IGI Reports Fourth Quarter and Full Year 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 fourth quarter and full year of 2022.\n\nHighlights for the fourth quarter and full year 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\nDecember 31,\n\n\n\nYear Ended\n\n\nDecember 31,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n2021\n\n\n\n2022\n\n\n\n2021\n\n\n\n\n\nGross written premiums\n\n\n\n$156.7\n\n\n\n$163.5\n\n\n\n$581.8\n\n\n\n$545.6\n\n\n\n\n\nNet premiums earned\n\n\n\n$97.0\n\n\n\n$86.2\n\n\n\n$376.4\n\n\n\n$345.2\n\n\n\n\n\nNet underwriting results\n\n\n\n$24.7\n\n\n\n$30.6\n\n\n\n$148.5\n\n\n\n$105.8\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$6.7\n\n\n\n$2.2\n\n\n\n$20.7\n\n\n\n$14.2\n\n\n\n\n\nProfit for the period\n\n\n\n$25.7\n\n\n\n$9.1\n\n\n\n$85.5\n\n\n\n$43.6\n\n\n\n\n\nCombined ratio (2)\n\n\n\n92.4%\n\n\n\n83.8%\n\n\n\n78.5%\n\n\n\n86.4%\n\n\n\n\n\nEarnings per share (basic and diluted) (3)\n\n\n\n$0.53\n\n\n\n$0.19\n\n\n\n$1.74\n\n\n\n$0.89\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n24.8%\n\n\n\n9.2%\n\n\n\n20.6%\n\n\n\n11.1%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$13.5\n\n\n\n$13.6\n\n\n\n$94.4\n\n\n\n$53.1\n\n\n\n\n\nCore operating earnings per share (basic and diluted) (4)\n\n\n\n$0.28\n\n\n\n$0.28\n\n\n\n$1.92\n\n\n\n$1.09\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n13.0%\n\n\n\n13.7%\n\n\n\n22.7%\n\n\n\n13.6%\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 (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n(4) See the section titled “Non-IFRS Financial Measures” below.\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI finished its 20th anniversary year with excellent results across the board, marked by continued profitable growth, diversification and consistent execution of our strategy, reflected in a 78.5% combined ratio and 22.7% core operating return on average shareholders’ equity for the full year. This is particularly gratifying given the many challenges our industry faced during 2022, including significant natural cat...

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