International General Insurance Holdings Limited announces net profits of US$ 35.02 million for 2015
International General Insurance Holdings Limited (IGIH) has reported earnings for the 2015 financial year. The Group announced net earnings of US$ 35.02 million for the financial year of 2015, an increase of 2% compared to US$ 34.34 million for the financial year 2014.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “2015 was another good year for IGI in which our team was able to deliver an improved profit over 2014. The continued competitive trading environment coupled with further excess capacity and another benign year had kept the pressure on rates. Our underwriting teams maintained their focus on profitable business whilst keeping the discipline needed to navigate through these very challenging times. It should be noted that our Gross Written Premiums had declined from US$ 252 million in 2014 to US$ 242 million in 2015, however, our net underwriting profit increased from US$50 million to US$ 53 million demonstrating our focus on the bottom line whilst insuring that we maintain our service standards to our clients and brokers.”
Mr. Jabsheh further went on to say, “The year saw our loss ratios drop from 53% in 2014 to 45% in 2015 giving us a 3% drop in our combined ratio to 84%. 2015 was a year where we invested in the future by opening of our new Casablanca operation and the further strengthening our existing underwriting teams and platforms. In addition, I am pleased to announce that our UK and Bermuda entities are now Solvency II compliant.”
Highlights for the year are as hereunder along with those for the previous year:
|$ in million|
|Gross written premium||242.34||251.52|
|Net underwriting profit||52.7||50.1|
|Profit for the period/year||35.02||34.34|
|Loss ratio, net||44.52%||52.95%|
|Acquisition cost ratio, net||21.64%||20.62%|
|General and administrative expenses ratio||18.15%||13.37%|
|Return on equity||12.30%||13.05%|
The Board of Directors of IGIH has proposed at its meeting on March 10 dividends of US$ 0.05 a share for the 2nd half year ended 31st December, 2015. This brings the total dividend to US$0.09 per share for 2015, which is equal to US $ 12,903,811.
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, 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 stable outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 761 million as at 31st December, 2015.
+44 (0)7843 076556
Information om Business Wire
101 California Street, 20th Floor
CA 94111 San Francisco
Følg pressemeddelelser fra Business Wire
Skriv dig op her og modtag pressemeddelelser på mail. Indtast din mail, klik på abonner og følg instruktionerne i den udsendte mail.
Flere pressemeddelelser fra Business Wire
PIERRE-FABRE23.6.2018 13:02 | pressemeddelelse
Pierre Fabre & Array BioPharma Announce a 62% Observed OS at One Year from the Phase 3 BEACON CRC Safety Lead-In of the Combination of Encorafenib, Binimetinib and Cetuximab in BRAF-Mutant CRC at the ESMO GI Congress
SERVIER23.6.2018 10:12 | pressemeddelelse
Compelling Data for LONSURF® (trifluridine/tipiracil) in Metastatic Colorectal Cancer Presented at ESMO’s World Congress on Gastrointestinal Cancer by Servier and Taiho
SOFTOMOTIVE22.6.2018 17:15 | pressemeddelelse
Softomotive and Accelerate RPA Partner to Help Enterprises Achieve Faster Time to Value from RPA
TX-ASCEND-PERFORMANCE22.6.2018 16:02 | pressemeddelelse
Ascend Performance Materials Announces Price Increase for Intermediate Materials
DELTICOM-AG/MOTO-TYRES.C22.6.2018 15:43 | pressemeddelelse
Different Countries, Different Customs: Get Ready for the Motorbike Holidays with Moto-tyres.co.uk
BOEHRINGER-INGELHEIM22.6.2018 14:02 | pressemeddelelse
Boehringer Ingelheim bolsters biologics research and development with 230 million euro investment in new development center
I vores nyhedsrum kan du læse alle vores pressemeddelelser, tilgå materiale i form af billeder og dokumenter, og finde vores kontaktoplysninger.Besøg vores nyhedsrum