Arig Profits Jump 34% in First Half

MANAMA, 21 July 2006 — Arab Insurance Group (Arig) yesterday announced net profits of $8.6 million for the first half year of 2006. This represents an increase of 34 percent over the net profit of $6.4 million registered for the same period in the previous year (excluding $28.9 million of profits from discontinued operations). Gross premium writings during the half year were $107.5 million, up from the $ 106.8 million registered for the same period in 2005 despite the significant scaling down of treaty business where several non-profitable treaty accounts were not renewed as part of Arig’s strategy of maintaining strict underwriting discipline in the prevailing soft market.