International General Insurance Holdings Limited reported net earnings of $35 million for 2015, an increase of 2 per cent from the $34.3 million from 2014.

The group, which is registered in the Dubai International Financial Centre, has its primary underwriting operations in Bermuda in the form of class 3B insurer IGI Bermuda. It also has units in Jordan, Malaysia, Morocco and a wholly owned subsidiary in the UK.

Gross premiums and investment income were both slightly down, but the group’s combined ratio improved to 84.3 per cent from 86.9 per cent in 2014, while shareholders equity grew to $284.9 million at the end of 2015 from $263.2 million a year earlier.

Wasef Jabsheh, vice-chairman and chief executive officer of IGIH, said: “2015 was another good year for IGI in which our team was able to deliver an improved profit over 2014. The continued competitive trading environment coupled with further excess capacity and another benign year had kept the pressure on rates.

“Our underwriting teams maintained their focus on profitable business whilst keeping the discipline needed to navigate through these very challenging times.

“It should be noted that our gross written premiums had declined from $252 million in 2014 to $242 million in 2015, however, our net underwriting profit increased from $50 million to $53 million demonstrating our focus on the bottom line whilst insuring that we maintain our service standards to our clients and brokers.

“The year saw our loss ratios drop from 53 per cent in 2014 to 45 per cent in 2015 giving us a 3 per cent drop in our combined ratio to 84 per cent. “2015 was a year where we invested in the future by opening of our new Casablanca operation and the further strengthening our existing underwriting teams and platforms. In addition, I am pleased to announce that our UK and Bermuda entities are now Solvency II compliant.”