IGI expands 20% in H1
International General Insurance Holdings (IGIH) grew gross premiums written by 20 percent year on year to $165.87 million in the first six months of 2018, driven by all major lines of business.
The company posted a 7 percent year on year rise in gross underwriting profits to $23.75 million, mainly due to growth in gross earned premium from 2017. This improvement was partially offset by an increase in net claims incurred primarily due to strengthening of incurred but not reported (IBNR) claims.
The combined ratio deteriorated to 91.3 percent from 89.8 percent over the period.
“We are pleased with the first six months of the year and we continue to remain optimistic that barring major catastrophes as occurred in the third quarter of 2017, we should be able to deliver our planned results for 2018,” said IGIH CEO Wasef Jabsheh.
Net profit declined to $11.02 million in the first six months of 2018 from $14.8 million in the same period of 2017.
IGIH is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, UAE, Malaysia, Morocco and a wholly owned subsidiary in the UK.
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