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Tuesday / September 26.

International General Insurance Holdings Limited posts rising GWP for H1 2017 and growth in key lines of business


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.”

 



via EoD