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May 2017 Arab Insurance Group (ARIG) has published its quarterly results ending 31 March 2017. The Bahraini reinsurer reported a net profit of 0.5 million USD, down by 37.5% compared to 0.8 million USD in 2016. The turnover for the same period amounted to 172.8 million USD compared to 202.7 million USD at the end of March 2016.
In the first three months of 2017, the combined ratio stabilized at 74.9% against 77.6% in 2016. These declining results are mainly due to the exchange rate fluctuations and to the shrinking demand in the MENA region.
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