Bermudian-domiciled International General Insurance Holdings Ltd has reported net income in the 2024 fiscal year of $135.2 million, up 14.4 per cent on the 2023 result of $118.2 million.

Fourth-quarter net income was $30 million, which compares with $33 million in the prior-year quarter.

IGI said the fourth quarter and full year for 2024 and 2023 were positively impacted by underwriting income generated across all segments and net investment income earned.

Core operating income was $40.9 million for the fourth quarter, which compares with $30 million for the same period in 2023.

Core operating income was $144.8 million for the full year, which compares with $133.8 million in 2023.

The company said underwriting income increased to $48.8 million for the fourth quarter, which compares with $43.5 million for the fourth quarter of 2023, primarily owing to an increase in net premiums earned.

Underwriting income increased to $187.5 million for the full year from $183.1 million in 2023, with an increase in net premiums earned partially offset by a higher level of net loss and loss adjustment expenses.

Gross written premiums increased by 5.9 per cent to $174.6 million in the fourth quarter, which compares with $164.9 million for the comparable period in 2023. The increase was primarily in the reinsurance segment.

Gross written premiums were $700.1 million for the full year, which compares with $688.7 million in 2023. IGI said the increase was driven by growth in the reinsurance and short-tail segments, partially offset by a decrease in the long-tail segment.

IGI group president and chief executive Waleed Jabsheh said: “We posted strong fourth-quarter financial results to round out another excellent year in 2024.

“For the full year, we delivered a combined ratio of 79.9 per cent, and produced record net income and operating income, leading to a return on average equity of 22.6 per cent and a core operating return on average equity of 24.2 per cent. Most importantly, we grew our book value per share by almost 20 per cent.”

He added: “We have a long history of generating value for our shareholders across market cycles by actively and effectively managing our capital, focusing first on underwriting discipline, intelligent risk selection, and shifting to those lines and markets with the best risk-adjusted returns. And, second, by returning excess capital to shareholders. In 2024, we returned close to $50 million to shareholders in common share dividends and share repurchases.”

The company is registered in Bermuda, with operations here and also in London, Malta, Dubai, Amman, Oslo, Kuala Lumpur and Casablanca.