Winst International General Insurance Holdings Limited stijgt tot 19,8 miljoen dollar in eerste halfjaar 2016
DUBAI, Verenigde Arabische Emiraten–(BUSINESS WIRE)– International General Insurance Holdings Limited heeft vandaag zijn halfjaarcijfers van 2016 gepresenteerd.
Het totale bedrag aan premies bedroeg in de zes maanden tot 30 juni 2016 126,8 miljoen dollar, tegen 122 miljoen dollar in het halfjaar tot 30 juni 2015. De technische nettowinst bedroeg 28,4 miljoen dollar een stijging van 39 procent in vergelijking met de voorgaande periode. Het samengestelde verhoudingsgetal was 81,9 procent; een verbetering ten opzichte van de voorgaande periode, toen het samengestelde verhoudingsgetal 89 procent was.
Daarnaast rapporteerde de groep een winst van 19,8 miljoen dollar, waarmee de winst steeg met 22 procent ten opzichte van de 16,2 miljoen dollar in de vorige periode. IGI rapporteerde een rendement van eigen vermogen (omgerekend naar de periode van een jaar) van 13,2 procent. In de de eerste helft van 2015 was dit 11,6 procent.
International General Insurance Holdings Limited Earnings Rise to US$ 19.8 Million for H1 2016
DUBAI, United Arab Emirates–(BUSINESS WIRE)– International General Insurance Holdings Limited today reported earnings for the first half of 2016.
Overall, the Group announced gross written premiums of $126.8 million for the period ended 30 June 2016 as compared to $122 million for the previous period of 30 June 2015. Net underwriting profits increased to $28.4 million, a growth of 39% as compared to the previous period. The combined ratio improved to 81.9% as compared to 89% reported for the previous period.
In addition, the Group reported net earnings of $19.8 million for 30 June 2016, an increase of 22% as compared to $16.2 million for the previous period. IGI reported a return on equity (on an annualised basis) of 13.2% in the first half of the year, compared to 11.6% in the first half of 2015.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “Despite difficult market conditions, we have continued our emphasis of ensuring that the business we retain is within our philosophy of underwriting for bottom line profit rather than top line growth. This is evidenced by the fact that whilst our top line has grown by 4%, the bottom line has grown by 22%, leading to an exceptional combined ratio for the period.”
The news follows rating agencies Standard & Poor’s and A.M. Best both reaffirming the “A-” insurer financial strength rating and counterparty credit ratings on IGI’s Bermuda and UK operations earlier this year.
As part of IGI’s next stage of development, the firm has updated its logo and revamped its website.
“The rebranding reflects the growing international profile of the business,” Mr. Jabsheh added. “At IGI, we will continue to focus on a strategy of steady growth via geographical expansion combined with our continued focus on underwriting profitability.”
Highlights for the first half of the year, as at 30th June 2016, are as hereunder, along with those for the previous year:
|
As at 30 th |
As at 30 th |
||||
| $ in million | |||||
| Gross written premium | 126,763,164 | 122,032,548 | |||
| Underwriting profit | 28,437,395 | 20,398,794 | |||
| Investment income | 5,112,716 | 7,249,465 | |||
| Net profits | 19,781,805 | 16,198,971 | |||
| Total Assets | 784,757,767 | 761,034,849 | |||
| Shareholder’s equity | 300,578,469 | 284,865,307 | |||
| Ratios (0%) | |||||
| Underwriting profit to gross written premium | 22.43 | 16.72 | |||
| Combined ratio | 81.87 | 88.95 | |||
| Return on equity (Annualized) | 13.16 | 11.59 | |||
The Board of Directors of IGIH has proposed at its meeting of 25 th August an interim dividend of US $0.05 per share for the first half of 2016.
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Issued by rein4ce on behalf of IGI UK.
About IGI:
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia, Morocco and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both IGI Bermuda and IGI UK are rated A- with a stable outlook by Standard & Poor’s and A- (Excellent) with a stable outlook by A.M Best Company.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence, forestry, and proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 784 million as at 30 June, 2016.
For more information, please visit www.iginsure.com or email info@iginsure.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830005275/en/
Contacts
IGI
Sarah Mortimer, +44 (0)7718 882011
sarah.mortimer@rein4ce.co.uk