Al Khaleej Insurance reports 15% drop in 2009 profits

21 Feb 2010

(MENAFN) A statement released by Al Khaleej Insurance and Reinsurance Company showed that the company’s earnings fell by 15 percent in 2009 from a year earlier to $20.22 million, due to lower investment earnings and higher claims, QNA reported.

The insurance company said in the statement that its board has recommended 30 percent cash dividend, which will have to be approved by shareholders at its annual general assembly scheduled for March 30.

Net premium otherwise rose 10 percent to $35.6 million, whereas claims incurred surged 69 percent to $43.5 million, resulting in a 4 percent growth in net underwriting income to $13 million.

Total investment and other income shrank 48 percent to $17.7 million, mainly on a 65 percent fall in net realized gains on available-for-sale and 76 percent slippage in interest income.

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