International General Insurance Holdings Limited has reported earnings for the first half of 2018.
IGI, registered in the Dubai International Financial Centre (DIFC), reported a net profit of $11.0 million for the first six months of 2018, against $14.8 million last year and a 20 per cent rise in gross premiums written from $138.12 million in June 2017 to $165.87 million. Growth occurred across all IGI’s major lines of business.
The Company posted a seven per cent rise in gross underwriting profits of $23.75 million, mainly due to growth in gross earned premium from last year, partially offset by increase in net claims incurred primarily due to strengthening of IBNR.
IGI posted a combined ratio of 91.3 per cent, compared to 89.8 per cent in June 2017.
“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,” saidWasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH.
In July, rating agency Standard & Poor reaffirmed IGI’s financial strength rating of A- stable outlook, citing IGI’s strength in maintaining sound underwriting and operating performance. A.M. Best also reaffirmed IGI’s financial strength rating of A- (Excellent) with a positive outlook in the first week of August.