International General Insurance Holdings Limited Maintains Underwriting Discipline, Despite Challenging Market Conditions

International General Insurance Holdings Limited today reported earnings for the 2016 financial year.

The Group announced gross written premiums of US$231.4 million for the year of 2016 as compared to US$242.3 million in 2015. Net profits amounted to US$32.1 million in 2016, compared to US$35.0 million the year before.

Overall, the Group reported a growth in total assets of 7.55% to US$818.5 million as at the end of 2016 from US$761.0 million in 2015. In addition, the Group saw growth in shareholder equity of 9.25% to US$311.20 million in 2016 from US$284.86 million in 2015.

Gross earned premiums increased from US$238.4 million in 2015 to US$241.3 million in 2016, while net earned premiums rose from US$155.8 million in 2015 to US$156.9 million in 2016. Gross claims were marginally down from US$134 million in 2015 to US$129 million in 2016.

Investments rose from US$468.7 million in 2015 to US$493.0 million in 2016. Net investment income was up marginally from US$12.5 million in 2015 to US$12.8 million in 2016.

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI, said that “despite the continued competitive trading environment keeping pressure on rates, IGI’s underwriting teams upheld their focus on quality business whilst maintaining the discipline required to navigate through these challenging times. We have taken important steps during the year, including a successful rebrand and the setup of innovative technology oriented support and business modelling. Despite soft market conditions, we view future prospects with optimism."

“IGI’s story is one of disciplined, methodical growth. Based on our excellent ratings, our long-standing client relationships and our profit-oriented underwriting policy, we are in a good position to weather these tough market conditions. Our 87% combined ratio is a testament to our strict underwriting discipline and focus on maintaining a healthy and diversified portfolio.”