International General Insurance Holdings Limited announces net profits of US$18.5 million for 1st half, 2014

Press release

Published August 7th, 2014 - 08:44 GMT

Al Bawaba

International General Insurance Holdings Limited (IGIH) today reported earnings for the 1^st half, 2014 financial year. The Group announced net earnings of US$18.5 million for the first 6 months of the year as compared to US$21.32 million for the same period in 2013.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Although we were unable to surpass last year’s profits for the first half, our results were in line with our projections given the soft market the industry is facing. Attaining a combined ratio of 87.64% in the current environment continues to prove that IGI remains focused on writing profitable business whilst firmly managing risk and expenses. We will continue to adhere to our philosophy of writing for profit rather than volume in the current environment.”

Highlights for the period are as hereunder along with those for same period, 2013:

	30-Jun-14	30-Jun-13
	(6 months)	(6 months)
$ in million
Gross written premium	137.68	147.54
Net underwriting profit	21.34	24.78
Investment income	7.51	5.85
Profit for the period	18.50	21.32
Loss ratio, net	57%	51%
Acquisition cost ratio, net	20%	22%
General and administrative expenses ratio	11%	10%
Combined ratio	88%	83%
Return on equity – ( Annualized )	14%	17%

	30-Jun-14	31-Dec-13
Shareholder’s equity	261.35	246.33

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.