IGI reports strong growth in the first quarter of 2024 | Insurance business America
Financial performance of the segments presented
Insurance News
By Roxanne Libatique
International General Insurance Holdings Ltd (IGI) has announced its financial results for the first quarter of 2024.
Gross written premiums reached $181.6 million, up 4.4% from $173.9 million in the first quarter of 2023. Net earned premiums also saw growth, increasing from $105.1 million $114.5 million.
The company reported a significant increase in underwriting revenue, which reached $52 million, up 30.7% from $39.8 million last year.
Meanwhile, net investment income improved to $15.4 million, compared to $12.4 million in 2023. This growth resulted in net income of $37.9 million, up from $33.9 million , with an annual return on equity of 27.6%. The combined ratio also improved, falling from 78.4% to 74.1%.
“IGI had a very positive start to 2024 and once again recorded excellent financial results in the first quarter. While market conditions are more mixed than a year ago, we continue to benefit from the strong foundations we have laid over the past few quarters and years to position our company for continued success,” said Waleed Jabsheh, President and CEO of IGI.
Performance of IGI segments in the first quarter of 2024
Breaking down the segment results, the Long-Tail specialty segment recorded a decline in gross written premiums to $38.7 million, down 7.9% from $42 million last year.
The specialty short-tail segment recorded gross written premiums of $94.2 million, up 2.8%, and the reinsurance segment recorded a significant increase, with premiums rising from $40.3 million $48.7 million rose.
IGI’s net foreign exchange loss in the first quarter of 2024
The company suffered a foreign exchange loss of $4.3 million in the first quarter of 2024 due to unfavorable currency appreciation, compared to a profit of $1.3 million last year. The pound sterling and the euro depreciated against the US dollar, triggering these moves.
IGI’s investment results for the first quarter of 2024
The company’s investment income reached $15.4 million, compared with $12.4 million a year ago, as rising interest rates and a larger investment portfolio drove returns to 4.2% from 3.5%.
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2024-05-08 20:09:27
www.insurancebusinessmag.com
