Lower underwriting profit weighs on Dubai’s International General Insurance's H1 results
A drop in underwriting profit and a deterioration of the combined ratio have made net profit at Dubai-based International General Insurance Holdings (IGIH) decline in the first six months of 2017.
Underwriting profit fell to $22.17 million in the first half of 2017 from $28.4 million in the same period a year ago. The combined ratio deteriorated to 89.8 percent from 81.9 percent over the period.
Net profit declined to $14.8 million in the first six months compared to $19.8 million a year ago.
At the same time, gross written premium grew to $138.1 million from $126.8 million over the period.
“The business played to its technical strengths in underwriting and performed well as a result,” said Wasef Jabsheh, vice chairman and CEO of IGIH.
“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.”
IGIH is registered in the Dubai International Financial Centre with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the UK.
“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.”
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