{"id":4070,"date":"2019-03-27T06:33:19","date_gmt":"2019-03-27T06:33:19","guid":{"rendered":"http:\/\/shahennews.com\/eng\/?p=4070"},"modified":"2019-03-27T06:33:19","modified_gmt":"2019-03-27T06:33:19","slug":"igi-reports-solid-full-year-2018-results-and-improved-gwp-growth","status":"publish","type":"post","link":"https:\/\/www.shahennews.com\/eng\/archives\/4070\/igi-reports-solid-full-year-2018-results-and-improved-gwp-growth\/","title":{"rendered":"IGI reports solid full-year 2018 results and improved GWP growth"},"content":{"rendered":"

shaheennews<\/p>\n

International General Insurance Holdings Limited today reported earnings for the 2018 financial year.<\/span><\/p>\n

The year 2018 saw a strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017. The Group has a clear and focused vision of growth in new and existing markets, putting IGI back in track for another robust performance for the 2018 financial year.<\/span><\/p>\n

Gross written premium (GWP) rose by 9.5% to US $301.56 million in 2018, compared to US $275.3 million the year before. The Group announced a 237% increase in net profit to US$ 26.47 million from US $7.86 million as at 31 December 2017.\u00a0The combined operating ratio was 88.97%, considerably down from last year\u2019s figure of 103.08%.<\/span><\/p>\n

The total assets of the company increased by 2.09% to US $907.35 million in 2018 from US$ 888.79 million in 2017.<\/span><\/p>\n

Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGI, said: \u201cOur solid performance is the result of the excellent teams, well-diversified portfolios and strong underwriting ethos we have spent the last 17 years building and developing at IGI.<\/span><\/p>\n

\u201cCurrent market conditions are presenting new and lucrative opportunities, which we will look to capitalize on whilst continuing to apply our prudent underwriting philosophy.<\/span><\/p>\n

\u201cWe are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market bringing pricing back to a point where they reflect technical adequacy with the full recognition of the need to return to a stable and profitable underwriting environment.\u201d<\/span><\/p>\n

Highlights of the 2018 financial year along with those of the previous year are as follows:<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\u00a0<\/span><\/td>\n31-Dec-2018<\/span><\/p>\n

(12 months)<\/span><\/td>\n

\u00a0<\/span><\/td>\n31-Dec-2017<\/span><\/p>\n

(12 months)<\/span><\/td>\n

<\/td>\n<\/tr>\n
$ in million<\/span><\/i><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
Gross written premium<\/span><\/td>\n<\/td>\n301.56<\/span><\/td>\n<\/td>\n275.34<\/span><\/td>\n<\/td>\n<\/tr>\n
Net underwriting result<\/span><\/td>\n<\/td>\n55.8<\/span><\/td>\n<\/td>\n25.07<\/span><\/td>\n<\/td>\n<\/tr>\n
Investment income<\/span><\/td>\n<\/td>\n10.37<\/span><\/td>\n<\/td>\n12.75<\/span><\/td>\n<\/td>\n<\/tr>\n
Net profit for the year<\/span><\/td>\n<\/td>\n26.47<\/span><\/td>\n<\/td>\n7.86<\/span><\/td>\n<\/td>\n<\/tr>\n
Shareholder\u2019s equity<\/span><\/td>\n<\/td>\n309.78<\/span><\/td>\n<\/td>\n312.40<\/span><\/td>\n<\/td>\n<\/tr>\n
Loss ratio, net<\/span><\/td>\n<\/td>\n46.85%<\/span><\/td>\n<\/td>\n60.40%<\/span><\/td>\n<\/td>\n<\/tr>\n
Combined ratio<\/span><\/td>\n<\/td>\n88.97%<\/span><\/td>\n<\/td>\n103.08%<\/span><\/td>\n<\/td>\n<\/tr>\n
Return on equity<\/span><\/td>\n<\/td>\n8.54%<\/span><\/td>\n<\/td>\n2.52%<\/span><\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

The Board of Directors of IGI proposed at its meeting of 21 March 2019, a final dividend of US $0.04 per share for the financial year 2018. This brings the total dividend to US$ 0.07 per share for 2018 equivalent to US$ 10,036,297.<\/span><\/p>\n

*Source: <\/b>AETOSWire<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

shaheennews International General Insurance Holdings Limited today reported earnings for the 2018 financial year. The year 2018 saw a strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017. The Group has a clear and focused vision of growth in new and existing markets, putting IGI back in track …<\/p>\n","protected":false},"author":2,"featured_media":4071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[],"class_list":["post-4070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"\nIGI reports solid full-year 2018 results and improved GWP growth - Shahennews Eng<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shahennews.com\/eng\/archives\/4070\/igi-reports-solid-full-year-2018-results-and-improved-gwp-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IGI reports solid full-year 2018 results and improved GWP growth - Shahennews Eng\" \/>\n<meta property=\"og:description\" content=\"shaheennews International General Insurance Holdings Limited today reported earnings for the 2018 financial year. 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