International General Insurance Holdings Limited (IGIH) today reported earnings for the first half year ended 30th June, 2009. The Group announces net earnings of US$ 11.1 million for the period compared to US$ 6.4 million in the first half of 2008.
Commenting on the results, Wasef Jabsheh, Vice Chairman and Chief Executive Officer said “The growth in profits in the first half of 2009 is testament to the strong risk management initiatives implemented by the Groupagainst backdrop of the current economic conditions. The disciplined underwriting standards to which we adhere, will I believe, continue to produce long term profitable results for our shareholders”. Mr Jabsheh further added “The strength of our business model and in particular, the geographical focus in strategically targeted areas, has been a major contributing factor in yielding these excellent results.”
Highlights in the first half of 2009 included the following:
• Gross written premium was US$ 85.37 million, compared to US$ 88.68 million in 2008. This was due to the Group’s policy of reducing exposure to certain catastrophe prone regions.
• Net earned premium increased to US$ 53 million from US$ 40 million during the same period of 2008.
• Net underwriting profit improved to US$ 8.11 million from US$ 1.04 million in the first half of 2008. This net underwriting profit represents 12.85% of the gross earned premium against 2.03% for the same period in 2008.
• Investment income is US$ 3 million compared to US$ 5.4 million during the same period in 2008.
• The combined ratio was 87.15% compared to 97.97% in the corresponding period of 2008.
• Total assets were US$ 454 million and shareholdersʹ equity was US$ 173 million compared to US$ 426 million and US$ 153 million, respectively, as of 31st December, 2008.
