IGI CEO Jabsheh points to ‘healthier’ insurance market as H1 2019 results show growth
International General Insurance (IGI) has reported a rise in net profits and gross written premiums (GWP) as vice chairman and CEO Wasef Jabsheh pointed to the insurance market being in a “healthier position than it has been for a long time”.
The insurer’s net profit rose to $13.75 million for the first six months of 2019, compared with $11.02 million for the same six months a year earlier. Its GWP rose 12.2 percent to $186.12 million for H1 2019 up from $165.87 million for the same half year to the end of June 2018.
However, the company’s combined ratio worsened to 92.84 percent compared with 91.28 percent in June 2018.
Overall underwriting profit increased to $25.88 million for the six months ending 30 June 2019, up 9 percent from $23.75 million recorded in H1 2018. Most major lines of business, reported growth with casualty, engineering, ports & terminals and financial lines contributing the most in dollar growth.
The company’s investment income grew substantially to $7.3 million for the first half of 2019, compared with $4.88 million for the first half of 2018.
Jabsheh, vice chairman and chief executive officer of IGI, said: “The insurance market is in a healthier position than it has been for a long time. Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.
“We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”
IGI is registered in the Dubai International Financial Centre with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the UK.
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Research shows quarter of SMEs hit by crisis in 2018; risk of collapse increases
HDI hires new director of distribution for UK and Ireland
Argo Surety increases single bond capacity; reshuffles key people
CAC Specialty taps up new co-lead for its Financial Lines Practice
Tropical storm Dorian projected to become hurricane
Feature: 10 ways insurers are using insurtech to drive new business
