IGI Reports Fourth Quarter and Full Year 2024 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 2024.\n\n\nHighlights for the fourth quarter and full year 2024 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\nDecember 31,\n\n\n\n\n\n\nYear Ended\n\n\n\n\nDecember 31,\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n2024\n\n\n\n\n\n\n2023\n\n\n\n\n\n\n\n\nGross written premiums\n\n\n\n\n\n\n$174.6\n\n\n\n\n\n\n$164.9\n\n\n\n\n\n\n$700.1\n\n\n\n\n\n\n$688.7\n\n\n\n\n\n\n\n\nNet premiums earned\n\n\n\n\n\n\n$120.6\n\n\n\n\n\n\n$114.9\n\n\n\n\n\n\n$483.1\n\n\n\n\n\n\n$447.2\n\n\n\n\n\n\n\n\nUnderwriting income (1)\n\n\n\n\n\n\n$48.8\n\n\n\n\n\n\n$43.5\n\n\n\n\n\n\n$187.5\n\n\n\n\n\n\n$183.1\n\n\n\n\n\n\n\n\nNet investment income\n\n\n\n\n\n\n$13.6\n\n\n\n\n\n\n$14.5\n\n\n\n\n\n\n$53.9\n\n\n\n\n\n\n$50.2\n\n\n\n\n\n\n\n\nNet income\n\n\n\n\n\n\n$30.0\n\n\n\n\n\n\n$33.0\n\n\n\n\n\n\n$135.2\n\n\n\n\n\n\n$118.2\n\n\n\n\n\n\n\n\nCombined ratio (1)\n\n\n\n\n\n\n77.8%\n\n\n\n\n\n\n81.8%\n\n\n\n\n\n\n79.9%\n\n\n\n\n\n\n76.7%\n\n\n\n\n\n\n\n\nEarnings per share (diluted) (2)\n\n\n\n\n\n\n$0.65\n\n\n\n\n\n\n$0.72\n\n\n\n\n\n\n$2.98\n\n\n\n\n\n\n$2.55\n\n\n\n\n\n\n\n\nReturn on average equity (3)\n\n\n\n\n\n\n18.4%\n\n\n\n\n\n\n26.1%\n\n\n\n\n\n\n22.6%\n\n\n\n\n\n\n24.8%\n\n\n\n\n\n\n\n\nCore operating income (3)\n\n\n\n\n\n\n$40.9\n\n\n\n\n\n\n$30.0\n\n\n\n\n\n\n$144.8\n\n\n\n\n\n\n$133.8\n\n\n\n\n\n\n\n\nCore operating earnings per share (diluted) (3)\n\n\n\n\n\n\n$0.89\n\n\n\n\n\n\n$0.65\n\n\n\n\n\n\n$3.19\n\n\n\n\n\n\n$2.88\n\n\n\n\n\n\n\n\nCore operating return on average equity (3)\n\n\n\n\n\n\n25.0%\n\n\n\n\n\n\n23.7%\n\n\n\n\n\n\n24.2%\n\n\n\n\n\n\n28.1%\n\n\n\n\n\n\n\n\n(1)\n \n\nSee “Supplementary Financial Information” below.\n\n\n\n\n\n\n\n(2)\n \n\nSee “Note to the Consolidated Financial Statements (Unaudited)” below.\n\n\n\n\n\n\n\n(3)\n \n\nSee the section titled “Non-GAAP Financial Measures” below.\n\n\n\n\n\n\n\nIGI Group President & CEO Mr. Waleed Jabsheh said, “We posted strong fourth quarter financial results to round out another excellent year in 2024. For the full year, we delivered a combined ratio of 79.9%...

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