International General Insurance Holdings Limited today reported earnings for the first half of 2019.
IGI reported a net profit of $13.75 million for the first six months of 2019, compared to $11.02 million last year, and a 12.2% rise in gross written premiums from $165.87 million in June 2018 to $186.12 million in June 2019.
The Group recorded an overall underwriting profit of $25.88 million for the six months ending 30 June 2019, which reflected a 9% increase from the 2018 result of $23.75 million.
IGI reported growth in most major lines of business, with Casualty, Engineering, Ports & Terminals and Financial Lines contributing the most in dollar growth.
Annualized return on equity for the period ended 30 June 2019 came in at 8.7%, compared to 7.2% for the same time period in 2018. IGI’s book value per share has grown to $2.358 at the end of June 2019 from $2.271 at the end of 2018.
Meanwhile, IGI reported an investment income result of $7.3 million for the first half of 2019, compared to $4.88 million for the first half of 2018. IGI posted a combined ratio of 92.84%, compared to 91.28% in June 2018.
“The insurance market is in a healthier position than it has been for a long time,” said Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH. “Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.”
“We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”
On 22 August 2019, S&P Global Ratings affirmed its ‘A-‘ insurer financial strength ratings with stable outlook for IGI Bermuda and IGIUK.