Arig, including its corporate member at Lloyd's, contributed
The profit growth was assisted by favourable loss experience and conventional reinsurance operations continuing to perform well.
The group's net profit for the last quarter of the year was
Reinsurance operations produced underwriting returns of
The combined ratio was 97.8 per cent for the group and 94.2 per cent for Arig alone.
The group's gross premium reduced by 5 per cent to
Consolidated group investment income amounted to
"Supported by solid underwriting performance, strong reserves and good investment results, we are pleased with the performance of the group," Arig chief executive
"Amidst challenging trading conditions, we have seen continuous improvement in the trend of our performance ratios for the conventional reinsurance lines.
"However, we are equally aware that the group's Re-Takaful business remains work in progress as the
"Our tolerance to negative returns affecting the Group is limited."
Return on average shareholder funds was 7.7 per cent (2012: 7.6 per cent) as shareholders' equity grew by 6 per cent to
Book value per share reached
To comply with new requirements under the IFRS accounting rules, the group consolidated its Re-Takaful subsidiary participants' fund into the parent's annual accounts for last year. Accordingly, all comparative figures for 2012 have been restated.-
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