International General Insurance Holdings Limited announces net profits of US$31.26 million for 2013
Dubai, United Arab Emirates; 16 March, 2014: International General Insurance Holdings Limited (IGIH) today reported earnings for the 2013 financial year. The Group announced net earnings of US$ 31.26 million for the financial year of 2013, an increase of 24% compared to US$25.25 million for the financial year of 2012.
Commenting on the results, Mr Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said: “2013 was another year where we have been able to achieve record profits. These results clearly demonstrate that our business strategy, underwriting guidelines, and risk management have worked positively in our favor.” He further went on to say, “Although we expect 2014 to be a fairly tough year due to increased competition, we are re-aligning our business strategies and approach to meet the challenges of market cycles and uphold our corporate mission.”
Highlights for the period are as hereunder along with those for the previous year:
|$ in millions||(12 months)||(12 months )|
|Gross written premium||240.01||225.57|
|Net underwriting profit||43.55||36.78|
|Profit for the year||31.26||25.25|
|Loss ratio, net||54.68||55.53|
|Acquisition cost ratio, net||21.21||19.68|
|General and administrative expenses ratio||12.04||12.79|
|Return on equity||12.69||10.88|
The Board of Directors of IGIH has proposed at its meeting of today dividends of US$ 0.05 a share for the 2nd half year ended 31 December, 2013. This brings the total dividend to US$ 0.09 per share for 2013, the equivalent of US$ 12.5 million.
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a second-tier offshore reinsurer.
Both Bermuda and UK subsidiaries are rated A- (Excellent) by A.M. Best Company Inc.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence and non-proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 670 million as at 31 December, 2013.