IGI posts 90% rise in Q1 net profit
International General Insurance Holdings had a strong start to 2022 as its growth and cycle management strategy resulted in an “excellent” set of financial results across all key financial measures, IGI Chairman and CEO Wasef Jabsheh said.
Gross written premium rose by 27% year on year, to over $128 billion from $101 billion. Profit for the period increased by 90% to $19 million from $10 million. The combined ratio improved to 72.2% from 84.6%
IGI also highlighted a 50% increase in its net underwriting results.
“We grew our gross premiums by 27% during the first quarter of 2022 as we continued to take advantage of a robust rating environment and capitalize on market opportunities in all areas of our business, while continuing to strengthen our existing portfolio. Our combined ratio for the first quarter of 2022 was 72.2%, an exceptional result and well below our long-term average of around 90%.” Jabsheh said.
“Overall, our performance in the first quarter of 2022 demonstrates the effectiveness of our underwriting strategy and provides another positive data point in the track record of high-quality results that IGI has achieved over many years. We expect that our markets and the rating environment will remain favourable for the foreseeable future, resulting in profitable growth in 2022,” he added.
IGI has minimal direct exposure to Russia and Ukraine and it does not expect any material losses arising from the conflict there, but noted how such events can impact global economies.