International General Insurance Holdings Ltd. (IGI) has announced its financial results for the third quarter and first nine months of 2022, ended September 30, 2022.
Some of the highlights of the period are highlighted in the table below (all figures in millions of US$ except percentages):
|
|
Q3 |
9M |
||
|
|
2022 |
2021 |
2022 |
2021 |
|
Gross written premiums |
$120.6 |
$115.3 |
$425.1 |
$382.1 |
|
Net premiums earned |
$96.3 |
$91.2 |
$279.4 |
$259.0 |
|
Net underwriting results |
$42.0 |
$26.7 |
$123.8 |
$75.2 |
|
Total investment income, net |
$5.5 |
$4.0 |
$14.0 |
$12.0 |
|
Profit for the period |
$18.6 |
$16.1 |
$59.8 |
$34.5 |
|
Combined ratio |
73.8% |
85.0% |
73.6% |
87.3% |
|
Core operating income |
$27.6 |
$15.9 |
$80.9 |
$39.4 |
Commenting on the results seen, IGI chairman and CEO Wasef Jabsheh noted that the insurer recorded another strong set of results in Q3 2022, continuing the momentum of the prior two quarters and resulting in a combined ratio of 73.6%. Market conditions and rates are holding up across IGI’s portfolio, he said, and it continues to grow at a steady pace, with GWP up over 11% year-to-date.
“As always, our primary focus is on profitable growth, diversification and managing volatility,” Jasbsheh said. “As we look ahead to 2023, we continue to closely monitor the broader economic effects of rising inflation and interest rates as well as foreign exchange movements.
“The effect of the strengthening U.S. Dollar against our transactional currencies, the Pound Sterling and the Euro, particularly in our long-tail business which accounts for about a third of our total gross premiums, was evident in prior quarterly results and is again evident in the third quarter, resulting in a positive impact on our underwriting results.”
He added that IGI expects to see further opportunities to continue on its profitable growth trajectory. While the company was less impacted than others by recent headline events, he said, in particular the devastation of Hurricane Ian, these catastrophic incidents provided a reminder of why insurers do what they do – to provide peace of mind in times of uncertainty.
“That is our purpose and our commitment at IGI,” he said, “and it is what enhances the value that we provide to our customers and our shareholders.”
