The Group announces net earnings of $ 11.1m for the period compared to $6.4m in the first half of 2008.
Commenting on the results, Wasef Jabsheh, Vice Chairman and Chief Executive Officer, said:
“The growth in profits in the first half of 2009 is testament to the strong risk management initiatives implemented by the Group against backdrop of the current economic conditions. The disciplined underwriting standards to which we adhere, will I believe, continue to produce long term profitable results for our shareholders.”
Mr Jabsheh further added, “The strength of our business model and in particular, the geographical focus in strategically targeted areas, has been a major contributing factor in yielding these excellent results.”
• Gross written premium was $85.37m, compared to $88.68m in 2008. This was due to the Group’s policy of reducing exposure to certain catastrophe prone regions.
• Net earned premium increased to $53m from $40m during the same period of 2008.
• Net underwriting profit improved to $8.11m from $1.04m in the first half of 2008. This net underwriting profit represents 12.85% of the gross earned premium against 2.03% for the same period in 2008.
• Investment income is $3m compared to $5.4m during the same period in 2008.
• The combined ratio was 87.15% compared to 97.97% in the corresponding period of 2008.
• Total assets were $454m and shareholders’ equity was $173m compared to $426m and $153m, respectively, as of 31st December, 2008.
Sunday, August 30- 2009 @ 13:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.