IGI reports Q2 net income of $40.5m
Bermudian-registered International General Insurance Holdings Ltd has reported that net income for the quarter ended June 30 increased 84.1 per cent to $40.5 million from $22 million for the second quarter of 2022.
The company said the increase in net income was primarily driven by an increase of $22.4 million in net premiums earned and positive movement of $15.8 million in net investment income, partially offset by increased net loss and loss adjustment expenses, net policy acquisition expenses and general and administrative expenses.
IGI chief executive Waleed Jabsheh said: “IGI produced another set of exceptional results across all key measures in the second quarter of 2023 as we continued to benefit from sustained hard market conditions in many of our reinsurance and short-tail lines, and a more favourable investment environment.
“This culminated in net income of $40.5 million, a 73.5 per cent combined ratio, a 36.1 per cent return on average equity and 34 per cent core operating return on average equity in the second quarter.
“Most importantly, we grew book value per share by 9.3 per cent in the three months ended June 30, and 20.3 per cent for the first six months of 2023.”
He added: “The trends that we saw during the first quarter of 2023 continued throughout the second quarter resulting in gross premium growth of 10.5 per cent in the second quarter and 21.6 per cent for the first half of 2023.
“We are seeing plenty of opportunities to continue to show profitable growth in reinsurance and many short-tail markets where we have deep expertise, while being cautious in other short-tail and longtail lines where there is more competitive pressure and remaining focused on disciplined and selective underwriting.
“All indications are that the positive trends in many short-tail and reinsurance lines that we have experienced over the last several quarters will remain for at least the near-term and we look forward to building on this momentum in the quarters ahead, and continuing to generate sustainable long-term value for our shareholders.”
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