International General Insurance Holdings Limited (IGIH) today reported results for the year ended 31st March, 2007; the Company’s fifth year of operations.
Gross premium income generated for the 2006 fiscal year increased by 55% to approximately US$ 89 million. Net earned premium increased by 151% to US$ 45 million for the same period. Loss reserves and operating expenses have both developed in line with the Company’s expectations leading to a combined ratio of 81% compared to the forecast of 90%
The Company closed the financial year with net earnings of US$ 14.8 million registering a 94% growth over the previous year. IGIH has produced net earnings in excess of the projected forecast for four out of the five operating years with a net profit for all years.
As of March 31, 2007, total assets were in excess of US$ 293 million, an increase from the previous reporting period of 20%. Shareholders’ equity increased to US $ 154 million.
Mr Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, commenting on the performance of the Company for the 2006 year, said “For the fifth consecutive year, we have once again produced an outstanding net profit for the Company adding value to both shareholders and stakeholders alike. The Company continues to expand from its modest incorporation in 2002 and we are clearly on target for achieving the ambitious plans envisaged at the outset.”
