International General Insurance Holdings Ltd (IGI) has announced its financial performance for the first quarter of 2024.
Gross written premiums reached $181.6 million, up 4.4% from $173.9 million in Q1 2023. Net premiums earned also saw growth, rising to $114.5 million from $105.1 million.
The company reported a significant increase in underwriting income, which reached $52 million, a 30.7% increase over last year’s $39.8 million.
Meanwhile, net investment income improved to $15.4 million, compared to $12.4 million in 2023. This growth led to a net income of $37.9 million, up from $33.9 million, with an annualized return on average equity of 27.6%. The combined ratio also improved, reducing to 74.1% from 78.4%.
“IGI had a very positive start to 2024, posting another excellent set of financial results for the first quarter. While market conditions are more mixed than a year ago, we continue to benefit from the strong foundations that we’ve laid over recent quarters and years to position our company for continued success,” said IGI president and CEO Waleed Jabsheh.
Breaking down segment results, the specialty long-tail segment recorded a drop in gross written premiums to $38.7 million, down 7.9% from the previous year’s $42 million.
The specialty short-tail segment reported gross written premiums of $94.2 million, a 2.8% increase, and the reinsurance segment saw a notable increase, with premiums rising to $48.7 million, up from $40.3 million.
The company faced a foreign exchange loss of $4.3 million in Q1 2024 due to adverse currency revaluation, compared to a $1.3 million gain last year. The pound sterling and euro depreciated against the US dollar, driving these movements.
The company’s investment income reached $15.4 million, compared to $12.4 million a year earlier, as rising interest rates and a larger investment portfolio pushed yields to 4.2% from 3.5%.
