IGI Reports First Quarter 2022 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 financial results for the first quarter of 2022.\n\nHighlights for the first quarter of 2022 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\n\n\nMarch 31,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n2021\n\n\n\n\n\nGross written premiums\n\n\n\n$128.1\n\n\n\n$100.6\n\n\n\n\n\nNet premiums earned\n\n\n\n$87.2\n\n\n\n$82.3\n\n\n\n\n\nNet underwriting results\n\n\n\n$41.3\n\n\n\n$27.6\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$3.9\n\n\n\n$4.0\n\n\n\n\n\nProfit for the period\n\n\n\n$19.4\n\n\n\n$10.2\n\n\n\n\n\nCombined ratio (2)\n\n\n\n72.2%\n\n\n\n84.6%\n\n\n\n\n\nEarnings per share (Basic and Diluted) (3)\n\n\n\n$0.39\n\n\n\n$0.21\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n19.6%\n\n\n\n10.7%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$23.9\n\n\n\n$14.6\n\n\n\n\n\nCore operating earnings per share (Basic and Diluted) (4)\n\n\n\n$0.49\n\n\n\n$0.30\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n24.1%\n\n\n\n15.3%\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, “IGI had a strong start to 2022 as our growth and cycle management strategy resulted in an excellent set of financial results across all key financial measures. Most notably, we recorded a 50% increase in net underwriting results, a 90% increase in profit for the quarter, and a 64% increase in core operating income in the first quarter of 2022 compared to the first quarter of 2021, resulting in 8.8 points of improvement in our core operating return on average equity to 24.1%.”\n\n“We grew our gross premiums by 27% during the first quarter of 2022 as we continued to take advantage of a robust rating environment and capitalize on market opportunities in all areas of our business, while continuing to strengthen our existing portfolio. Our combined ratio for the first quarter of 2022 was 72.2%, a...

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