IGI first-quarter profit nearly doubles
Profits at Bermudian-based International General Insurance Holdings Ltd rose 90 per cent in the first quarter compared with the prior-year period.
The specialty commercial re/insurer reported a profit of $19.4 million, up from $10.2 million for the quarter ended March 31, 2021.
Core operating income was $23.9 million, a 67 per cent increase over the core operating income of $14.6 million for the comparable period last year.
The core operating return on average equity (annualised) increased 8.8 points year on year to 24.1 per cent.
IGI chairman and CEO Wasef Jabsheh said: “Overall, our performance in the first quarter of 2022 demonstrates the effectiveness of our underwriting strategy and provides another positive data point in the track record of high-quality results that IGI has achieved over many years.”
The company said net underwriting results improved 49 per cent to $41.3 million from $27.6 million for the first quarter of 2021, largely driven by growth in net premiums earned and a lower level of net claims and claim adjustment expenses.
Gross written premiums were $128.1 million, representing growth of 27.3 per cent compared with gross written premiums of $100.6 million for the prior-year quarter.
The company said the increase in gross written premiums was the result of new business generated across all segments and virtually all lines, as well as rate increases on existing business across all segments.
The combined ratio was 72.2 per cent compared with 84.6 per cent in the prior-year quarter, benefiting from an increase in net premiums earned and favourable development of net loss reserves from prior accident years during the quarter.
The loss on foreign exchange in the first quarter was $3.5 million, compared with $1.2 million in the first quarter of 2021, both of which largely represent currency revaluation losses.
Total investment income was a gain of $2.6 million compared with a gain of $5.1 million in the first quarter of 2021.
Total equity at March 31 was $390.9 million compared with $401.9 million at December 31.
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