 million at the half-year point (Q2 2012: US$ 8.9 million). Net profit for the second quarter alone was US$ 3.0 million (Q2 2012: loss of US$ 2.4 million). The Group consolidated its Re-Takaful subsidiary participants’ fund accounts for the first time to comply with new accounting standards. Accordingly, all comparative figures have been restated.
Gross premiums written during the half-year remained flat at US$ 224.3 million (Q2 2012: US$ 223.6 million). The gross premiums for the second quarter alone increased by 10.7% reaching US$ 44.2 million (Q2 2012: US$ 40.0 million) and the non-life combined ratio stood at 85.9 % (Q2 2012: 85.8 %).
“Group’s continued focus on maintaining strict underwriting discipline and a conservative investment strategy has helped achieve consistent positive results in what remains to be a competitive environment,” Yassir Albaharna, CEO of Arig, said.
Arig’s shareholders’ equity stood at US$ 233.9 million on 30 June, 2013 (end of 2012: US$ 235.2 million), with a book value per share of US$ 1.18 (end of 2012: US$ 1.19).