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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