Bermudian-registered International General Insurance Holdings Ltd has reported a dip in second quarter net income year-over-year.

IGI said net income for the quarter ended June 30 was $32.8 million, which compares with $40.5 million for the prior year quarter.

The company said net income was largely driven by underwriting income generated across all segments with net premiums earned exceeding net loss and loss adjustment expenses and net policy acquisition expenses.

The return on average equity (annualised) was 22.9 per cent for the quarter, compared with 36.1 per cent for the second quarter of 2023.

Gross written premiums were $205.6 million for the quarter ended June 30, representing an increase of 3 per cent compared with gross written premiums of $199.6 million for the prior year quarter.

IGI said the increase was driven by growth in the Reinsurance and Short-tail segments.

The loss ratio was 45.1 per cent for the quarter, an increase of 6.4 points when compared with 38.7 per cent for the quarter ended June 30, 2023.

The combined ratio was 81.2 per cent, compared with 73.5 per cent in the prior year second quarter.

IGI president and CEO Waleed Jabsheh said: “We had another strong quarter resulting in an excellent first half of 2024.

“In spite of a more active loss environment during the second quarter, most notably in our property and offshore energy books, we posted healthy underwriting results, highlighted by combined ratios of 81.2 per cent and 77.7 per cent for the second quarter and first half of 2024, respectively — both well below our long-term averages.”

He added: “Market conditions continue to be mixed with opportunities for growth in certain segments relatively harder to come by.

“This is exactly the type of environment where risk selection and discipline are critical and where we can continue to demonstrate the value of our underwriting strategy and the benefits of our growing and diversified portfolio.

“We continue to deliver strong ROEs and generate steady growth in book value per share through our underwriting and investment results, as well as through our active capital management, underscoring our commitment to generating long-term shareholder value.

“Consistent and sustainable value creation is central to everything we do at IGI.”