Business & Money | Tuesday 18 August, 2015 1:22 pm |

International General Insurance Holdings Limited (IGIH) today reported earnings for the first half of the 2015 financial year. 

 

Overall, the Group announced gross written premiums of $122.03 million as at 30th June 2015 as compared to $137.68 million for the previous year. Net earnings were $16.2 million as at 30th June 2015 against $18.5 million for the same period last year.

 

IGI reported a combined ratio of 88% in the first half of the year, matching the H1 2014 figure. The Group’s loss ratio came in at 52%, compared to IGI’s five-year average of 55.4%. In addition, the Group reported shareholder’s equity of $279 million as at 30th June 2015, an increase of 6% from 31st December 2014.

 

Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said; “Softness in the market has put pressure on our top line figures, yet as in the past, we continue to be diligent on the business we underwrite with the focus on our bottom line. Our investment philosophy continues to remain conservative given the volatile market environment.”

 

He further went on to say: “I am very pleased with our results given current market conditions. As we continue to strengthen our underwriting platforms and expand our geographic reach, I have confidence that IGIH will endure the current market environment and continue to generate our target rate of return.”

 

In March, Standard and Poor’s upgraded the Group’s financial rating to A- from BBB+, and in July, A.M. Best affirmed its financial strength rating of A-.

 

The Board of Directors of IGIH has proposed at its meeting of today dividends of US $0.04 a share for the first half.