International General Insurance Holdings Ltd. ( (IGIC) ) has released its Q3 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 insurer and reinsurer specializing in a diverse portfolio of specialty lines such as energy, property, and marine cargo, with operations spanning multiple regions including Bermuda, London, and Dubai.
In its latest financial report for the third quarter and first nine months of 2024, IGI showcased a robust financial performance despite global challenges. The company reported a notable increase in net income and return on equity, supported by solid underwriting and a favorable investment environment.
Key financial metrics highlighted include a net income of $34.5 million for the third quarter, significantly up from $10.9 million in the previous year, driven by increased net premiums and a favorable foreign exchange environment. The combined ratio rose to 86.0% for the quarter, reflecting higher loss ratios due to global catastrophe losses. Despite a decrease in gross written premiums in the third quarter, the first nine months saw a slight increase to $525.5 million, with strong performance in short-tail and reinsurance segments.
Looking ahead, IGI is optimistic about its future, buoyed by a growing capital base and efforts to diversify its underwriting portfolio further. The management remains committed to providing consistent value to shareholders, as evidenced by an 18.6% growth in book value per share and ongoing share repurchases.
Overall, IGI’s strategic focus and strong capital position suggest a stable outlook as it continues to navigate a challenging global market environment.
