UAE: IGIH earnings rise to $19.8 million for 1H
Source: Middle East Insurance Review | Oct 2016
International General Insurance Holdings (IGIH) has achieved net earnings for the first half of this year of US$19.8 million, a surge of 22% over the corresponding six months last year, the company announced in a statement.
Overall, the Group’s GWP stood at $126.8 million for the six months ended 30 June 2016 as compared to $122 million for the corresponding period in 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.
Return on equity (on an annualised basis) stood at 13.2% in the first half of the year, compared to 11.6% in the first half of 2015.
Mr Wasef Jabsheh, Vice Chairman and CEO 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.”
As part of IGIH’s next stage of development, the firm has carried out some rebranding by updating its logo and revamping its website.
“The rebranding reflects the growing international profile of the business,” Mr Jabsheh said. “We will continue to focus on a strategy of steady growth via geographical expansion combined with our continued focus on underwriting profitability.”