Middle East

Arig profits climb after summer of hectic activity

Bahrain s Arab Insurance Group ( Arig) has reported nine-month net profits to end-September of $19mn, well up on the group s 2003 full-year result of $7.6mn. Buoyed by its increased profitability and capital contributions, Arig s shareholders equity at end-September stood at $199.2mn, against $128.4mn at the start of the year, while paid-up capital now stands at $190.4mn. The firm s core reinsurance operations lie at the heart of the improvement, with premiums currently running 20% up on last year following summer months during with Arig reported hectic activity .