International General Insurance Holdings Limited () today reported earnings for the full year ended March 31, 2008.
Net earnings increased 38 percent for the 2007 fiscal year to US$ 20.4 million, compared to US$ 14.8 million for the year before. Net underwriting profit also increased 16 percent to US$ 14.1 million from US$ 12.2 million for 2006. “The results achieved in 2007 are attributable to the IGI Group’s continued focus and emphasis on core underwriting principles and sound management. We are extremely pleased with the Company’s performance in 2007,” IGIH Vice Chairman and Chief Executive Officer Wasef Jabsheh said.
Gross written premium for 2007 amounted to US$ 117 million, an increase of 31% compared to US$ 89 million for the 2006 year. Net earned premium increased by 66% to US$ 75 million in 2007, compared to US$ 45 million for the year before. Investment income for 2007 also increased significantly by 92% to US$ 11.5 million. “Our assets continue to be well-managed maintaining our sound and conservative investment philosophy of protecting shareholders’ interests,” Mr. Jabsheh said.
“We continue to build on our successes in 2007. IGIH’s performance reflects the competency and expertise of the management team we have put together, along with the Company’s prudent operating and underwriting practices. I am very confident that we will continue our exemplary performance in 2008 and the years to come as we fulfil our expansion plans both laterally and within existing product lines,” Mr. Jabsheh said.
The expansion plans of the Group include establishing a subsidiary company in Dublin, Ireland. This is to support both the Group’s diversification to new product lines along with the acquisition of the S. R. Bishop Underwriting Limited marine agency.
IGI Co. Ltd. is also in the process of creating marketing offices in the Dubai International Financial Centre and Kuala Lumpur, Malaysia designed to enhance IGI’s brand in their focused geographic regions.
