Arab Insurance Group (Arig) announced a net profit of $18.6 million for the half year 2007.

Profits grew by 115 per cent compared to half year 2006 profits of $8.6 million. Strong underwriting and investment performance contributed to this positive result.

Gross premiums written grew by 23 per cent buoyed by significant new business growth from the Far-East and Sub-Saharan Africa. Arig’s traditional Middle-East and North African markets also recorded reasonable growth despite non-renewal of several underperforming and inadequately priced accounts.

Shareholder’s equity at the period-end was $288.7 million after dividend distribution of $22 million for the year 2006. The book value per share as at end June 2007 was $1.35.

On 29 June 2007, Arig acquired Scottish Re Limited’s Middle East Life Reinsurance portfolio amounting to approximately $22 million in annual premiums. Financial impact of the acquisition will be included in the third quarter accounts.- TradeArabia News Service