IGI Reports Fourth Quarter and Full Year 2020 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 fourth quarter and full year 2020.\n\nHighlights for the fourth quarter and full year 2020 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 December 31,\n\n\n\nYear Ended December 31,\n\n\n\n\n\n \n\n\n\n2020\n\n\n\n2019\n\n\n\n2020\n\n\n\n2019\n\n\n\n\n\nGross written premiums\n\n\n% growth\n\n\n\n$129.5\n\n\n45.3%\n\n\n\n$89.1\n\n\n\n$467.3\n\n\n33.8%\n\n\n\n$349.2\n\n\n\n\n\nNet premiums earned \n\n\n\n$73.9\n\n\n\n$58.1\n\n\n\n$283.5\n\n\n\n$215.5\n\n\n\n\n\nNet underwriting results\n\n\n\n$14.7\n\n\n\n$10.4\n\n\n\n$77.4\n\n\n\n$52.0\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$3.4\n\n\n\n$2.7\n\n\n\n$11.5\n\n\n\n$11.1\n\n\n\n\n\nProfit for the period \n\n\n\n$10.9\n\n\n\n$4.3\n\n\n\n$31.6\n\n\n\n$23.6\n\n\n\n\n\nCombined ratio (2)\n\n\n\n96.8%\n\n\n\n101.0%\n\n\n\n89.3%\n\n\n\n94.1%\n\n\n\n\n\nEarnings per share (Basic and Diluted)(3)\n\n\n\n$0.22\n\n\n\n$0.13\n\n\n\n$0.69\n\n\n\n$0.69\n\n\n\n\n\nReturn on average equity \n\n\n(annualized) (4) \n\n\n\n11.3%\n\n\n\n5.5%\n\n\n\n9.0%\n\n\n\n7.7%\n\n\n\n\n\nCore operating income (loss) (4)\n\n\n\n$4.2\n\n\n\n($0.1)\n\n\n\n$34.1\n\n\n\n$21.2\n\n\n\n\n\nCore operating earnings per share (4) \n\n\n(Basic and Diluted)\n\n\n\n$0.09\n\n\n\n-\n\n\n\n$0.74\n\n\n\n$0.62\n\n\n\n\n\nCore operating return on average equity \n\n\n(annualized) (4)\n\n\n\n4.4%\n\n\n\n(0.1%)\n\n\n\n9.6%\n\n\n\n6.9%\n\n\n\n\n\n\n(1)\n\n\n\n\nSee Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n\n\n\n\n\n(2)\n\n\n\n\nSee “Supplementary Financial Information” below.\n\n\n\n\n\n(3)\n\n\n\n\nSee Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n\n\n\n\n\n(4)\n\n\n\n\nSee the section titled “Non-IFRS Financial Measures” below.\n\n\n\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “2020 has been a successful year for IGI on many levels. Our strong financial performance, achieved during a year of significant distraction and disruption as well as during our first year as a public company trading in the U.S., clearly demonstrates the agility, discipline and foc...

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