IGI CEO bullish on Q1 despite mixed conditions
The CEO of Bermuda-based International General Insurance Holdings (IGI) praised the company’s performance in the first quarter of 2024, despite what he described as mixed market conditions.
The re/insurer grew its gross written premiums in the period to £181.6 million, an improvement on the $173.9 million it posted in the same period a year earlier. It made a net profit of $37.9 million, also better than the $33.9 million it posted in Q1 2023. Its combined ratio was 74.1%, also better than the 78.4% it posted the year before.
The Reinsurance Segment, which represented 27% of the company’s gross written premiums for the quarter, recorded gross written premiums of $48.7 million compared to $40.3 million for the first quarter of 2023. Net premiums earned for the quarter ended March 31, 2024, were $16.8 million, compared to $13.8 million for the same quarter in 2023. Underwriting income was a gain of $6.8 million for the first quarter of 2024, compared to a loss of $0.3 million for the first quarter of 2023. The improvement in underwriting income was primarily the result of the higher level of net premiums earned during the first quarter of 2024, in addition to the decrease in net loss and loss adjustment expenses by $4.0 million during the first quarter of 2024, compared to the same period in 2023.
IGI President & CEO Waleed Jabsheh said: “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.
“We are continuing to see new opportunities and find new ways of accessing business. With underwriting income up more than 30% and a lower level of losses in the first quarter, we posted a healthy 74.1% combined ratio. These strong underwriting results, coupled with significantly improved investment results, resulted in net income of $37.9 million, a 27.6% annualized return on average equity, and a 29.2% annualized core operating return on average equity.
“As market conditions remain varied across our portfolio, we are focused on consistent selective and disciplined underwriting and targeted growth and diversification, moving our capital to those areas with the highest risk-adjusted returns. With a number of new initiatives in place, we are well-positioned to continue to deliver on our goal of creating sustainable long-term value for our shareholders.”
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