DUBAI, United Arab Emirates– (BUSINESS WIRE/AETOSWire)– International General Insurance Holdings Limited today reported earnings for the 2018 financial year.
The year 2018 saw a strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017. The Group has a clear and focused vision of growth in new and existing markets, putting IGI back in track for another robust performance for the 2018 financial year.
Gross written premium (GWP) rose by 9.5% to US $301.56 million in 2018, compared to US $275.3 million the year before. The Group announced a 237% increase in net profit to US$ 26.47 million from US $7.86 million as at 31 December 2017. The combined operating ratio was 88.97%, considerably down from last year’s figure of 103.08%.
The total assets of the company increased by 2.09% to US $907.35 million in 2018 from US$ 888.79 million in 2017.
Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI, said: “Our solid performance is the result of the excellent teams, well-diversified portfolios and strong underwriting ethos we have spent the last 17 years building and developing at IGI.
“Current market conditions are presenting new and lucrative opportunities, which we will look to capitalize on whilst continuing to apply our prudent underwriting philosophy.
“We are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market bringing pricing back to a point where they reflect technical adequacy with the full recognition of the need to return to a stable and profitable underwriting environment.”
Highlights of the 2018 financial year along with those of the previous year are as follows:
| 31-Dec-2018
(12 months) |
31-Dec-2017
(12 months) |
||||
| $ in million | |||||
| Gross written premium | 301.56 | 275.34 | |||
| Net underwriting result | 55.8 | 25.07 | |||
| Investment income | 10.37 | 12.75 | |||
| Net profit for the year | 26.47 | 7.86 | |||
| Shareholder’s equity | 309.78 | 312.40 | |||
| Loss ratio, net | 46.85% | 60.40% | |||
| Combined ratio | 88.97% | 103.08% | |||
| Return on equity | 8.54% | 2.52% |
The Board of Directors of IGI proposed at its meeting of 21 March 2019, a final dividend of US $0.04 per share for the financial year 2018. This brings the total dividend to US$ 0.07 per share for 2018 equivalent to US$ 10,036,297.
