IGI improves second quarter profit
Bermudian-based International General Insurance Holdings Ltd has reported a profit for the quarter ended June 30 of $21.8 million, compared to profit of $8.2 million for the prior year period.
Core operating income was $29.4 million for the quarter, a significant increase over the core operating income of $8.8 million for the comparable period in 2021.
For the first six months of 2022, profit was $41.3 million, compared to profit of $18.5 million for the same period a year ago.
Core operating income was $53.3 million compared to $23.5 million for the first six months of 2021.
Net underwriting results improved to $40.4 million for the quarter from $20.9 million for the second quarter of 2021, largely driven by growth in net premiums earned and a lower level of net claims and claim adjustment expenses.
Gross written premiums were $176.4 million for the quarter, representing growth of 6.2 per cent compared to GWP of $166.1 million for the prior year period.
For the first six months of 2022, gross written premiums were $304.4 million, an increase of 14.1 per cent compared to $266.8 million for the comparable period in 2021.
IGI chairman and CEO Wasef Jabsheh said: “IGI continues to perform well with excellent results recorded for the second quarter and first half of 2022.
“Highlighted by a combined ratio of 73.5 per cent and a 26.8 per cent core operating return on average shareholders’ equity, our results for the first half of 2022 demonstrate how our strategy and execution capabilities are driving continued high-quality returns and creating shareholder value.”