IGI: 90% net income increase in Q1 2022

IGIAs of 31 March 2022, International General Insurance Holdings (IGI) has recorded a 27.3% turnover increase. Written premiums have increased from 100.6 million USD in the first quarter of 2021 to 128.1 million USD one year later.

This increase is mainly due to the group's new business and to the improved performance of existing business.

The quarterly net profit amounted to 19.4 million USD, an increase of 90.2% compared to 10.2 million USD recorded at the end of March 2021.

The underwriting result increased by 49.6% to reach 41.3 million USD, this is mainly due to the 6% growth in net earned premiums and the decrease in the loss experience.

During the period under review, the combined ratio improved by 12.4 points to reach 72.2%.

The company's equity and assets amounted to 390.9 million USD and 1.4 billion USD respectively.

The Jordanian insurer does not foresee any material loss linked to the Russian-Ukrainian conflict due to its low exposure to both countries.

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