IGI announces interim financials | Insurance Business America

International General Insurance Holdings (IGI) has released its financial results for the quarter and half year ended June 30, 2023.

According to the international specialty risk commercial insurer and reinsurer, here’s how it compares to a year ago:

“IGI produced another set of exceptional results across all key measures in the second quarter of 2023 as we continued to benefit from continued difficult market conditions in many of our reinsurance and short-tail businesses. line, and a more favorable investment environment,” chief executive Waleed Jabsheh said in a release.

“This resulted in net income of $40.5 million, a 73.5% combination ratio, a 36.1% return on average equity, and a 34% core operating return on average equity in the second quarter. Most importantly, We grew book value per share by 9.3% in the three months ended June 30, and 20.3% in the first six months of 2023.

According to the CEO, the trends during the first quarter continued throughout the next three months, resulting in GWP growth of 10.5% and 21.6%, respectively, for the second quarter and the first half. .

“We see many opportunities to continue to show profitable growth in reinsurance and many short-tail markets where we have deep expertise, while being cautious in other short-tail and long-tail lines. where there is a lot of competitive pressure, and remains focused. on disciplined and selective underwriting,” Jabsheh said.

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