Profits up at IGI as CEO Jabsheh heralds “successful year on many levels”
International General Insurance Holdings (IGI) has reported year on year increases in its profits for both the fourth quarter and full year in 2020 in what its chairman and chief executive officer Wasef Jabsheh called “a successful year for IGI on many levels.”
IGI reported a net profit of $31.6 million for the full year in 2020, up from $23.6 million in 2019.
In the fourth quarter of 2020 it also increased its profits year on year, to $10.9 million, from $4.3 million in the same period of 2019.
Gross written premiums increased for the full year and Q4. In 2020 gross written premiums were $467.3 million, up from $349.2 million in 2019. In Q4 2020 gross written premiums increased to $129.5 million, from $89.1 million in the same period the previous year.
IGI also saw improvements in its combined ratio for both the full year and Q4. It fell to 89.3 percent for 2020, from 94.1 percent in 2019, and to 96.8 percent in Q4 2020, from 101 percent in Q4 2019.
Jabsheh highlighted IGI’s strong financial performance, which came against a backdrop of “significant distraction and disruption.” The re/insurer broadened its footprint by entering new territories and lines of business and increased its market share, he noted.
“We expect to continue on this path in 2021, although likely at a more measured pace, and with the same careful approach to risk selection and portfolio balance,” Jabsheh said.
“With the first quarter of 2021 almost completed, the indications on price momentum remain very positive, and we are continuing to see exciting opportunities to build and diversify our business,” he added. “We will continue to be cautious in managing our net exposures to minimise our overall risk profile so that we maintain our long-term track record of generating strong value for our shareholders.”
