IGI, 2018 results: strong recovery after 2017 catastrophe losses

28 March 2019 — Cosmin CONCEATU
Dubai-based International General Insurance Holdings Limited (IGI) recorded USD 301.6 million in GWP, an increase of USD 26.3 million (+9.5%), at the end of 2018. Improvements were in the net result, as well as the combined operating ratio.

The net profit of the year was USD 26.5 mil. (+237%) and the net underwriting result USD 55.8 mil. (+123%). The total assets of the company increased in value to USD 907.4 mil. (+2.09%). The combined ratio decreased from 103.08% (2017) to 88.97%.

The Board of Directors proposed a total dividend of USD 0.07 per share for the financial year 2018, the equivalent to USD 10 million.

"Our solid performance is the result of excellent teams, well-diversified portfolios and the strong underwriting ethos we have spent the last 17 years building and developing at IGI," said Wasef JABSHEH, Vice Chairman and CEO of IGI.

"Current market conditions present new and lucrative opportunities, which we will look to capitalize on, while continuing to apply our underwriting philosophy. We are also very pleased to see action taken by the industry to address the challenging market conditions and facilitate a more stable, profitable environment. Rates are improving, and we hope this is the beginning of the market returning to a point where prices reflect technical adequacy with full recognition of the need to return to a stable and profitable underwriting environment," said JABSHEH.


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