IGI Reports Fourth Quarter and Full Year 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 fourth quarter and full year of 2023. The Company’s unaudited financial results have been reported in accordance with Generally Accepted Accounting Principles in the United States of America (\"U.S. GAAP\") which the Company adopted effective January 1, 2023. As a result of the voluntary change to U.S. GAAP, the Company no longer reports financial information in accordance with IFRS. Prior period comparatives for the fourth quarter and full year 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 fourth quarter and full year 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\nDecember 31,\n\n\n\n\n\n\nYear Ended\nDecember 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\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$164.9\n\n\n\n\n\n\n$154.8\n\n\n\n\n\n\n$688.7\n\n\n\n\n\n\n$582.0\n\n\n\n\n\n\n\n\nNet premiums earned\n\n\n\n\n\n\n$114.9\n\n\n\n\n\n\n$96.7\n\n\n\n\n\n\n$447.2\n\n\n\n\n\n\n$376.4\n\n\n\n\n\n\n\n\nUnderwriting income (2)\n\n\n\n\n\n\n$43.5\n\n\n\n\n\n\n$24.7\n\n\n\n\n\n\n$183.1\n\n\n\n\n\n\n$148.6\n\n\n\n\n\n\n\n\nNet investment income (1)\n\n\n\n\n\n\n$14.5\n\n\n\n\n\n\n$8.1\n\n\n\n\n\n\n$50.2\n\n\n\n\n\n\n$14.4\n\n\n\n\n\n\n\n\nNet income for the period\n\n\n\n\n\n\n$33.0\n\n\n\n\n\n\n$22.5\n\n\n\n\n\n\n$118.2\n\n\n\n\n\n\n$89.2\n\n\n\n\n\n\n\n\nCombined ratio (2)\n\n\n\n\n\n\n81.8%\n\n\n\n\n\n\n92.1%\n\n\n\n\n\n\n76.7%\n\n\n\n\n\n\n78.5%\n\n\n\n\n\n\n\n\nEarnings per share (diluted) (3)\n\n\n\n\n\n\n$0.72\n\n\n\n\n\n\n$0.46\n\n\n\n\n\n\n$2.55\n\n\n\n\n\n\n$1.84\n\n\n\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n\n\n\n26.1%\n\n\n\n\n\n\n22.7%\n\n\n\n\n\n\n24.8%\n\n\n\n\n\n\n22.5%\n\n\n\n\n\n\n\n\nCore operating income (4)\n\n\n\n\n\n\n$30.0\n\n\n\n\n\n\n$13.6\n\n\n\n\n\n\n$133.8\n\n\n\n\n\n\n$93.9\n\n\n\n\n\n\n\n\nCore operating earnings per share (diluted) (4)\n\n\n\n\n\n\n$0.65\n\n\n\n\n\n\n$0.28\n\n\n\n\n\n\n$2.88\n\n\n\n\n\n\n$1.94\n\n\n\n\n\n\n\n\nCore operating return on average equity (an...

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