Mubasher: Arab Insurance Group (Arig), listed on Bahrain and Dubai bourses, turned to losses of $5.8 million in the fourth quarter of 2015, against profits of $6 million in the same quarter of 2014, according to a bourse filing on Thursday.
The company’s profits of $15.6 million in 2014 were turned into losses of $4.4 million in the fiscal year 2015 due to loss events, overcapacities in the reinsurance market and lower investment returns.
Parent company Arig and its corporate member at Lloyd’s generated gains of $2.1 million from underwriting activities in 2015, compared to $14.3 million in 2014.
Takaful Re, a subsidiary of Arig, produced a loss of $ 1.3 million in 2015, compared to $8.3 million in 2014.
