At the recent annual meeting, International General Insurance Company Ltd. (IGI) shareholders approved the company’s financial results for the twelve months ending on 31st March 2005.
Net income increased considerably for the year to US$5,988,000 from US$2,826,000 last year. During the same period underwriting profit increased to US$5,434,000 from US$1,483,000.
Mr. Wasef Jabsheh, Chairman and Chief Executive Officer, said “The company continues its steady growth and has again exceeded planned profitability”.
Gross written premium increased to US$24,485,000 from US$19,002,000 whilst net earned premium increased to US$11,973,000 from US$6,041,000.
Investment income remained stable at US$2,309,000 for the period and the total assets of the company increased to US$95,951,000 from US$75,774,000.
Mr. Jabsheh added that he is very pleased with the results achieved, particularly the underwriting result which demonstrates the disciplined underwriting policy of the company.
The Amman-based I.G.I firm writes worldwide facultative direct and reinsurance business, with its principal classes being energy, marine and commercial/industrial property. I.G.I’s geographical focus is mainly directed towards the greater Afro-Asian region.
