International General Insurance Holdings Limited announces net profits of US$ 25.2 million for 2012
Kuwait; 26th March, 2013: International General Insurance Holdings Limited (IGIH) today reported earnings for the 2012 financial year. The Group announced net earnings of US$ 25.25 million for the year, an increase of 8.7% compared to US$ 23.22 million for the 2011 fiscal year.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executiv Officer of IGIH, said, “Again, I am very pleased to announce record earnings for 2012. Although our investment income came in below budget due to the prevailing investment environment, we still managed to exceed our net income forecasts due to our stellar underwriting results.”
Mr. Jabsheh further went on to say, “We announced in February the introduction of our new business line, political violence, as part of our growth plans. As in previous years, we continue to look for new market opportunities whilst continuing our expansion goals in our MENA, UK, and Asian offices. Achieved results confirms the success of the overall group strategy.”
Highlights for the year 2012 include the following:
- Gross written premium in 2012 was US$ 225.5 million, an increase of 11.2% compared to US$ 202.8 million for 2011.
- Net underwriting profit grew to US$ 36.8 million for 2012, an increase of 9.4% from US$ 33.6 million in 2011. This represents 24.8% of the gross premium earned for the year against 28.2% for 2011.
- Investment income for the year stood at US$ 7.4 million, an increase of 2.4% compared to US$ 7.2 million for 2011.
- The combined ratio for 2012 was 88%, compared to 87% for 2011.
- Total assets were US$ 608.8 million at the end of 2012, an increase of 8% compared to US$ 563.9 million as of 31st December, 2011.
- Shareholders’ equity rose to US$ 232.1 million at the end of 2012, an increase of 13% compared to US$ 205.4 million as of 31st December, 2011.
Financial overview:
|
12 mos. |
|||||
|
Dec. 31 |
|||||
| $ in millions |
2010 |
|
2011 |
2012 |
|
| Gross written premium |
179.3 |
202.8 |
225.5 |
||
| Net underwriting profit |
22.4 |
33.6 |
36.8 |
||
| Investment income |
10.1 |
7.2 |
7.4 |
||
| Profit for the year |
17.2 |
23.2 |
25.2 |
||
| Shareholders’ equity |
187.8 |
205.4 |
232.1 |
||
| Loss ratio, net |
58% |
55% |
56% |
||
| Acquisition ratio, net |
19% |
17% |
20% |
||
| General and admin. expense ratio |
15% |
15% |
13% |
||
| Combined ratio |
93% |
87% |
88% |
||
| Return on equity |
9% |
11% |
11% |
||
The Group has declared at its Annual General Meeting of 24th March 2013 final dividends of US$ 7.17 million, thus making total dividends declared for the year to stand at US$ 10.03 million as compared to 5.73 for fiscal year 2011.
About IGIH:
International General Insurance Holdings Limited (IGIH) is registered in the Dubai International Financial Centre (DIFC) with operations in Bermuda, Jordan, Malaysia and a wholly owned subsidiary in the U.K.
IGI Bermuda is a class 3B (re)insurer regulated by the Bermuda Monetary Authority (BMA). This subsidiary is the principal underwriting entity for the Group. The Group also has a branch in Labuan, Malaysia, registered as a first-tier offshore reinsurer.
Both Bermuda and UK subsidiaries are rated A- (Excellent) by A.M. Best Company Inc.
IGI Group of companies underwrites a worldwide portfolio of energy, property, marine, engineering, casualty, financial institutions, general aviation, ports & terminals, political violence and non-proportional reinsurance treaty business with the main geographical focus being the Afro-Asian markets.
IGIH has assets in excess of US$ 600 million as at 31st December, 2012.
For more information, please visit www.iginsure.com