IGI reports first quarter 2024 unaudited financial results
Authored by IGI
International General Insurance Holdings Ltd. (IGI) has reported financial results for the first quarter of 2024.
IGI President & CEO Mr. Waleed Jabsheh said, “IGI had a very positive start to 2024, posting another excellent set of financial results for the first quarter. While market conditions are more mixed than a year ago, we continue to benefit from the strong foundations that we’ve laid over recent quarters and years to position our company for continued success.”
“We are continuing to see new opportunities and find new ways of accessing business. With underwriting income up more than 30% and a lower level of losses in the first quarter, we posted a healthy 74.1% combined ratio. These strong underwriting results, coupled with significantly improved investment results, resulted in net income of $37.9 million, a 27.6% annualized return on average equity, and a 29.2% annualized core operating return on average equity.”
“As market conditions remain varied across our portfolio, we are focused on consistent selective and disciplined underwriting and targeted growth and diversification, moving our capital to those areas with the highest risk-adjusted returns. With a number of new initiatives in place, we are well-positioned to continue to deliver on our goal of creating sustainable long-term value for our shareholders.”
To view the full Q1 results from IGI, CLICK HERE
About IGI
Established in 2001, International General Insurance (IGI) is a global privately-owned specialist commercial insurer and reinsurer. Our vision is to be the company of choice for clients and brokers through market-leading service and our reputation for stable management and capital security.
A diverse and highly experienced team of underwriters operates our office in London. We also have offices in Dubai, Amman, Casablanca and Kuala Lumpur.
Our diverse portfolio of specialty lines includes Energy, Property, Construction & Engineering, Ports & Terminals, Financial Institutions, Aviation, Professional Indemnity, Political Violence, Legal Expenses, D&O, Casualty, Forestry and Treaty Reinsurance.
Standard and Poor’s upgraded our financial strength rating to “A- “, with a Stable outlook. A.M. Best rated the company A- (Excellent), with a Positive outlook, stating, “the revised outlook reflects IGI’s consistent record of very strong operating performance and the continuous improvement in its enterprise risk management framework.”
We take pride in providing proactive claims management, coupled with open communication, leading to the efficient handling of claims. We endeavour to act fairly and honourably in our relations with clients and brokers.