International General Insurance (IGI): a considerable improvement of 2018 results

International General Insurance (IGI) has published its results for the financial year 2018. Indeed, the latter’s premiums and results enjoyed a significant growth. Such an improvement is a recovery from the most expensive year for catastrophe losses recorded in 2017.

Gross written premium (GWP) rose by 9.5% to 301.56 million USD in 2018, compared to 275.3 million USD the year before. The Group announced a 237% increase in net profit to 26.47 million USD from 7.86 million USD.

The premium loss ratio set at 46.85% amounted to a bonus of 13.55 points. The combined operating ratio also reached 88.97% by the end of 2018 compared to 103.08% in 2017.

The return on equity (ROE) more than tripled to reach 8.54% in 2018 compared to 2.52% in 2017.

Nevertheless, the shareholder’s equity has slightly decreased, the company indeed recorded 309.78 million USD in 2018 compared to 312.4 million USD in 2017.

International General Insurance is registered in Dubai with operations in Bermuda, Jordan, UAE, Malaysia and Morocco.

Read also | 2017 ranking of the Middle Eastern reinsurance companies