International General Insurance Holdings Limited announces net profits of US$31.26 million for 2013

Press release

Published March 17th, 2014 - 10:05 GMT

International General Insurance Holdings building

International General Insurance Holdings Limited (IGIH) today reported earnings for the 2013 financial year. The Group announced net earnings of US$ 31.26 million for the financial year of 2013, an increase of 24% compared to US$25.25 million for the financial year of 2012.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “2013 was another year where we have been able to achieve record profits. These results clearly demonstrate that our business strategy, underwriting guidelines, and risk management have worked positively in our favor.” He further went on to say, “Although we expect 2014 to be a fairly tough year due to increased competition, we are re-aligning our business strategies and approach to meet the challenges of market cycles and uphold our corporate mission.”

Highlights for the year are as hereunder along with those for the previous year:

	31-Dec-2013	31-Dec-2012
	(12 months)	(12 months)
$ in million
Gross written premium	240.01	225.57
Net underwriting profit	43.55	36.78
Investment income	9.46	7.45
Profit for the year	31.26	25.25
Shareholder’s equity	246.33	232.14

Loss ratio, net	54.68	55.53
Acquisition cost ratio, net	21.21	19.68
General and administrative expenses ratio	12.04	12.79
Combined ratio	87.93	88.01
Return on equity	12.69	10.88

The Board of Directors of IGIH has proposed at its meeting of today dividends of US$ 0.05 a share for the 2nd half year ended 31^st December, 2013. This brings the total dividend to US$ 0.09 per share for 2013, the equivalent of US$ 12.5 million.

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.