International General Insurance Holdings Ltd. (IGI) has reported a net underwriting result of $40.4 million for the second quarter of 2022, a huge increase compared to $20.9 million from the prior year period.
At the same time gross written premiums for the quarter were $176.4 million, representing a 6.2% growth compared to $166.1 million from the prior year quarter. IGI noted that the increase in GWP was as result of new business generated across all segments and most lines of business, as well as rate increases on existing business across all segments too.
The company also reported GWP for H1 22 of $304.4 million, an increase of 14.1% compared to $266.8 million from H1 21.
Core operating income for the quarter was $29.4 million, a significant increase over the core operating income of $8.8 million the company reported in Q2 21. Additionally, core operating income for H1 2022 was $53.3 million, compared to $23.5 million from H1 2021.
IGI’s combined ratio for Q2 22 was 74.8%, a substantial improvement from a combined ratio of 92.3% from the same period last year.
Lastly, IGI’s combined ratio for H1 22 was 73.5%, compared to 88.5% from H1 21.
IGI Chairman and CEO Wasef Jabsheh, commented: “IGI continues to perform well with excellent results recorded for the second quarter and first half of 2022. Highlighted by a combined ratio of 73.5% and a 26.8% core operating return on average shareholders’ equity, our results for the first half of 2022 demonstrate how our strategy and execution capabilities are driving continued high-quality returns and creating shareholder value.
“We continue to see attractive rate increases and favorable market conditions across a number of business lines and territories providing excellent opportunities to further grow our portfolio. In the first six months of 2022, premium production continued at a steady pace with increases in most lines of business, resulting in 14% growth in the first half of 2022. This is on top of the 56% growth we saw in 2020 and 2021. We are well-positioned to benefit from this momentum for the foreseeable future.”
“Like others in our sector, we are monitoring the broader economic impacts of elevated inflationary pressures, rising interest rates and foreign exchange movements, which were evident in our results for the second quarter and first half of 2022. Notwithstanding these factors, our capital position remains very strong allowing us to continue to execute on our ‘underwriting first’ strategy to grow in the lines and territories where we see the most attractive returns. We remain optimistic about our future and delivering on our commitment to generate long-term shareholder value.”