International General Insurance (IGI), which is registered in the Dubai International Financial Centre and has operations in Bermuda, experienced stable growth and a substantial increase in net profits in the first half of 2016, despite difficult market conditions.
IGI reported gross written premiums of $126.8 million for the six month period ending June 30, up 3.9 percent from $122 million for the same period in 2015.
Its underwriting profits increased to $28.4 million in the first half, an increase of 39.2 percent from $20.4 million in 2015.
IGI's net profits in the first half of 2016 increased by 22.2 percent to $19.8 million, from $16.2 million in the first half of 2015.
The combined ratio improved to 81.9 percent from 88.9 percent.
“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 percent, the bottom line has grown by 22 percent, leading to an exceptional combined ratio for the period,” said Wasef Jabsheh, vice chairman and chief executive officer of IGI.
IGI, Insurance, Results, Bermuda, Dubai