ARIG's 2010 profits nearing those of 2009

Arab Insurance Group (ARIG) has announced that its profit for the year 2010 amounted to 20.8 million USD. In 2009, the group posted profits worth 21.9 million USD. The loss ratio of non-life business remains stable at 67.8% (compared to 67.9% in 2009).
In order to maintain its profitability in a soft environment, the reinsurer chose not to renew the least performing classes of business, which led to a decline in the gross written premiums volume by 14.3% at 239.5 million USD.
Apart from overhead expenses, the technical result has reached 16.2 million USD (16.5 million USD in 2009) and the return on equity is of 34 million USD (33.7 million USD in 2009).