Declining results for ARIG in 2015

The year 2015 was detrimental for ARIG. The Bahraini reinsurer reported a net loss of 4.4 million USD in 2015 while it had recorded a profit of 15.6 million USD a year earlier.

Gross written premiums were down by 30% dropping from 315.3 million in 2014 to 220.4 million USD in 2015. The underwriting result which was of 6 million in 2014, fell to 0.8 million USD in 2015 while the combined ratio lost almost 6 points to 106.6% in 2015 against 101.7% in 2014.

These poor results are mainly due to the underwritings in the London market and the group's subsidiary, Takaful Re. In addition, changes in exchange rates have negatively impacted the the reinsurer's results.

The group's management is considering corrective measures including a possible cessation of Takaful Re underwritings of which ARIG detains 54% stakes.

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