IGI Reports First Quarter 2021 Condensed and Unaudited Financial Results

About this update from International General Insurance Holdings Ltd.

[{"type":"text","content":" HAMILTON, Bermuda--(BUSINESS WIRE)--\nInternational General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today reported condensed and unaudited financial results for the first quarter 2021.\n\nHighlights for the first quarter 2021 include: \n\n\n\n(in millions of U.S. Dollars, except percentages and per share information)\n\n\n\n\n\n \n\n\n\nQuarter Ended March 31,\n\n\n\n\n\n \n\n\n\n2021\n\n\n\n2020\n\n\n\n\n\nGross written premiums\n\n\n\n$100.6 \n\n\n\n$99.2\n\n\n\n\n\nNet premiums earned \n\n\n\n$82.3 \n\n\n\n$68.5 \n\n\n\n\n\nNet underwriting results\n\n\n\n$27.6 \n\n\n\n$23.2 \n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$4.0 \n\n\n\n$2.6\n\n\n\n\n\nProfit (loss) for the period \n\n\n\n$14.5\n\n\n\n($0.9)\n\n\n\n\n\nCombined ratio (2)\n\n\n\n84.6%\n\n\n\n81.3% \n\n\n\n\n\nEarnings per share (Basic and Diluted) (3)\n\n\n\n$0.30 \n\n\n\n($0.02)\n\n\n\n\n\nReturn on average equity (annualized) (4) \n\n\n\n14.7%\n\n\n\n(1.1%)\n\n\n\n\n\nCore operating income (4)\n\n\n\n$14.7 \n\n\n\n$13.4 \n\n\n\n\n\nCore operating earnings per share (4) (Basic and Diluted)\n\n\n\n$0.30 \n\n\n\n$0.35 \n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n14.9%\n\n\n\n16.4%\n\n\n\n\n\nSee Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n\n\nSee “Supplementary Financial Information” below.\n\n\nSee Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n\n\nSee the section titled “Non-IFRS Financial Measures” below.\n\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “We have had a very solid start to 2021 on the back of our strong performance in 2020. Our results for the first quarter of 2021 clearly illustrate the strength of our underwriting capabilities and our agility in managing the portfolio to maximize returns. While rate momentum remained robust with increases of more than 15% across our portfolio during the first quarter, we saw the pace of rate acceleration slowing down in certain lines. Gross written premiums were broadly in line with the first quarter of 2020, but more significantly, net earned premiums were up 20.0% with a combined ratio of 84.6%.”\n\n“We recently announced our entry into the contingency market, which you’ll know from the headlines has experienced significant disruption globally as a re...

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