Dubai-based International General Insurance Holdings Limited (IGIH) announced net earnings of $16.2 million for H1 2015 and a dividend of US $ 0.04 per share. Net earnings for the first half of 2014 were $18.5 million.
The group’s announcement said gross written premiums were $122.03 million as of June 30, 2015 as compared to $137.68 million for the previous year. It also reported a “combined ratio of 88 percent in the first half of the year, matching the H1 2014 figure.
“The Group’s loss ratio came in at 52 percent, compared to IGI’s five-year average of 55.4 percent. In addition, the Group reported shareholder’s equity of $279 million as at 30th June 2015, an increase of 6 percent from 31st December 2014.”
IGIH Vice Chairman and CEO Wasef Jabsheh commented: “Softness in the market has put pressure on our top line figures, yet as in the past, we continue to be diligent on the business we underwrite with the focus on our bottom line. Our investment philosophy continues to remain conservative given the volatile market environment.”
He added, however that he is “very pleased with our results given current market conditions. As we continue to strengthen our underwriting platforms and expand our geographic reach, I have confidence that IGIH will endure the current market environment and continue to generate our target rate of return.”
In March, Standard and Poor’s upgraded the Group’s financial rating to ‘A-‘ from ‘BBB+’, and in July, A.M. Best affirmed its financial strength rating of ‘A-.’
Source: International General Insurance Holdings Limited (IGIH)
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