IGI quarterly income jumps 47%

Bermuda-based re/insurer  International General Insurance Holdings recorded a 47% jump in fourth quarter net income, the company said today. 

IGI made the announcement as it released unaudited preliminary results ahead of a conference of insurance and financial analysts next week. 

For the quarter, it said it expected quarterly net income to increase to $33 million from $22.5 million. 

The re/insurer, which is led by CEO Waleed Jabsheh,  said it expected annual net income for 2023 to be $118.2 million compared to $89.2 million in 2022. 

The company said core operating income for the fourth quarter rose 120% to $30 million from $13.6 million whole annual core operating income rose from $93.9 million to $133.8 million. 

Core operating income excludes after-tax gains and losses on investments and net foreign exchange gains and losses.  

IGI said it anticipated reporting gross written premiums rose 18.3% to 

$688.7 million compared to $582 million in 2022. 

The company said book value per share rose 36.7% to $12.40. 

The company will release its full results on March 12. 

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