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.
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