IGI reports first quarter condensed and unaudited 2022 financial results
International General Insurance Holdings Ltd. has reported financial results for the first quarter of 2022.
IGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI had a strong start to 2022 as our growth and cycle management strategy resulted in an excellent set of financial results across all key financial measures. Most notably, we recorded a 50% increase in net underwriting results, a 90% increase in profit for the quarter, and a 64% increase in core operating income in the first quarter of 2022 compared to the first quarter of 2021, resulting in 8.8 points of improvement in our core operating return on average equity to 24.1%.”
“We grew our gross premiums by 27% during the first quarter of 2022 as we continued to take advantage of a robust rating environment and capitalize on market opportunities in all areas of our business, while continuing to strengthen our existing portfolio. Our combined ratio for the first quarter of 2022 was 72.2%, an exceptional result and well below our long-term average of around 90%. I would note that IGI has minimal direct exposure to Russia and Ukraine and we don’t expect any material losses arising from the conflict there. Nevertheless, it is events such as this that continue to remind us of the complexity and uncertainty of the world around us, and the impact they have on our global economies. Elevated inflationary pressures and rising interest rates in the first quarter of 2022 were evident in the mark-to-market impacts in our investment results.”
“Overall, our performance in the first quarter of 2022 demonstrates the effectiveness of our underwriting strategy and provides another positive data point in the track record of high-quality results that IGI has achieved over many years. We expect that our markets and the rating environment will remain favorable for the foreseeable future, resulting in profitable growth in 2022. Our commitment has always been to generate long-term value for our shareholders, and we are continuing to explore our options on the capital management front to ensure that we continue to deliver on this commitment.”
To view the first quarter 2022 results from IGI, CLICK HERE
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.