International General Insurance Holdings Limited announces net profits of US$ 23.2 million for 2011

Press release

Published March 26th, 2012 - 12:07 GMT

Al Bawaba

International General Insurance Holdings Limited (IGIH) today reported earnings for the 2011 financial year. The Group announced net earnings of US$ 23.2 million for the year, an increase of 35.05% compared to US$ 17.2 million for the 2010 fiscal year.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Marking our 10th anniversary, I am very pleased to announce our record earnings. Market conditions in 2011 proved to be challenging due to the excess market capacity. The market was further exacerbated by the unprecedented level of natural catastrophe losses throughout the year. Despite the aforementioned, IGIH was able to achieve record results through prudent underwriting and sound exposure management practices.”

Mr. Jabsheh further went on to say, “I believe IGIH is in a great position to take advantage of the current signs of a hardening market due to the events of 2011 coupled with the vast sovereign investments planned in the MENA region. IGIH has grown materially from its historical core of energy, property and engineering underwriting, with a compound annual growth rate of 36.92% in gross premiums from 2002 to 2011. This is a testament to IGIH’s sound management, selective underwriting and market vision.”

Highlights for the year 2011 include the following:

Gross written premium in 2011 was US$ 202.8 million, an increase of 13.08% compared to US$ 179.3 million for 2010.

Net underwriting profit grew to US$ 33.6 million for 2011, an increase of 50.22% from US$ 22.4 million in 2010. This represents 28.20% of the net premium earned for the period, against 22.92% for 2010.

Investment income for the year stood at US$ 8.5 million, a decrease of 15.23% compared to US$ 10.09 million for 2010.

The combined ratio for 2011 was 88%, compared to 93% for 2010.

Total assets were US$ 564.1 million at the end of 2011, an increase of 15.41% compared to US$ 488.8 million as of 31st December, 2010.

Shareholders' equity rose to US$ 205.4 million at the end of 2011, an increase of 9.40% compared to US$ 187.8 million as of 31st December, 2010.

Background Information

International General Insurance Holdings

Established in 2001, we are an entrepreneurial business with a worldwide portfolio of Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors’ and Officers’, Political Violence, Forestry and Treaty Reinsurance.