International General Insurance Holdings Ltd. ( (IGIC) ) has released its Q4 earnings. Here is a breakdown of the information International General Insurance Holdings Ltd. presented to its investors.
International General Insurance Holdings Ltd. (IGI) is a global specialty risks commercial insurer and reinsurer, offering a diverse portfolio of specialty lines including energy, property, and marine trades, with operations across several key international locations.
In its latest financial report, IGI announced robust financial results for the fourth quarter and full year of 2024, highlighting a significant increase in net income and operating income, alongside a notable growth in book value per share by almost 20%.
Key financial metrics from the report include a 5.9% increase in gross written premiums for the fourth quarter compared to the previous year, and a full-year net income rise of 14.4% to $135.2 million. The company also achieved a combined ratio of 79.9% for the year, indicating strong underwriting performance. Additionally, IGI returned approximately $50 million to shareholders through dividends and share repurchases in 2024.
Despite a slight decrease in net income for the fourth quarter compared to the same period in 2023, the company saw an increase in core operating income and a strong core operating return on average equity. Investment income also rose significantly, contributing to the overall positive financial performance.
Looking ahead, IGI’s management remains focused on generating shareholder value through disciplined underwriting and strategic capital management, positioning the company for continued success across market cycles.