IGI Reports First Quarter Financial Results | Insurance Business America
CEO points to “lots of positive momentum”.
insurance news
By Terry Gangcuangco
Commercial insurer and specialty reinsurer International General Insurance Holdings (IGI) has released its financial results report for the first quarter of 2023.
IGI – which no longer reports financial information in accordance with International Financial Reporting Standards (IFRS) and instead uses accounting principles generally accepted in the United States (US GAAP) – released the following results:
Metric | 1st quarter 2023 | Q1 2022 |
|---|---|---|
Gross written premium | $173.9 million | $126.4 million |
Underwriting income | $39.8 million | $41.7 million |
Net investment income | $12.4 million | $2.1 million |
profit for the period | $33.9 million | $22.2 million |
core operating result | $29.3 million | $23.3 million |
IGI’s higher profit was due to the $17.8 million increase in net premiums (to $105.1 million), the $10.3 million incremental investment income and the $2.7 million increase in foreign exchange rates -dollar as a result of currency appreciation against the US dollar.
Wasef Jabsheh, Chairman and CEO, said in a press release, “IGI has had a very positive start to 2023 and once again reported excellent financial results for the first quarter. We have responded decisively to improving areas of our markets with the same disciplined execution, delivering profitable growth reflected in a combined ratio of 78.4%.
“With these strong underwriting results, coupled with significantly improved investment results, driven by higher yields and higher reinvestment rates, we reported net income of $33.9 million, an annual return on equity of 32.2% and a compound annual core operating return of 27 .9%.” Equity.”
Jabsheh added that there is “a lot of positive momentum” in many areas of the business.
“We remain optimistic and excited about our future,” said the CEO. “As we have continued to grow and evolve into a truly international specialty insurer, we remain focused on consistently and disciplinedly executing our strategy so we can continue our track record of generating long-term shareholder value through underwriting excellence.”
What do you think of IGI’s financial results? Share your thoughts in the comments below.
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