Arig moving in right direction

24 February 2003
Bahrain-based Arab Insurance Group (Arig)on 23 February announced full-year losses for 2002 of $36.8 million, a considerable improvement on the $88.3 million lost in the previous financial year. The main reason for the continuing losses at Arig was the default of some of its reinsurance providers because of the 11 September and the weak earnings from investments in depressed international capital markets. 'The group has made significant provisions against a deterioration of past years' exposures and against a permanent impairment of certain of non-performing investments undertaken in the 1990s,' says Arig in a statement.

Arig plans to focus on its core business areas this year and to maintain a tight control of costs. Expansion plans have been put on hold ( MEED 8:11:02).

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