International General Insurance announces profit of US$28.6 million for the first nine months of 2014

Press release

Published November 9th, 2014 - 11:09 GMT

Al Bawaba

International General Insurance Holdings Limited (“IGI” or the “Company”), a leading global specialty insurer and reinsurer based in the Middle East, today released its financial results for the nine months ended 30 September, 2014. The Company reported a net profit of US$ 28.6 million for the nine months, compared to a net profit of US$28.7 million for the same period in 2013.

Commenting on the results, Mr. Wasef Jabsheh, Chief Executive Officer and Vice Chairman of the Company, said, “Despite the soft market the industry has been experiencing in 2014, IGI has continued to perform strongly, with results in line with the same period last year. We have continued to follow a careful and disciplined underwriting approach that is focused on profit and not volume, which has resulted in IGI maintaining a robust combined ratio of around 85%. We remain optimistically cautious about the underwriting environment and are confident that our specialty insurance focused book will allow us to successfully navigate the market volatility and emerge having fully capitalised on the opportunities we see ahead.”

The Board of Directors in its meeting dated 6^th November 2014 IGI has also declared an interim dividend of US$ 0.05 per share to all shareholders.

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

	30-Sep-14	30-Sep-13
	(9 months)	(9 months)
	US$	US$
Gross written premium	201,904,858	199,367,381
Net underwriting profit	36,734,124	35,151,450
Investment income	8,069,164	8,555,820
Profit for the period	28,574,999	28,772,159
	%	%
Loss ratio, net	54.33	53.43
Acquisition cost ratio, net	19.92	21.13
General and administrative expenses ratio	11.16	10.63
Combined ratio	85.41	85.19
Return on equity – ( Annualized )	13.74	15.23

	30-Sept-14	31-Dec-13
	US$	US$
Shareholder’s equity	277,192,677	246,329,816

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.