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World Insurance Report

Arab Insurance Group (Arig)

Management is concerned that rising rates in its main markets in 2006 obscured the wider success of Arig’s restructuring efforts

Although the Bahrain based Arab Insurance Group ( Arig) saw a 37.0% drop in its net income from US$48.2mn in 2005 to $30.4mn in 2006, the result is far from an accurate reflection of the group’s performance in 2006. The 2005 net result was significantly boosted by the sale of Arig’s controlling stake in Moroccan subsidiary, CNIA Assurance, for which the group received $28.9mn. But while Arig’s achievements were significantly better than its net results indicated during 2006, they were not as good as suggested by the 79.0% increase in its pre-tax profits from $18.3mn in 2005 to $32.7mn in 2006. This latter figure includes a $10.4mn payment from the Moroccan government in settlement of a successful warranty claim relating to an agreement that Arig entered into with the Moroccan authorities when the group first acquired CNIA Assurances in July 1997.

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