International General Insurance Holdings Limited today reported earnings for the first half 2017 year.
The Group announced gross written premiums of $138.1 million for the first half of 2017 as compared to $126.8 million for the comparative period, an increase of 9%. Net profits amounted to $14.8 million in H1 2017 as compared to $19.8 million for the first half of 2016.
Overall, the Group reported a growth in total assets of 0.7% to $824.2 million as of the first half of 2017 from $818.5 million as at the end of 2016. In addition, the Group saw growth in shareholder equity of 3.8% to $322.9 million in the first half of 2017 from $311.2 million as at the end of 2016.
Net incurred claims decreased from $35.6 million in the first half of 2016 to $33.98 million in the first half of 2017.
Investments income rose to $7.9 million in the first half of 2017 from $5.1 million in the comparative period.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “The business played to its technical strengths in underwriting and performed well as a result. We have remained focused on executing our strategy of disciplined and prudent underwriting during a challenging period in the market, and have stuck to our reputation for taking pricing decisions that reflect the realities of the market.”
The news follows Standard & Poor’s confirming its ‘A- Stable’ rating for IGI’s financial strength in July, and A.M. Best uplifting IGI’s rating to ‘A-Positive’ from ‘A-Stable’ in August.
“The business is entering an exciting period in its history,” said Mr Jabsheh. “We are moving forward with a clear strategic plan to profitably grow our business by enhancing our geographic platforms and expanding lines of business and underwriting teams.”