VOL. XXXII

NO. 41

17-JULY-1989

Financial and Banking News

REGIONAL BANKING

ARIG's Profits Rise in 1988

The Bahrain-based Arab Reinsurance Group (ARIG) in 1988 reported a net profitof $29.5mn, up 95.4% from $15.1mn in 1987 despite a sharp drop in gross premiumincome, which fell 15.7% in 1988 to $153.6mn. The improvement in returns camelargely from investment income. ARIG, which is jointly owned by the governmentsof Libya, Kuwait and the UAE, declared a profit of $22.5mn in 1986. ARIG's boardof...