International General Insurance Holdings Limited announces net profits of US$21.12 million for 1st half, 2013.

Press release

Published July 29th, 2013 - 05:09 GMT

Al Bawaba

International General Insurance Holdings Limited (IGIH) today reported earnings for the 1st half, 2013 financial year. The Group announced net earnings of 21.12 million for the first 6 months of the year, an increase of 74.5% compared to US$12.10 million for the same period in 2012.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Again, we have been able to achieve record profits and exemplary financial ratios as compared with our peers in the international market. These results are testament to our rigorous underwriting philosophy and prudent risk selection. Our underwriting teams have and will continue to always focus on achieving bottom-line results as opposed to top-line growth; the Group’s 1st half results are clear evidence of the success of said policy.”

Highlights for the period are as hereunder along with those for same period, 2012:

30-Jun-13		30-Jun-12
(6 months)		(6 months)
$ in million
Gross written premium	147.54		135.37
Net underwriting profit	15.46		8.85
Investment income	5.66		3.25
Profit for the period/year	21.12		12.10
Shareholder’s equity	247.78		214.34
Loss ratio, net	51%		57%
Acquisition cost ratio, net	22%		19%
General and administrative expenses ratio	10%		11%
Combined ratio	83%		87%
Return on equity – ( Annualized )	17%		11%

The Board of Directors of IGIH has declared at its meeting of today interim dividends of US$5.735 million for the 1st half year ended 30th June,

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.