IGI reveals results for Q4 and full year

Metric

Q4 2022

Q4 2021

FY 2022

FY 2021

Gross written premium

$156.7 million

$163.5 million

$581.8 million

$545.6 million

Net underwriting results

$24.7 million

$30.6 million

$148.5 million

$105.8 million

Total investment income, net

$6.7 million

$2.2 million

$20.7 million

$14.2 million

Profit for the period

$25.7 million

$9.1 million

$85.5 million

$43.6 million

Core operating income

$13.5 million

$13.6 million

$94.4 million

$53.1 million

Lifting the lid on the numbers, IGI noted: “The higher level of profit [in Q4] was primarily driven by an increase of $10.8 million in net premiums earned, positive movement of $11.6 million in total investment income, and an increase in foreign exchange gains of $10.8 million as a result of a greater degree of currency revaluation against the US dollar on comparative basis.”

As for the full-year result, the re/insurer attributed the increase in profit mainly to the higher net premiums earned and total investment income. Other contributing factors include the lower level of net claims and strong underwriting results.

“IGI finished its 20th anniversary year with excellent results across the board, marked by continued profitable growth, diversification and consistent execution of our strategy, reflected in a 78.5% combined ratio and 22.7% core operating return on average shareholders’ equity for the full year,” highlighted chair and chief executive Wasef Jabsheh.

“This is particularly gratifying given the many challenges our industry faced during 2022, including significant natural catastrophes, rising financial and social inflation, currency volatility, and political instability.”

Looking ahead, the CEO added: “So far in 2023, the market overall continues to be robust, though there remains wide variation in terms and conditions by line of business and geography. We expect the dislocation in reinsurance markets that was evident in the lead-up to the January renewals will result in plenty of opportunity for us to continue to achieve profitable growth.”