Dubai headquartered insurer International General Insurance Holdings (IGIH) has reported a 9% increase in underwriting profit to $25.88 million for the first-half of 2019, compared with $23.75 million in the same period in 2018.
At $13.75 million, the firm’s H1 2019 net profit increased from the $11.02 million recorded a year earlier, supported by a 12.2% rise in gross written premiums (GWP) to $186.12 million.
The firm states that it recorded growth in most business lines during the six-month period, with casualty, engineering, ports & terminals, and financial lines contributing the most in dollar growth.
The company’s investment result also improved in the period, reaching $7.3 million for H1 2019, compared with $4.88 million for H1 2018.
Overall, IGI has recorded a combined ratio of 92.84%, compared with 91.28% in June 2018.
IGIH’s Vice Chairman and Chief Executive Officer (CEO), Wasef Jabsheh, commented: “The insurance market is in a healthier position than it has been for a long time. Rates are continuing to gradually rise, and the outlook remains positive for the rest of 2019. Our results reflect a clear strategy of disciplined underwriting and profitable growth as IGI continues to move ahead with its diversification and expansion strategy, which has kept us strong in challenging times.
“We are working on a number of exciting developments and business expansion projects, which are expected to materialise in the near future.”
For the first-half of the year, IGI’s annualised return on equity came in at 8.7%, compared to 7.2% for the same period in 2018.
