Magazine date:
Mar 2016 Arig group has posted a loss of 4.4 million USD in 2015, compared to 15.6 billion profits reported a year before. The multiplication of claims, the surplus in reinsurance capacity and the decline in return on investment are behind this situation.
The takaful subsidiary (Takaful Re), which has been going through rocky times in recent years, has posted 1.3 million USD in underwriting losses for Arig. Gross premiums at the level of the group are set at 220.4 million USD, compared to the 315.3 million USD reported in 2014. This decrease is partly accounted for by falling underwritings at the level of the Lloyd’s. Combined ratio has deteriorated, attaining 106.6% in 2015, an increase by 4.9 points.