IGI reports financial results for first quarter

IGI reports financial results for first quarter | Insurance Business Asia

Insurance News

IGI reports financial results for first quarter

CEO cites “a lot of positive momentum”

Insurance News

By
Terry Gangcuangco

Specialty risks commercial insurer and reinsurer International General Insurance Holdings (IGI) has released its financial results report for the first quarter of 2023.

IGI – which no longer reports financial information in accordance with IFRS (International Financial Reporting Standards) and instead now uses Generally Accepted Accounting Principles in the United States (U.S. GAAP) – posted the following results:

Metric

Q1 2023

Q1 2022

Gross written premium

US$173.9 million

US$126.4 million

Underwriting income

US$39.8 million

US$41.7 million

Net investment income

US$12.4 million

US$2.1 million

Profit for the period

US$33.9 million

US$22.2 million

Core operating income

US$29.3 million

US$23.3 million

IGI’s higher profit was attributed to the US$17.8 million increase (to US$105.1 million) in net premiums earned, the additional US$10.3 million in total investment income, and the US$2.7 million growth in foreign exchange as a result of currency revaluation against the US dollar.

Wasef Jabsheh, chair and chief executive, said in a release: “IGI had a very positive start to 2023, posting another excellent set of financial results for the first quarter. We responded decisively to improving areas of our markets with the same disciplined execution, delivering profitable growth as reflected in a 78.4% combined ratio.

“With these strong underwriting results, coupled with significantly improved investment results, driven by higher yields and increased reinvestment rates, we recorded a profit of US$33.9 million, a 32.2% annualised return on average equity, and a 27.9% annualised core operating return on average equity.”

Jabsheh added that there is “a lot of positive momentum” in many areas of the business.

“We remain optimistic and excited about our future,” the CEO said. “As we have continued to grow and evolve into a truly international specialist insurer, we remain focussed on consistent, disciplined execution of our strategy so that we continue our track record of generating long-term shareholder value through excellence in underwriting.”

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