IGI Reports Second Quarter and Half-Year 2022 Condensed and Unaudited Financial Results
IGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI continues to perform well with excellent results recorded for the second quarter and first half of 2022. Highlighted by a combined ratio of 73.5% and a 26.8% core operating return on average shareholders’ equity, our results for the first half of 2022 demonstrate how our strategy and execution capabilities are driving continued high-quality returns and creating shareholder value.”
“We continue to see attractive rate increases and favorable market conditions across a number of business lines and territories providing excellent opportunities to further grow our portfolio. In the first six months of 2022, premium production continued at a steady pace with increases in most lines of business, resulting in 14% growth in the first half of 2022. This is on top of the 56% growth we saw in 2020 and 2021. We are well-positioned to benefit from this momentum for the foreseeable future.”
“Like others in our sector, we are monitoring the broader economic impacts of elevated inflationary pressures, rising interest rates and foreign exchange movements, which were evident in our results for the second quarter and first half of 2022. Notwithstanding these factors, our capital position remains very strong allowing us to continue to execute on our ‘underwriting first’ strategy to grow in the lines and territories where we see the most attractive returns. We remain optimistic about our future and delivering on our commitment to generate long-term shareholder value.”
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About IGI
Established in 2001, International General Insurance (IGI) is a global privately-owned specialist commercial insurer and reinsurer. Our vision is to be the company of choice for clients and brokers through market-leading service and our reputation for stable management and capital security.
A diverse and highly experienced team of underwriters operates our office in London. We also have offices in Dubai, Amman, Casablanca and Kuala Lumpur.
Our diverse portfolio of specialty lines includes Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, Aviation, Professional Indemnity, Political Violence, Legal Expenses, D&O, Casualty, Forestry and Treaty Reinsurance.
Standard and Poor’s upgraded our financial strength rating to “A- “, with a Stable outlook. A.M. Best rated the company A- (Excellent), with a Positive outlook, stating, “the revised outlook reflects IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”
We take pride in providing proactive claims management, coupled with open communication, leading to the efficient handling of claims. We endeavour to act fairly and honourably in our relations with clients and brokers.