International General Insurance Holdings (IGI) has reported a net profit of $16.1 million for the third quarter of 2021, compared to $5.1 million for same prior year period.
The company’s core operating income was $15.4 million and $6.4 million for the quarters ended September 30, 2021 and September 30, 2020, respectively.
The improvement is primarily due to an increase in net earned premiums and a decrease in net claims and claims expenses.
IGI saw an improved combined ratio of 85% compared to 93.7% for the same prior year period, which was driven by an increase in net premiums earned and higher favourable development of net loss reserves from prior accident years.
It also saw a core operating return on average equity of 15.7% for Q3 compared to 6.9% for the same period last year.
IGI Chairman and CEO Wasef Jabsheh said: “This was another strong quarter for IGI and our results for the year-to-date reflect the robust underlying fundamentals of IGI’s business. Through the first nine months of 2021, we have performed well on all key measures, most notably growing our book value per share by 3.6%.
“Attractive market conditions are holding up with further rate increases across our portfolio in excess of 13%, though I would note that we are now seeing some easing in upwards rate momentum, and we expect this to continue as we approach the January 2022 renewal period.
“Having said that, we are seeing attractive opportunities across our markets, particularly in Europe following the launch of our European subsidiary in Malta in July.
“We look forward to continuing the significant progress we have made since becoming a public company in March 2020, and maintaining our track record of generating long-term value for our shareholders.”