DUBAI, United Arab Emirates--(BUSINESS WIRE)--International General Insurance Holdings Limited today reported earnings for the first half 2017 year.
The Group announced gross written premiums of $138.1 million for the first half of 2017 as compared to $126.8 million for the comparative period, an increase of 9%. Net profits amounted to $14.8 million in H1 2017 as compared to $19.8 million for the first half of 2016.
Overall, the Group reported a growth in total assets of 0.7% to $824.2 million as of the first half of 2017 from $818.5 million as at the end of 2016. In addition, the Group saw growth in shareholder equity of 3.8% to $322.9 million in the first half of 2017 from $311.2 million as at the end of 2016.
Net incurred claims decreased from $35.6 million in the first half of 2016 to $33.98 million in the first half of 2017.
Investments income rose to $7.9 million in the first half of 2017 from $5.1 million in the comparative period.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “The business played to its technical strengths in underwriting and performed well as a result. We have remained focused on executing our strategy of disciplined and prudent underwriting during a challenging period in the market, and have stuck to our reputation for taking pricing decisions that reflect the realities of the market.”
The news follows Standard & Poor’s confirming its ‘A- Stable’ rating for IGI’s financial strength in July, and A.M. Best uplifting IGI’s rating to ‘A-Positive’ from ‘A-Stable’ in August.
“The business is entering an exciting period in its history,” said Mr Jabsheh. “We are moving forward with a clear strategic plan to profitably grow our business by enhancing our geographic platforms and expanding lines of business and underwriting teams.”
Highlights for the first half of the year, as at 30th June 2017, are as hereunder, along with those for the previous year:
30th June 2017
30st June 2016 (US Dollars)
|$ in million|
|Gross written premium||138,122,360||126,763,164|
|Growth in written premium||9.0||3.9|
|Growth in total equity||3.8||5.5|
|Return on equity (Annualized)||9.2||13.2|
The Board of Directors of IGIH has proposed at its meeting of 16th August an interim dividend of US $0.04 per share for the first half of 2017.
Issued by rein4ce on behalf of IGI UK.
International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a positive outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, political violence, forestry and reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
International General Insurance Holdings Limited had assets in excess of US$ 818 million as at 31st December, 2016.