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Main » 2015 » April » 26 » International General Insurance Holdings Limited Announces Net Profits of US$ 34.34 Million for 2014
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International General Insurance Holdings Limited Announces Net Profits of US$ 34.34 Million for 2014

DUBAI, United Arab Emirates. - Friday, April 24th 2015 [ME NewsWire]

(BUSINESS WIRE)-- International General Insurance Holdings Limited (IGIH) today reported earnings for the 2014 financial year. The Group announced net earnings of US$ 34.34 million for the financial year of 2014, an increase of 9.9% compared to US$ 31.26 million for the financial year of 2013.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “2014 was another stellar year for IGI albeit being in a soft market environment. IGI’s strategy and underwriting discipline has again proven that it is capable of dealing with the current market cycle.” He further went on to say, “Although we continue to see pricing pressure in 2015, IGI has demonstrated that it can adapt and create shareholder returns without assuming more risk on its underwriting or investments.”

Highlights for the year are as hereunder along with those for the previous year:
                        

31-Dec-2014
                      

31-Dec-2013
                
                        

(12 months)
                      

(12 months)
                

$ in million
                                                                

Gross written premium
                      

251.52
                      

240.01
                

Net underwriting profit
                      

50.10
                      

43.55
                

Investment income
                      

12.20
                      

9.46
                

Profit for the year
                      

34.34
                      

31.26
                

Shareholder’s equity
                      

263.18
                      

246.33
                
                                                                  

Loss ratio, net
                      

52.95
                      

54.68
                

Acquisition cost ratio, net
                      

20.62
                      

21.21
                

General and administrative expenses ratio
                      

13.54
                      

12.04
                

Combined ratio
                      

87.11
                      

87.93
                

Return on equity
                      

13.05
                      

12.69
                

The Board of Directors of IGIH has proposed at its meeting of today dividends of US$ 0.04 a share for the 2nd half year ended 31st December, 2014. This brings the total dividend to US$ 0.09 per share for 2014.

About IGIH:

International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.

IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

IGI Bermuda is rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best Company.

IGI UK is rated A- (Excellent) by A.M Best Company.

IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence and non-proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.

IGIH has assets in excess of US$ 710 million as at 31st December, 2014.

For more information, please visit www.iginsure.com or email info@iginsure.com

Contacts

rein4ce

Stephen Breen

Stephen@rein4ce.co.uk

+44 (0)1698 810415

 

 

 

 

Permalink: http://me-newswire.net/news/14396/en

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