IGI Reports Fourth Quarter and Full Year 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 financial results for the fourth quarter and full year of 2021.\n\nHighlights for the fourth quarter and full year of 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\n\n\nDecember 31,\n\n\n\nYear Ended\n\n\nDecember 31,\n\n\n\n\n\n \n\n\n\n2021\n\n\n\n2020\n\n\n\n2021\n\n\n\n2020\n\n\n\n\n\nGross written premiums\n\n\n\n$163.5\n\n\n\n$129.5\n\n\n\n$545.6\n\n\n\n$467.3\n\n\n\n\n\nNet premiums earned\n\n\n\n$86.2\n\n\n\n$73.9\n\n\n\n$345.2\n\n\n\n$283.5\n\n\n\n\n\nNet underwriting results\n\n\n\n$30.6\n\n\n\n$14.7\n\n\n\n$105.8\n\n\n\n$77.4\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$2.2\n\n\n\n$3.4\n\n\n\n$14.2\n\n\n\n$11.5\n\n\n\n\n\nProfit for the period\n\n\n\n$9.1\n\n\n\n$7.6\n\n\n\n$43.6\n\n\n\n$27.2\n\n\n\n\n\nCombined ratio (2)\n\n\n\n83.8%\n\n\n\n96.8%\n\n\n\n86.4%\n\n\n\n89.3%\n\n\n\n\n\nEarnings per share (Basic and Diluted) (3)\n\n\n\n$0.19\n\n\n\n$0.16\n\n\n\n$0.89\n\n\n\n$0.59\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n9.2%\n\n\n\n8.2%\n\n\n\n11.1%\n\n\n\n7.9%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$13.6\n\n\n\n$4.5\n\n\n\n$53.1\n\n\n\n$35.6\n\n\n\n\n\nCore operating earnings per share (Basic and Diluted) (4)\n\n\n\n$0.28\n\n\n\n$0.09\n\n\n\n$1.09\n\n\n\n$0.77\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n13.7%\n\n\n\n4.9%\n\n\n\n13.6%\n\n\n\n10.3%\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, “2021 was another excellent year for IGI as we reported consistently strong quarterly underwriting results and earnings, culminating in one of the best years in our 20-year history.”\n\n“IGI is a diverse group of individual risk underwriters with recognized expertise in many specialty lines. We have grown our business organically since inception, and the past two years have seen an acceleration of that. In 2021, on the bac...

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