UAE: IGI reports solid full-year 2018 results and shows higher GWP growth
Source: Middle East Insurance Review | May 2019
International General Insurance Holdings (IGI) has reported earnings for the 2018 financial year, reflecting a strong recovery following its most expensive year for catastrophe losses on record in 2017.
The group has a clear and focused vision of growth in new and existing markets, putting IGI back on track for another robust performance for the 2018 financial year.
GWP grew by 9.5% to $301.6m in 2018, compared to $275.3m the year before. The company announced a 237% increase in net profit to $26.5m from $7.9m for 2017. The combined operating ratio was almost 89% in 2018, considerably down from 2017’s ratio of 103.1%.
The total assets of the group increased by 2.1% to $907.4m at 31 December 2018 from $888.8m at the end of 2017.
Mr Wasef Jabsheh, vice chairman and CEO of IGI said, “Current market conditions are presenting new and lucrative opportunities, which we will look to capitalise on whilst continuing to apply our prudent underwriting philosophy.
“We are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market bringing pricing back to a point where they reflect technical adequacy with the full recognition of the need to return to a stable and profitable underwriting environment.” M