Newly released results for International General Insurance Holdings reveal the company made nearly $20 million more in net income during its first three quarters, compared with the same period last year.

The international specialty risks insurer reported a net income of $105.1 million during the first nine months to the end of September, compared with $85.2 million in 2023. This included third-quarter net income of $34.5 million, compared with $10.9 million in the third quarter last year.

The company said the numbers were primarily driven by an increase in net premiums earned of $17.2 million, a decrease of $15.5 million in the change in fair value of derivative financial liabilities and a change of $15.1 million in the net foreign exchange gain over the third quarter of 2023.

IGI’s combined ratio was 80.5 per cent for the first nine months ending September 30, compared with 74.9 per cent during the same period last year.

Company president and chief executive Waleed Jabsheh said IGI had another quarter of strong performance with solid underwriting margins as well as a more favourable investment environment.

“While the third quarter was marked by heavier catastrophe losses globally as well as varied underwriting and financial markets, we have remained focused on consistently executing our strategy, at a time when risk selection and discipline are critical,” he said.

The company also reported a return on average equity of 22.3 per cent.

“As we look ahead to 2025, we are in our strongest position ever, with a solid and consistently growing capital base,” Mr Jabsheh said. “At September 30, total equity was $651.6 million, an increase of more than $100 million or 20.6 per cent from December 31, 2023. This, in addition to our focus on building a larger and more diversified underwriting portfolio, has created a strong foundation and a level of resilience that will continue to serve us well in the future.”

Mr Jabsheh said consistent and sustainable value creation was at the core of everything at IGI.

“In addition to paying out more than $25 million in common share dividends for the year to date to September 30, we continued to repurchase our common shares,” he said. “We will continue to focus on delivering strong returns and generating value for our shareholders for the remainder of 2024 and beyond.”