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Arig profits double in first half


MANAMA, Bahrain— Arab Insurance Group more than doubled its first-half profit this year, earning $18.6 million.

The Manama, Bahrain-based insurer's net income rose 115% over the first six months of 2006. Arig credited strong underwriting and investment results for the leap in profits.

The insurer's gross premiums were up 23% for the period, largely from new business in the far east and sub-Saharan Africa. Arig said its Middle East and north African business also recorded reasonable growth despite non-renewal of several underperforming and inadequately priced accounts.