IGI reports Q4 and full year 2021 condensed and unaudited financial results
International General Insurance Holdings Ltd. (“IGI) has reported financial results for the fourth quarter and full year of 2021.
Highlights for the fourth quarter and full year of 2021 include:
- See Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
- See “Supplementary Financial Information” below.
- See Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
- See the section titled “Non-IFRS Financial Measures” below.
IGI Chairman and CEO Mr. Wasef Jabsheh said, “2021 was another excellent year for IGI as we reported consistently strong quarterly underwriting results and earnings, culminating in one of the best years in our 20-year history.”
“IGI is a diverse group of individual risk underwriters with recognized expertise in many specialty lines. We have grown our business organically since inception, and the past two years have seen an acceleration of that. In 2021, on the back of significant growth in 2020, we increased our gross premiums more than 16% to $546 million, expanding into new lines and markets. We reported record underwriting income for the fourth quarter and year in 2021 and a combined ratio of 83.8% for the fourth quarter and 86.4% for the year. With our asset base now approaching $1.5 billion, we expect to continue our strong performance in 2022, focusing on our core strengths and capitalizing on sector tail winds.”
“As we mark our twentieth year in business, I’m deeply proud of our successes and the commitment and focus demonstrated by our people at IGI,” Mr. Jabsheh said. “We have achieved these record results and continued to deliver high levels of service to our clients while continuing to navigate a prolonged period of global uncertainty. I look forward to our future with confidence, knowing that we are building on a very solid foundation that will continue to deliver strong total value creation to all our stakeholders.
To read the full IGI financial statement 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.