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MANAMA, Bahrain Arab Insurance Group's profits fell to $7.6 million in the first quarter of this year despite an increase in gross written premiums.
The Manama, Bahrain-based insurer recorded net income of $8 million during the first quarter of 2006. As profits dipped, gross premiums rose 10% to $93 million in the first three months of 2007 largely due to growth in new business from the far east and sub-Saharan Africa, the insurer said in a statement.
The group's profits were dampened partly by investment returns that lagged those of last year's first quarter.
Arig's Dubai-based retakaful unit, Takaful Re Ltd., saw gross contributions by participants rise to $9.2 million for the first quarter, a significant increase from $2.3 million during the period a year earlier.