IGI Reports First Quarter 2023 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 2023 based on Generally Accepted Accounting Principles in the United States of America (\"U.S. GAAP\"). As a result of the voluntary change to U.S. GAAP, we no longer report financial information in accordance with IFRS. The prior period comparatives for the first quarter of 2022 have been adjusted from those previously reported to conform with the current basis of accounting under U.S. GAAP.\n\n\nHighlights for the first quarter of 2023 include:\n\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 \n\n\n\n\n\n\nQuarter Ended\n\n\n\n\nMarch 31,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2022\n\n\n\n\n\n\n\n\nGross written premiums\n\n\n\n\n\n\n$173.9\n\n\n\n\n\n\n$126.4\n\n\n\n\n\n\n\n\nNet premiums earned\n\n\n\n\n\n\n$105.1\n\n\n\n\n\n\n$87.3\n\n\n\n\n\n\n\n\nUnderwriting income\n\n\n\n\n\n\n$39.8\n\n\n\n\n\n\n$41.7\n\n\n\n\n\n\n\n\nNet investment income (1)\n\n\n\n\n\n\n$12.4\n\n\n\n\n\n\n$2.1\n\n\n\n\n\n\n\n\nProfit for the period\n\n\n\n\n\n\n$33.9\n\n\n\n\n\n\n$22.2\n\n\n\n\n\n\n\n\nCombined ratio (2)\n\n\n\n\n\n\n78.4%\n\n\n\n\n\n\n71.8%\n\n\n\n\n\n\n\n\nEarnings per share (diluted) (3)\n\n\n\n\n\n\n$0.71\n\n\n\n\n\n\n$0.47\n\n\n\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n\n\n\n32.2%\n\n\n\n\n\n\n23.6%\n\n\n\n\n\n\n\n\nCore operating income (4)\n\n\n\n\n\n\n$29.3\n\n\n\n\n\n\n$23.3\n\n\n\n\n\n\n\n\nCore operating earnings per share (diluted) (4)\n\n\n\n\n\n\n$0.62\n\n\n\n\n\n\n$0.49\n\n\n\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n\n\n\n27.9%\n\n\n\n\n\n\n24.7%\n\n\n\n\n\n\n\n(1) See Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n(2) See “Supplementary Financial Information” below. \n(3) See Note (2) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below. \n(4) See the section titled “Non-GAAP Financial Measures” below.\n\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI had a very positive start to 2023, posting another excellent set of financial results for the first quarter. We responded decisively to improving areas of our markets with the same disciplined...

More updates from International General Insurance Holdings Ltd.