IGI reports rising GWP and growth in key lines of business in half-year 2019 results

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

  
Wasef Jabsheh

Wasef Jabsheh

DUBAI: 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 22 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:

Ends

Issued by rein4ce on behalf of International General Insurance Holding Limited.

About IGI:
International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, 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 positive outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.
International General Insurance Holdings Limited had assets in excess of US$ 950 million as at 30th June 2019.
For more information, please visit www.iginsure.com  or email info@iginsure.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20190827005354/en/

*Source: AETOSWire

Contacts
For further information 
Sarah Hills 
T: +44 (0)7718 882011 
Email: sarah.hills@rein4ce.co.uk  

Aaida Abu Jaber, PR & Marketing Manager, IGI 
T: +96265662082 Ext. 407 
M: +962770415540 
Email: Aaida.AbuJaber@iginsure.com 
View this news release online at:
http://www.businesswire.com/news/home/20190827005354/en 

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases