International General Insurance Holdings Ltd has begun 2023 with a first-quarter profit of nearly $34 million, an improvement over the same period to March 31, 2022.

IGI chairman and chief executive Wasef Jabsheh said: “IGI had a very positive start to 2023, posting another excellent set of financial results for the first quarter.

“We responded decisively to improving areas of our markets with the same disciplined execution, delivering profitable growth as reflected in a 78.4 per cent combined ratio.

“With these strong underwriting results, coupled with significantly improved investment results, driven by higher yields and increased reinvestment rates, we recorded a profit of $33.9 million, a 32.2 per cent annualised return on average equity, and a 27.9 per cent annualised core operating return on average equity.”

“The operating environment remains positive, notwithstanding the broader macroeconomic, geopolitical and environmental challenges that persist.

“We grew our gross premiums by over 37 per cent during the first quarter of 2023 as we took advantage of the rating momentum and improved terms in our short-tail and reinsurance segments. We are encouraged by the strong and profitable growth seen to date in the second quarter.”

“There is a lot of positive momentum in many areas of our business and we remain optimistic and excited about our future. As we have continued to grow and evolve into a truly international specialist insurer, we remain focused on consistent, disciplined execution of our strategy so that we continue our track record of generating long-term shareholder value through excellence in underwriting.”

The company has reported financial results for the first quarter of 2023 based on Generally Accepted Accounting Principles in the United States of America.

As a result of the voluntary change to US GAAP, they no longer report financial information in accordance with IFRS.

The prior period comparatives for the first quarter of 2022 have been adjusted from those previously reported to conform with the present basis of accounting under US GAAP.