DUBAI, United Arab Emirates--(BUSINESS WIRE)--International General Insurance Holdings Limited today reported earnings for the 2018 financial year.
The year 2018 saw a strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017. The Group has a clear and focused vision of growth in new and existing markets, putting IGI back in track for another robust performance for the 2018 financial year.
Gross written premium (GWP) rose by 9.5% to US $301.56 million in 2018, compared to US $275.3 million the year before. The Group announced a 237% increase in net profit to US$ 26.47 million from US $7.86 million as at 31 December 2017. The combined operating ratio was 88.97%, considerably down from last year’s figure of 103.08%.
The total assets of the company increased by 2.09% to US $907.35 million in 2018 from US$ 888.79 million in 2017.
Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI, said: “Our solid performance is the result of the excellent teams, well-diversified portfolios and strong underwriting ethos we have spent the last 17 years building and developing at IGI.
“Current market conditions are presenting new and lucrative opportunities, which we will look to capitalize on whilst continuing to apply our prudent underwriting philosophy.
“We are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market bringing pricing back to a point where they reflect technical adequacy with the full recognition of the need to return to a stable and profitable underwriting environment.”
Highlights of the 2018 financial year along with those of the previous year are as follows:
|$ in million|
|Gross written premium||301.56||275.34|
|Net underwriting result||55.8||25.07|
|Net profit for the year||26.47||7.86|
|Loss ratio, net||46.85%||60.40%|
|Return on equity||8.54%||2.52%|
The Board of Directors of IGI proposed at its meeting of 21 March 2019, a final dividend of US $0.04 per share for the financial year 2018. This brings the total dividend to US$ 0.07 per share for 2018 equivalent to US$ 10,036,297.
Issued by Rein4ce on behalf of International General Insurance Holding Limited.
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, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.
International General Insurance Holdings Limited had assets in excess of US$ 907 million as at 31 December 2018.