International General Insurance Holdings (IGI) has reported its financial results for the fourth quarter and full year 2024.
Gross written premiums for the year totalled US$700.1 million, an increase from US$688.7 million in 2023. Net premiums earned rose to US$483.1 million, compared to US$447.2 million the previous year. Underwriting income stood at US$187.5 million, slightly up from US$183.1 million in 2023.
Net investment income for 2024 was US$53.9 million, compared to US$50.2 million the previous year. The company reported a net income of US$135.2 million, up from US$118.2 million in 2023. The combined ratio for the year was 79.9%, compared to 76.7% in 2023.
While the specialty risks commercial re/insurer highlighted heavier catastrophe losses globally in the third quarter, the end results still saw a higher net income and solid underwriting margins.
“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%,” CEO Waleed Jabsheh (pictured above) said.
Ahead of the current year, Jabsheh also highlighted the company as being in its “strongest position ever, with a solid and consistently growing capital base.”
Earnings per diluted share for 2024 reached US$2.98, compared to US$2.55 the previous year. Return on average equity stood at 22.6%, down from 24.8% in 2023.
Core operating income for the year was US$144.8 million, up from US$133.8 million in the previous year, while core operating earnings per diluted share were US$3.19, compared to US$2.88 in 2023. Core operating return on average equity was 24.2%, compared to 28.1% in 2023.
Jabsheh said that IGI has focused on underwriting discipline, risk selection, and capital management to generate shareholder value across market cycles. He noted that in 2024, the company returned approximately US$50 million to shareholders through dividends and share repurchases.
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