AXA Profits Buck Economic Downturn

AXA has revealed a Middle East profit surge for 2009, despite operating in tough economic conditions throughout the year. The company registered a $40 million net income after generating $445 million from gross written premiums, an 8.6% rise compared with 2008. All AXA operations across the GCC reported double-digit growth ranging between 15% and 26%, apart from the UAE, which suffered a slight drop. While business in Abu Dhabi was up 26%, Dubai registered an undisclosed decline. Jean-Louis Laurent Josi, CEO AXA Insurance Gulf and Middle East, attributed the company’s growth to employee and customer satisfaction, market support and a resilient business model.

BNH profits up 101% in 2009

Bahrain National Holding (BNH) Company has bucked the economic downturn after reporting strong profits for 2009. The Manama-based insurance provider registered a $10.8 million net profit, up 101% from the previous year, after receiving “strong support” from shareholders and clients.

Arig Back In Profit After Tough 2008

Arab Insurance Group (Arig) has completed a major financial turnaround by posting US$21.9 million profits in 2009 following a turbulent performance the previous year. In 2008, the reinsurance provider announced a $28.6 million loss at the height of the economic downturn. But the company has bounced back in line with a general recovery across global financial markets.

Al Ittihad Gets B+

AM Best Co has assigned a financial strength rating of B+ (Good) and an issuer credit rating of “bbb-” to Al Ittihad Al Watani (L’Union Nationale) Societe Generale d’Assurances du Proche Orient sal (Al Ittihad) (Lebanon). The ratings of Al Ittihad reflect its improving capital position, robust underwriting performance and good business profile. Offsetting factors include its weak investment strategy and underdeveloped risk management framework.