Net underwriting profits showed a 39% growth, as compared to the previous period
International General Insurance Holdings Limited reported today its results for the first half of 2016, and it announced gross written premiums of $126.8m for the period ended the past 30 June, as compared to $122m for the previous period of 30 June 2015. Net underwriting profits increased to $28.4m, a growth of 39% as compared to the previous period. The combined ratio improved to 81.9% as compared to 89%.
In addition, the Group reported net earnings of $19.8m, an increase of 22% as compared to $16.2m for the previous period. IGI reported a return on equity (on an annualised basis) of 13.2% in the first half of the year, compared to 11.6% in the first half of 2015.
IGIH vice chairman and chief executive Wasef Jabsheh said: “Despite difficult market conditions, we have continued our emphasis of ensuring that the business we retain is within our philosophy of underwriting for bottom line profit rather than top line growth. This is evidenced by the fact that whilst our top line has grown by 4%, the bottom line has grown by 22%, leading to an exceptional combined ratio for the period.”