International General Insurance Holdings Limited Maintains Underwriting Discipline, Despite Challenging Market Conditions
International General Insurance Holdings Limited today reported earnings for the 2016 financial year.
The Group announced gross written premiums of US$231.4 million for the year of 2016 as compared to US$242.3 million in 2015. Net profits amounted to US$32.1 million in 2016, compared to US$35.0 million the year before.
Overall, the Group reported a growth in total assets of 7.55% to US$818.5 million as at the end of 2016 from US$761.0 million in 2015. In addition, the Group saw growth in shareholder equity of 9.25% to US$311.20 million in 2016 from US$284.86 million in 2015.
Gross earned premiums increased from US$238.4 million in 2015 to US$241.3 million in 2016, while net earned premiums rose from US$155.8 million in 2015 to US$156.9 million in 2016. Gross claims were marginally down from US$134 million in 2015 to US$129 million in 2016.
Investments rose from US$468.7 million in 2015 to US$493.0 million in 2016. Net investment income was up marginally from US$12.5 million in 2015 to US$12.8 million in 2016.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI, said that “despite the continued competitive trading environment keeping pressure on rates, IGI’s underwriting teams upheld their focus on quality business whilst maintaining the discipline required to navigate through these challenging times. We have taken important steps during the year, including a successful rebrand and the setup of innovative technology oriented support and business modelling. Despite soft market conditions, we view future prospects with optimism."
“IGI’s story is one of disciplined, methodical growth. Based on our excellent ratings, our long-standing client relationships and our profit-oriented underwriting policy, we are in a good position to weather these tough market conditions. Our 87% combined ratio is a testament to our strict underwriting discipline and focus on maintaining a healthy and diversified portfolio.”
Highlights for the financial year 2016 along with those for the previous year are as follows:
|$ in million|
|Gross written premium||231.4||242.3|
|Net underwriting profit||50.7||52.7|
|Profit for the year||32.1||35.0|
|Loss ratio, net||45.5%||44.5%|
|Return on equity||10.3%||12.3%|
|Underwriting profit to GWP||21.9%||21.75%|
The Board of Directors of IGI proposed at its meeting on 9th March, a final dividend of US$0.04 per share for the financial year 2016. This brings the total dividend to US$0.09 per share for 2016, which is equivalent to US$12,903,811.
Issued by rein4ce on behalf of International General Insurance Holding Limited.
International General Insurance Holdings Limited is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M. Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
International General Insurance Holdings Limited had assets in excess of US$ 818 million as at 31st December, 2016.
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