International General Insurance Holdings Limited earnings rise to US$ 19.8 million for H1 2016

Press release
Published August 30th, 2016 - 08:51 GMT
IGIH Building
IGIH Building

International General Insurance Holdings Limited today reported earnings for the first half of 2016.

Overall, the Group announced gross written premiums of $126.8 million for the period ended 30 June 2016 as compared to $122 million for the previous period of 30 June 2015. Net underwriting profits increased to $28.4 million, a growth of 39% as compared to the previous period. The combined ratio improved to 81.9% as compared to 89% reported for the previous period.

In addition, the Group reported net earnings of $19.8 million for 30 June 2016, an increase of 22% as compared to $16.2 million for the previous period. IGI reported a return on equity (on an annualised basis) of 13.2% in the first half of the year, compared to 11.6% in the first half of 2015. 

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “Despite difficult market conditions, we have continued our emphasis of ensuring that the business we retain is within our philosophy of underwriting for bottom line profit rather than top line growth. This is evidenced by the fact that whilst our top line has grown by 4%, the bottom line has grown by 22%, leading to an exceptional combined ratio for the period.”

The news follows rating agencies Standard & Poor’s and A.M. Best both reaffirming the “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this year.

As part of IGI’s next stage of development, the firm has updated its logo and revamped its website.

“The rebranding reflects the growing international profile of the business,” Mr. Jabsheh added. “At IGI, we will continue to focus on a strategy of steady growth via geographical expansion combined with our continued focus on underwriting profitability.”

Highlights for the first half of the year, as at 30th June 2016, are as hereunder, along with those for the previous year:

 

As at 30th Jun 2016 (US Dollars)

As at 30st June 2015 (US Dollars)

$ in million

 

 

Gross written premium

126,763,164

122,032,548

Underwriting profit

28,437,395

20,398,794

Investment income

5,112,716

7,249,465

Net profits

19,781,805

16,198,971

Total Assets

Shareholder’s equity

784,757,767

300,578,469

761,034,849

284,865,307

 

 

 

Ratios (0%)

 

 

Underwriting profit to gross written premium

22.43 

16.72

Combined ratio

81.87

88.95

Return on equity (Annualized)

13.16

11.59

The Board of Directors of IGIH has proposed at its meeting of 25th August an interim dividend of US $0.05 per share for the first half of 2016.

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.

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