IGIH: “We Exceeded Our Net Income Forecasts”
Dubai-based International General Insurance Holdings Limited [ IGIH ] — which operates a major Bermuda subsidiary — has reported earnings for the 2012 financial year.
The Group announced net earnings of $25.25 million for the year, an increase of 8.7 percent compared to $23.22 million for the 2011 fiscal year.
Commenting on the results, Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH , said, “Again, I am very pleased to announce record earnings for 2012.
“Although our investment income came in below budget due to the prevailing investment environment, we still managed to exceed our net income forecasts due to our stellar underwriting results.”
Mr. Jabsheh further went on to say, “We announced in February the introduction of our new business line, political violence, as part of our growth plans.
“As in previous years, we continue to look for new market opportunities whilst continuing our expansion goals in our MENA, UK, and Asian offices.
“Achieved results confirms the success of the overall group strategy.”
Highlights for the year 2012 include the following:
- Gross written premium in 2012 was $225.5 million, an increase of 11.2 percent compared to $202.8 million for 2011.
- Net underwriting profit grew to $36.8 million for 2012, an increase of 9.4 percent from $33.6 million in 2011. This represents 24.8 percent of the gross premium earned for the year against 28.2 percent for 2011.
- Investment income for the year stood at $7.4 million, an increase of 2.4 percent compared to $7.2 million for 2011.
- The combined ratio for 2012 was 88 percent, compared to 87 percent for 2011.
- Total assets were $608.8 million at the end of 2012, an increase of 8 percent compared to $563.9 million as of 31st December, 2011.
- Shareholders’ equity rose to $232.1 million at the end of 2012, an increase of 13% compared to $205.4 million as of 31st December, 2011.
The Group has declared at its Annual General Meeting of March 24,0 2013 final dividends of $7.17 million, thus making total dividends declared for the year to stand at $10.03 million as compared to 5.73 for fiscal year 2011.
International General Insurance Holdings Limited [IGIH] is registered in the Dubai International Financial Centre [DIFC] with operations in Bermuda, Jordan, Malaysia and a wholly owned subsidiary in the UK.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority [BMA]. This subsidiary is the principal underwriting entity for the Group.
The Group also has a branch in Labuan, Malaysia, registered as a first-tier offshore reinsurer
