International General Insurance Holdings has reported 2024 first-quarter net income of $37.9 million, up from $33.9 million in the same period in 2023.

IGI president and chief executive Waleed Jabsheh said: “IGI had a very positive start to 2024, posting another excellent set of financial results for the first quarter. While market conditions are more mixed than a year ago, we continue to benefit from the strong foundations that we’ve laid over recent quarters and years to position our company for continued success.

“We are continuing to see new opportunities and find new ways of accessing business. With underwriting income up more than 30 per cent and a lower level of losses in the first quarter, we posted a healthy 74.1 per cent combined ratio.

“These strong underwriting results, coupled with significantly improved investment results, resulted in net income of $37.9 million, a 27.6 per cent annualised return on average equity, and a 29.2 per cent annualised core operating return on average equity.

“As market conditions remain varied across our portfolio, we are focused on consistent selective and disciplined underwriting and targeted growth and diversification, moving our capital to those areas with the highest risk-adjusted returns. With a number of new initiatives in place, we are well positioned to continue to deliver on our goal of creating sustainable long-term value for our shareholders.”

The increase in net income was primarily driven by the increase of $12.2 million in underwriting income and an increase of $3.0 million in net investment income. This was partially offset by higher net foreign exchange loss and general and administrative expenses.

Underwriting income increased 30.7 per cent to $52.0 million in the first quarter of 2024 compared to $39.8 million for the first quarter of 2023, with the increase primarily driven by higher net premiums earned as a result of the overall growth of the portfolio, and a lower level of loss and loss adjustment expenses.

Gross written premiums were $181.6 million for the quarter ended March 31, 2024, representing an increase of 4.4 per cent compared to gross written premiums of $173.9 million for the quarter ended March 31, 2023. The increase was driven by growth in the reinsurance and short-tail segments.

The loss ratio was 38.7 per cent for the quarter ended March 31, 2024 compared to 45.7 per cent for the quarter ended March 31, 2023.

The net policy acquisition expense ratio was 15.9 per cent in the first quarter of 2024 compared to 16.5 per cent in the same quarter of 2023.

The general & administrative expense ratio was 3.3 per cent higher at 19.5 per cent in the first quarter of 2024 compared to 16.2 per cent in the first quarter of 2023 largely driven by higher human resources costs in line with the company’s overall growth.

The combined ratio for the quarter ended March 31, 2024 improved by 4.3 points to 74.1 per cent compared to 78.4 per cent for the quarter ended March 31, 2023.