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

SourceBizbahrain
SectorFinancial Markets
CountryMiddle east

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$ ...read more...