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Arig turns profitable in Q3

Arig turns profitable in Q3
Net profit reached $1.7 million in Q3-16- (Photo credit: Arabianeye - Reuters)
ARIG
ARIG
9.47% 1.04 0.09

Mubasher: Arab Insurance Group (Arig) turned to profits in the third quarter of 2016.

Net profit reached $1.7 million in Q3-16, versus $4.8 losses million in Q3-15, according to a bourse filing.

The Bahrain-Dubai listed company’s profits also hiked 143% to $3.4 million in the first nine months of 2016 from $1.4 million in the year-ago period.

Gross premiums written reached $21.3 million in Q3-16 from $26.5 million in Q3-15.

Arig earlier posted a net profit of $1.99 million for H1-16, with a 49.4% decline.