International General Insurance Holdings Limited announces net profits of US$ 25.2 million for 2012

Press release

Published March 25th, 2013 - 04:36 GMT

مبنى الشركة العالمية للتامينات العامة القابضة

International General Insurance Holdings Limited (IGIH) today reported earnings for the 2012 financial year. The Group announced net earnings of US$ 25.25 million for the year, an increase of 8.7% compared to US$ 23.22 million for the 2011 fiscal year.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Again, I am very pleased to announce record earnings for 2012. Although our investment income came in below budget due to the prevailing investment environment, we still managed to exceed our net income forecasts due to our stellar underwriting results.”

Mr. Jabsheh further went on to say, “We announced in February the introduction of our new business line, political violence, as part of our growth plans. As in previous years, we continue to look for new market opportunities whilst continuing our expansion goals in our MENA, UK, and Asian offices. Achieved results confirms the success of the overall group strategy.”

Highlights for the year 2012 include the following:

- Gross written premium in 2012 was US$ 225.5 million, an increase of 11.2% compared to US$ 202.8 million for 2011.

- Net underwriting profit grew to US$ 36.8 million for 2012, an increase of 9.4% from US$ 33.6 million in 2011. This represents 24.8% of the gross premium earned for the year against 28.2% for 2011.

- Investment income for the year stood at US$ 7.4 million, an increase of 2.4% compared to US$ 7.2 million for 2011.

- The combined ratio for 2012 was 88%, compared to 87% for 2011.

- Total assets were US$ 608.8 million at the end of 2012, an increase of 8% compared to US$ 563.9 million as of 31st December, 2011.

- Shareholders' equity rose to US$ 232.1 million at the end of 2012, an increase of 13% compared to US$ 205.4 million as of 31st December, 2011.

Financial overview: 12 mos.
Dec. 31
$ in millions	2010	2011	2012
Gross written premium	179.3	202.8	225.5
Net underwriting profit	22.4	33.6	36.8
Investment income	10.1	7.2	7.4
Profit for the year	17.2	23.2	25.2
Shareholders' equity	187.8	205.4	232.1
Loss ratio, net	58%	55%	56%
Acquisition ratio, net	19%	17%	20%
General and admin. expense ratio	15%	15%	13%
Combined ratio	93%	87%	88%
Return on equity	9%	11%	11%

The Group has declared at its Annual General Meeting of today final dividends of US$ 7.17 million, thus making total dividends declared for the year to stand at US$ 10.03 million as compared to 5.73 for fiscal year 2011.

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.