IGI releases interim financials
IGI releases interim financials | Insurance Business Asia
Insurance News
IGI releases interim financials
Chief executive cites “plenty of opportunities”
Insurance News
By
Terry Gangcuangco
International General Insurance Holdings (IGI) has released its financial results for the quarter and half year ended June 30, 2023.
According to the international specialty risks commercial insurer and reinsurer, here’s how it fared compared to a year ago:
Metric
Q2 2023
Q2 2022
H1 2023
H1 2022
Gross written premium (GWP)
US$199.6 million
US$180.7 million
US$373.5 million
US$307.1 million
Underwriting income
US$50.2 million
US$40.3 million
US$90 million
US$82 million
Net investment income
US$14.4 million
US$(1.4 million)
US$26.7 million
US$0.7 million
Net income
US$40.5 million
US$22 million
US$74.4 million
US$44.2 million
Core operating income
US$38.1 million
US$29 million
US$67.5 million
US$52.3 million
“IGI produced another set of exceptional results across all key measures in the second quarter of 2023 as we continued to benefit from sustained hard market conditions in many of our reinsurance and short-tail lines, and a more favourable investment environment,” chief executive Waleed Jabsheh said in a release.
“This culminated in net income of US$40.5 million, a 73.5% combined ratio, a 36.1% return on average equity, and 34% core operating return on average equity in the second quarter. Most importantly, we grew book value per share by 9.3% in the three months ended June 30, and 20.3% for the first six months of 2023.”
According to the CEO, the trends during the first quarter continued throughout the succeeding three-month span, resulting in GWP growth of 10.5% and 21.6%, respectively, for the second quarter and the first half.
“We are seeing plenty of opportunities to continue to show profitable growth in reinsurance and many short-tail markets where we have deep expertise, while being cautious in other short-tail and long-tail lines where there is more competitive pressure, and remaining focussed on disciplined and selective underwriting,” Jabsheh said.
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