IGI posts solid 2014 results; CEO optimistic
Re/insurer International General Insurance (IGI), a Dubai-based insurance group with operations in Bermuda and London, has posted strong results for 2014 as it benefitted from a hike in profits and strong revenue growth.
Its net earnings jumped by nearly 10 percent to $34.3 million for the year ended December 31, 2014, compared with $31.3 million for 2013.
IGI’s gross written premiums increased to $251.5 million in 2014, compared with $240 million in the 2013, while its underwriting profits jumped to $50.1 million in 2014, compared with $43.6 million in the prior year.
The re/insurer’s combined ratio improved to 87.1 percent in 2014, compared with 87.9 percent in 2013.
Wasef Jabsheh, vice chairman and chief executive officer of IGI, said: “2014 was another stellar year for IGI albeit being in a soft market environment. IGI’s strategy and underwriting discipline has again proven that it is capable of dealing with the current market cycle.”
“Although we continue to see pricing pressure in 2015, IGI has demonstrated that it can adapt and create shareholder returns without assuming more risk on its underwriting or investments.”