UAE: IGIH reports 10% rise in 2014 net profits to US$34 mln
Source: Middle East Insurance Review | Jun 2015
Dubai-headquartered International General Insurance Holdings (IGIH) has reported net earnings of US$34.34 million for the 2014 financial year, an increase of 9.9% compared to US$31.26 million for 2013.
In a statement, Mr Wasef Jabsheh, Vice Chairman and CEO of IGIH, said: “2014 was another stellar year for IGIH despite a soft market environment. IGIH’s strategy and underwriting discipline have again proven that they are capable of dealing with the current market cycle.”
He added: “Although we continue to see pricing pressure in 2015, IGIH has demonstrated that it can adapt and create shareholder returns without assuming more risk on its underwriting or investments.”
IGIH reported gross written premiums of $251.52 million for 2014, 4.8% higher than for 2013. Net underwriting profit surged by 15% to $50.1 million last year. The company recorded investment income of $12.2 million in 2014, about 30% higher than in 2013. The combined ratio in 2014 stood at 87.1% compared to 87.9% in 2013.