International General Insurance Holdings limited announces net profits of US$ 12.1 million for 1st half, 2012

International General Insurance Holdings Limited (IGIH) today reported earnings for the 1st half, 2012 financial year. The Group announced net earnings of US$ 12.1 million for the year, an increase of 25% compared to US$ 9.6 million for the same period in 2011.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “I am delighted with the overall performance of the Group during the 1st half of 2012. The rate of growth on our net profit well exceeds that of Gross Written Premium as a result of the notable improvement in our combined ratio. This is a clear demonstration of our prudent underwriting philosophy accentuated by our focus on underwriting for quality rather than volume. We shall never lose sight of our long-standing policy of concentrating on our specialty lines of business in addition to any respective peripheral lines when opportunities arise.”

Mr. Jabsheh continued: “Our underwriting team is focused on said policy and continue to work hard on growing the MENA segment of the Group’s portfolio where we have been achieving better margins. We have, however, and will continue to make adjustments, as we see suitable and depending on the prevailing market conditions, to take advantage of available opportunities.”

The Board of Directors of IGIH has declared at its meeting of today interim dividends of US$ 2.86 million for the 1st half year ended 30th June, 2012.