Mubasher: Arab Insurance Group’s (Arig) profits declined in the second quarter of fiscal 72.2% year-on-year.

Net profit reached $1.01 million in Q2-16, versus $3.63 million in Q2-15, according to a bourse filing.

Gross premiums written fell in Q2-16 by 83% to $3.5 million from $20.07 million in Q2-15.

The Bahrain-Dubai listed company’s earnings also dropped in the first half of fiscal by 49.4% to $1.99 million, versus $3.93 million  in H1-15.

Arig earlier posted a net profit of $982,000 for Q1-16.