International General Insurance Holdings Limited announces net profits of US$ 34.34 million for 2014

Press release

Published April 23rd, 2015 - 08:47 GMT

International General Insurance Holdings Limited (IGIH) today reported earnings for the 2014 financial year. The Group announced net earnings of US$ 34.34 million for the financial year of 2014, an increase of 9.9% compared to US$ 31.26 million for the financial year of 2013.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “2014 was another stellar year for IGI albeit being in a soft market environment. IGI’s strategy and underwriting discipline has again proven that it is capable of dealing with the current market cycle.” He further went on to say, “Although we continue to see pricing pressure in 2015, IGI has demonstrated that it can adapt and generate shareholder returns without assuming more risk on its underwriting or investments.”

Highlights for the year are as hereunder along with those for the previous year:

	31-Dec-2014	31-Dec-2013
	(12 months)	(12 months)
$ in million
Gross written premium	251.52	240.01
Net underwriting profit	50.10	43.55
Investment income	12.20	9.46
Profit for the year	34.34	31.26
Shareholder’s equity	263.18	246.33

Loss ratio, net	52.95	54.68
Acquisition cost ratio, net	20.62	21.21
General and administrative expenses ratio	13.54	12.04
Combined ratio	87.11	87.93
Return on equity	13.05	12.69

The Board of Directors of IGIH has proposed at its meeting of today dividends of US$ 0.04 a share for the 2nd half year ended 31^st December, 2014. This brings the total dividend to US$ 0.09 per share for 2014.

Background Information

International General Insurance Holdings

Established in 2001, we are an entrepreneurial business with a worldwide portfolio of Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors’ and Officers’, Political Violence, Forestry and Treaty Reinsurance.