International General Insurance Holdings announces net profits of US$ 17.2 million for 2010

International General Insurance Holdings Limited (IGIH) has reported earnings for the 2010 financial year. The Group announced net earnings of US$ 17.2 million for the year, an increase of 89.69 per cent compared to US$ 9 million for the 2009 fiscal year.  

Commenting on the results, Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “I am very pleased with the growth that we managed to achieve on premium income inspite of the difficult trading conditions that prevailed during 2010 in most lines of business. What is more pleasing is to notice the impressive growth on net profits which could have only been achieved by our continued effort to apply sound underwriting standards. A combined ratio of 92.52% is a testament to the strength of our underwriting policy.” 

Highlights for the year 2010 included the following:

- Gross written premium in 2010 was US$ 179.33 million, an increase of 17.32 per cent compared to US$ 152.87 million for 2009.

- Net underwriting profit grew to US$ 22.4 million for 2010, an increase of 67.7 per cent from US$ 13.35 million in 2009. This net underwriting profit represents 22.92 per cent of the gross earned premium for the period, against 13.73 per cent for 2009. 

- Investment income for the year stood at US$ 9.88 million, an increase of 36.4 per cent compared to US$ 7.24 million for 2009.

- The combined ratio for 2010 was 92.52 per cent, compared to 98.12 per cent for 2009.  

- Total assets were US$ 488.9 million at the end of 2010, an increase of 7.1 per cent compared to US$ 456.6 million as of 31^st December, 2009. 

- Shareholders' equity rose to US$ 187.8 million at the end of 2010, up 9.6 per cent compared to US$ 171.3 million as of 31^st December, 2009.