IGI reports strong premium growth in Q2 after muted Q1
International General Insurance (IGI) Holdings had a strong second quarter, with premium growth at 21%, after more muted production in the first three months of this year, according to its financial results.
In addition, the company had strong profitability for the first half of 2021 reflected in its 88.5% combined ratio, it announced. The firm has grown its book value per share by 1.9% for the year to date in 2021, and 17% since becoming a public company in March 2020.
Net profit for the quarter ended June 30, 2021, was $5.6 million, compared to a net profit of $12 million for the quarter ended June 30, 2020. For the first six months of 2021, gross written premiums were $266.8 million, an increase of 12.8% compared to $236.5 million for the comparable period in 2020.
Commenting on the figures, IGI chairman and CEO Wasef Jabsheh said: “Our results for the second quarter and first half of 2021 provide further confirmation of the successful track record IGI has built over the past 20 years.
“With market conditions holding up well and rate increases across our portfolio at close to 13%, we remain focussed on maximising opportunities. In addition to seeing attractive business in the new contingency line written by our UK subsidiary in London, we recently announced that our subsidiary in Malta has been granted approval by local regulators to begin writing business.”
He added that with market conditions holding up well and rate increases across its portfolio at close to 13%, it “remains focused on maximizing opportunities”.
As well as seeing attractive business in the new contingency line written by IGI’s UK subsidiary in London, the firm recently announced that its subsidiary in Malta had been granted approval by local regulators to begin writing business.
“Overall, Europe represents a good growth opportunity for IGI and we expect our results in the coming months and years to reflect this. Our Malta subsidiary is already seeing significant interest and activity and we have an experienced team in place to capitalize on opportunities across Europe,” said Jabsheh.
The board of directors also declared an ordinary common share dividend of $0.16 per share for the period 1 January 2021 – 30 June 2021. The dividend is payable on 7 September 2021 to shareholders of record at the close of business on 23 August 2021, with IGIC trading ex-dividend on 20 August 2021.
Jabsheh said: “I am very pleased with our progress, particularly in what has been an extraordinary and turbulent time for all of us, and we look forward to continuing our track record of generating value for our shareholders over the long-term.”
