UAE: IGI's GWP fell 4.5% to $231 million in 2016
Source: Middle East Insurance Review | Apr 2017
International General Insurance Holdings (IGI) said its GWP in 2016 reached US$231.4 million, 4.5% lower than the $242.3 million posted for 2015. Net profit fell 8.3% y-o-y to $32.1 million in 2016.
Gross earned premiums increased from $238.4 million in 2015 to $241.3 million in 2016, while net earned premiums rose from $155.8 million in 2015 to $156.9 million in 2016. Gross claims were marginally down from $134 million in 2015 to $129 million in 2016.
Net underwriting profit for 2016 stood at $50.7 million, down marginally from $52.7 million for 2015.
Overall, the Group reported a growth in total assets of 7.55% to $818.5 million at the end of 2016 from $761.0 million in at 31 December 2015.
In addition, the Group saw growth in shareholder equity of 9.25% to $311.20 million in 2016 from $284.86 million in 2015.
Investments rose from $468.7 million in 2015 to $493.0 million in 2016. Net investment income was up marginally from $12.5 million in 2015 to $12.8 million in 2016.
Commenting on the results, Mr Wasef Jabsheh, Vice Chairman and CEO of IGI, said: “Despite the continued competitive trading environment keeping pressure on rates, IGI’s underwriting teams upheld their focus on quality business, whilst maintaining the discipline required to navigate through these challenging times.”
He added: “We have taken important steps during the year, including a successful rebranding and the setup of innovative technology-oriented support and business modelling. Despite soft market conditions, we view future prospects with optimism.”