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Main » 2016 » August » 30 » International General Insurance Holdings Limited Earnings Rise to US$ 19.8 Million for H1 2016
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International General Insurance Holdings Limited Earnings Rise to US$ 19.8 Million for H1 2016

DUBAI, United Arab Emirates - Tuesday, August 30th 2016 [ME NewsWire]

 

 

(BUSINESS WIRE)-- International General Insurance Holdings Limited today reported earnings for the first half of 2016.

Overall, the Group announced gross written premiums of $126.8 million for the period ended 30 June 2016 as compared to $122 million for the previous period of 30 June 2015. Net underwriting profits increased to $28.4 million, a growth of 39% as compared to the previous period. The combined ratio improved to 81.9% as compared to 89% reported for the previous period.

In addition, the Group reported net earnings of $19.8 million for 30 June 2016, an increase of 22% as compared to $16.2 million for the previous period. IGI reported a return on equity (on an annualised basis) of 13.2% in the first half of the year, compared to 11.6% in the first half of 2015.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “Despite difficult market conditions, we have continued our emphasis of ensuring that the business we retain is within our philosophy of underwriting for bottom line profit rather than top line growth. This is evidenced by the fact that whilst our top line has grown by 4%, the bottom line has grown by 22%, leading to an exceptional combined ratio for the period.”

The news follows rating agencies Standard & Poor’s and A.M. Best both reaffirming the “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this year.

As part of IGI’s next stage of development, the firm has updated its logo and revamped its website.

“The rebranding reflects the growing international profile of the business,” Mr. Jabsheh added. “At IGI, we will continue to focus on a strategy of steady growth via geographical expansion combined with our continued focus on underwriting profitability.”

Highlights for the first half of the year, as at 30th June 2016, are as hereunder, along with those for the previous year:

 

 

 

 

 

 
   

As at 30th
June 2016
(US Dollars)

   

As at 30th
June 2015
(US Dollars)

$ in million

         

Gross written premium

 

126,763,164

   

122,032,548

Underwriting profit

 

28,437,395

   

20,398,794

Investment income

 

5,112,716

   

7,249,465

Net profits

 

19,781,805

   

16,198,971

Total Assets

 

784,757,767

   

761,034,849

Shareholder’s equity

 

300,578,469

   

284,865,307

         

 

Ratios (0%)

         

Underwriting profit to gross written premium

 

22.43

   

16.72

Combined ratio

 

81.87

   

88.95

Return on equity (Annualized)

 

13.16

   

11.59

         

 

The Board of Directors of IGIH has proposed at its meeting of 25th August an interim dividend of US $0.05 per share for the first half of 2016.

__________________________________________________

Issued by rein4ce on behalf of IGI UK.

About IGI:

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.

Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook 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, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.

IGIH has assets in excess of US$ 784 million as at 30 June, 2016.

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

 


Contacts

 

IGI

Sarah Mortimer, +44 (0)7718 882011

sarah.mortimer@rein4ce.co.uk

 

 

 

 

 

 

 

 


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