International General Insurance (IGI) reported a steady increase in its profitability for the full year in 2020, with new business seen across most lines of business and the improved pricing environment contributing to the positive picture for the business.
IGI reported a net profit of $31.6 million in 2020, up from $23.5 million in 2019.
Gross written premiums were up to $467.3 million in 2020, from $349.2 million in 2019. IGI said this was primarily due to 42.1 percent growth in the specialty long-tail segment, 30.1 percent growth in the specialty short-tail segment and 7.2 percent growth in the reinsurance segment. Reinsurers’ share of insurance premiums increased 32.7 percent to $128.9 million in 2020.
IGI said it had seen new business generated across virtually all its lines of business, and improved renewal pricing. It admitted the full extent of the impact from the COVID-19 pandemic remains uncertain, but insisted its own impact assessments suggest its solvency position will likely remain within its capital management framework targets.
IGI, International General Insurance, Results