IGI boosts net income in Q3 financials

Specialty risks commercial insurer and reinsurer International General Insurance Holdings (IGI) has published its financial results for the three months ended September 30 – a period described by president and chief executive Waleed Jabsheh (pictured) as “another quarter of strong performance” for IGI.

Here’s how the company performed in Q3:

The higher net income was mainly attributed to an increase in net premiums earned, a decrease in the change in fair value of derivative financial liabilities, and a change in the net foreign exchange gain (loss) over the same quarter last year.

Commenting on the numbers, Jabsheh said: “We had another quarter of strong performance with solid underwriting margins as well as a more favourable investment environment.

“While the third quarter was marked by heavier catastrophe losses globally as well as varied underwriting and financial markets, we have remained focused on consistently executing our strategy, at a time when risk selection and discipline are critical. All in for the third quarter, we recorded net income of US$34.5 million, and a return on average equity of 22.3%.”

“As we look ahead to 2025, we are in our strongest position ever, with a solid and consistently growing capital base. At September 30, 2024, total equity was US$651.6 million, an increase of more than US$100 million or 20.6% from December 31, 2023.

“This, in addition to our focus on building a larger and more diversified underwriting portfolio, has created a strong foundation and a level of resilience that will continue to serve us well in the future.”

For the first nine months of 2024, IGI’s net income saw a 23.3% uptick to US$105.1 million.

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