Dubai-based International General Insurance Holdings Ltd, the subsidiaries of which include Bermudian-based re/insurer IGI Bermuda, has reported a net profit of $13.75 million for the first six months of 2019.

That result compares to a net profit of $11.02 million for the same period last year.

Gross written premiums rose 12.2 per cent year-over-year from $165.87 million to $186.12 million.

The group recorded an overall underwriting profit of $25.88 million for the six months ending June 30 2019, a nine per cent increase over the 2018 result of $23.75 million.

IGI reported growth in most major lines of business, with casualty, engineering, ports & terminals and financial lines contributing the most in dollar growth.

Annualised return on equity for the period was 8.7 per cent, compared to 7.2 per cent for the same time period in 2018. IGI’s book value per share grew to $2.358 at the end of June 2019 from $2.271 at the end of 2018.

Investment income was $7.3 million for the first half of 2019, compared to $4.88 million for the first half of 2018.

IGI posted a combined ratio of 92.84 per cent, compared to 91.28 per cent for the same time period a year ago.

Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said: “The insurance market is in a healthier position than it has been for a long time. Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.”

He added: “We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”

IGI Bermuda, a class 3B re/insurer regulated by the Bermuda Monetary Authority, is the principal underwriting entity for the group, the company said. Registered in Dubai, the holding company also has operations in Jordan, United Arab Emirates, Malaysia, Morocco and a wholly-owned subsidiary in the United Kingdom. The group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.

The IGI group underwrites a worldwide portfolio of energy, property, engineering, casualty, legal expenses, directors and officers, financial institutions, general aviation, ports & terminals, marine liability, political violence, forestry and reinsurance treaty business.

The holding company had assets in excess of $950 million as at June 30, it said.