Mubasher: Arab Insurance Group (Arig), listed on Bahrain Bourse and the Dubai Financial Market (DFM), announced it has recorded a net profit of $7.4 million for the second quarter of 2019, against a net loss of $22.9 million in Q2-18.

Earnings per share (EPS) for Q2-19 stood at $3.8, versus a loss per share of $11.6 for the same quarter in 2018, according to a press release.

The company’s underwriting profit skyrocketed by 1,614% during the three-month period ended June 2019 to $12 million, compared to $0.7 million in Q2-18.

As for the first half of 2019, Arig has generated a consolidated net profit attributable to shareholders of $9.2 million, against a loss of $22.4 million in H1-18.

Consolidated investment income hiked by 97% during the six-month period ended 30 June 2019 to $17.3 million from $8.8 million in the prior-year period.

Moreover, Arig’s underwriting result totalled $12.5 million in H1-19, surging 1,686% from $0.7 million in the corresponding period of 2018.

Gross premiums written hit $171.7 million during the first six months of 2019, down 8% from $187.5 million in H1-18.

EPS was at $4.6 in H1-19, compared to a loss of $11.3 during the same period a year earlier.

Shareholders’ equity reached $216.9 million at the end of June 2019, up 10% from $196.4 million at the end of 2018.

Total assets amounted to at $1.122 billion as at 30 June 2019, compared to $1.130 million in the previous year for the same period.

ARIG previously announced that its profits soared by 249% year-on-year during the first quarter of 2019 to $1.753 million.