IGIH Earnings Increase By 35 Per Cent In 2011
Dubai-based International General Insurance Holdings Limited [IGIH] — which maintains a major Bermuda operation — today [Apr.3] reported net earnings of $23.2 million for 2011, an increase of 35.05 per cent compared to $17.2 million for the 2010 fiscal year.
Commenting on the results, Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “Marking our 10th anniversary, I am very pleased to announce our record earnings. Market conditions in 2011 proved to be challenging due to the excess market capacity.
“The market was further exacerbated by the unprecedented level of natural catastrophe losses throughout the year. Despite the aforementioned, IGIH was able to achieve record results through prudent underwriting and sound exposure management practices.”
IGIH is registered in the Dubai International Financial Centre [DIFC] with operations in Bermuda, Jordan and Malaysia and a wholly owned subsidiary in the UK.
“I believe IGIH is in a great position to take advantage of the current signs of a hardening market due to the events of 2011 coupled with the vast sovereign investments planned in the Mena region. IGIH has grown materially from its historical core of energy, property and engineering underwriting, with a compound annual growth rate of 36.92 per cent in gross premiums from 2002 to 2011. This is a testament to IGIH’s sound management, selective underwriting and market vision,” Mr. Jabsheh said.
Gross written premium in 2011 was $202.8 million compared to $179.3 million for 2010, an increase of 13.08 per cent.
Net underwriting profit grew to $33.6 million for 2011, an increase of 50.22 per cent from $22.4 million in 2010. This represents 28.20 per cent of the net premium earned for the period, against 22.92 per cent for 2010.
Investment income for the year stood at $8.5 million, a decrease of 15.23 per cent compared to $10.09 million for 2010.
Total assets rose 15.41 per cent to $564.1 million at the end of 2011 compared to $488.8 million as of 31st December, 2010.
Shareholders’ equity rose to $205.4 million at the end of 2011, an increase of 9.40 per cent compared to $187.8 million as of 31st December, 2010.
