IGI reports rising GWP and growth in key lines of business in H1 2019
International General Insurance Holdings Limited today reported earnings for the first half of 2019.
IGI reported a net profit of $13.75 million for the first six months of 2019, compared to $11.02 million last year, and a 12.2% rise in gross written premiums from $165.87 million in June 2018 to $186.12 million in June 2019.
The Group recorded an overall underwriting profit of $25.88 million for the six months ending 30 June 2019, which reflected a 9% increase from the 2018 result of $23.75 million.
IGI reported growth in most major lines of business, with Casualty, Engineering, Ports & Terminals and Financial Lines contributing the most in dollar growth.
Annualized return on equity for the period ended 30 June 2019 came in at 8.7%, compared to 7.2% for the same time period in 2018. IGI’s book value per share has grown to $2.358 at the end of June 2019 from $2.271 at the end of 2018.
Meanwhile, IGI reported an investment income result of $7.3 million for the first half of 2019, compared to $4.88 million for the first half of 2018.
IGI posted a combined ratio of 92.84%, compared to 91.28% in June 2018.
“The insurance market is in a healthier position than it has been for a long time,” said Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH. “Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.”
“We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”
On 22nd August 2019, S&P Global Ratings affirmed its ‘A-‘ insurer financial strength ratings with stable outlook for IGI Bermuda and IGIUK.
Highlights for the first half of the year, as at 30th June 2019, are as hereunder, along with those for the previous year:
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.
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