Dr. Imad Hage
Chairman And Chief Executive Officer
Chairman Letter
AUG has managed a pleasing performance, with overall net income attributable to shareholders increase by 18% to 22.8 Million U.S. Dollars. These results were achieved despite an ongoing global financial crisis with a devastating effect in some sectors of the insurance industry. Good growth in the reserves of the non life company was achieved despite the not so rapid gross premium growth of past years. Net premiums developed satisfactorily on the whole, and in light of market conditions we are somewhat cautious about 2009-2010 with increasing competition and limited incoming growth, good premium development will be a real challenge, our strategy of developing new portfolios through new initiatives and innovative and entrepreneurial approach to business will require some time before premium growth is achieved.
As to African business our largest premium income continues to be achieved in that continent relying mainly on its rich diversity and unity which is gradually leading to an increasing wealth and prosperity. In addition, our special risks book of business continues to generate profitable premium income. This improving performance of the group has been achieved through handwork, close hands on underwriting by a determined conscientious and hard working team. As 13-year member of the board of directors, I can assure you that AUG will not rest on the strength of its current accomplishments and will continue to serve to become the leading insurer in the Middle East and Africa.