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Arig reported its financial results for year ended 31st December 2020

February 22, 2021
banking

Arab insurance Group (B.S.C.) (Arig) recorded a consolidated net profit of US$ 10.5 million, attributable to shareholders, for the fourth quarter of 2020 (fourth quarter 2019: net profit of US$ 4.7 million) an increase of 123%, mainly due to lower claims. Earnings per share for the fourth quarter 2020 was US cents 5.2 compared to a US cents 2.4 for the same period in 2019 an increase of 117%. Comprehensive income attributable to shareholders for the fourth quarter of 2020 was a profit of US$ 14.2 million (fourth quarter 2019: US$ 6.0 million) an increase of 137%.

For the year 2020, consolidated net profit attributable to shareholders was US$ 13.6 million (2019: US$ 17.5 million) a decrease of 22%, mainly due to lower investment income. Earnings per share for the year 2020 was US cents 6.8 compared to US cents 8.9 for the year 2019. Comprehensive income attributable to shareholders for the year 2020 was a profit of US$ 17.0 million (2019: US$ 32.0 million) a decrease of 47%.

Arig’s shareholders’ equity stood at US$ 245.4 million at 31 December 2020 (end of 2019: US$ 228.4 million) an increase of 7%. Accumulated losses of the Company stood at US$ 16.1 million at the year-end (end of 2019: US$ 28.5 million), representing 7% of paid-up capital. The total assets at 31 December 2020 was US$ 790.6 million compared to US$ 1,035.8 million at the end of December 2019, a reduction of 24%.

The Group reported negative gross premiums of US$ 1.6 million for the fourth quarter of 2020 (fourth quarter 2019: gross premiums of US$ 19.2 million). Consolidated investment income attributable to shareholders and insurance funds for the fourth quarter of 2020 was US$ 3.6 million (fourth quarter 2019: US$ 5.6 million), a decrease of 36%. Arig’s underwriting result for the fourth quarter 2020 was a profit of US$ 6.8 million (fourth quarter 2019: profit US$ 6.4 million) an increase of 6% due to lower claims.

Gross premiums written for the year 2020 were also negative US$ 17.3 million (2019: gross premium US$ 194.6 million). Consolidated investment income attributable to shareholders and insurance funds for the year 2020 was US$ 4.9 million (2019: US$ 26.3 million), a decrease of 81% as a result of volatile global markets. Arig’s underwriting profit for the year 2020 was US$ 12.8 million compared to US$ 22.5 million for 2019, a decrease of 43%.

There is no proposal to distribute dividends. The book value per share was US$ 1.24 at the end of the year (end of 2019: US$ 1.15). The full set financial statements and the notes are available on Arig’s and Bahrain Bourse’s websites.

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