18 March 2014 Insurance

IGIH reports 24 percent in profits

Dubai’s International General Insurance Holdings (IGIH) reported a 24 percent increase in profits of $31.3 million in 2013 compared with $25.3 in 2012.

IGIH, which has assets in excess of $670 million, reported gross written premiums of $240 million in 2013 compared with $225.6 million in 2012, while new underwriting profit was $43.6 million in 2013, compared with $36.8 million in 2012.

The company’s combined ratio improved marginally to 87.93 compared with 88.01 in 2012.

Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said: “2013 was another year where we have been able to achieve record profits. These results clearly demonstrate that our business strategy, underwriting guidelines, and risk management have worked positively in our favor.

“Although we expect 2014 to be a fairly tough year due to increased competition, we are re-aligning our business strategies and approach to meet the challenges of market cycles and uphold our corporate mission.”

As a result of the insurer’s increased profits the IGIH Board of Directors proposed dividends of $0.05 a share for the second half year ended December 31, 2013. This brings the total dividend to $0.09 per share for 2013, the equivalent of $12.5 million.

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