IGI Reports Second Quarter and Half-Year 2021 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 second quarter and first six months of 2021.\n\nHighlights for the second quarter and first six months 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 June 30,\n\n\n\nSix Months Ended June 30,\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$166.1 \n\n\n\n$137.3\n\n\n\n$266.8 \n\n\n\n$236.5\n\n\n\n\n\nNet premiums earned \n\n\n\n$85.5 \n\n\n\n$67.7 \n\n\n\n$167.8 \n\n\n\n$136.2 \n\n\n\n\n\nNet underwriting results\n\n\n\n$20.9 \n\n\n\n$22.9 \n\n\n\n$48.6 \n\n\n\n$46.1 \n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$3.9 \n\n\n\n$2.6 \n\n\n\n$7.9 \n\n\n\n$5.2 \n\n\n\n\n\nProfit for the period \n\n\n\n$5.6 \n\n\n\n$12.0 \n\n\n\n$20.1 \n\n\n\n$11.2 \n\n\n\n\n\nCombined ratio (2)\n\n\n\n92.3%\n\n\n\n84.0%\n\n\n\n88.5%\n\n\n\n82.6%\n\n\n\n\n\nEarnings per share (Basic and Diluted) (3)\n\n\n\n$0.11 \n\n\n\n$0.25 \n\n\n\n$0.41 \n\n\n\n$0.26 \n\n\n\n\n\nReturn on average equity (annualized) (4) \n\n\n\n5.6%\n\n\n\n13.5%\n\n\n\n10.1%\n\n\n\n6.6%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$9.0 \n\n\n\n$10.3 \n\n\n\n$23.8 \n\n\n\n$23.7 \n\n\n\n\n\nCore operating earnings per share (4) (Basic and Diluted)\n\n\n\n$0.18 \n\n\n\n$0.21 \n\n\n\n$0.49\n\n\n\n$0.55\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n9.0%\n\n\n\n11.6%\n\n\n\n11.9%\n\n\n\n14.0%\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, “Our results for the second quarter and first half of 2021 provide further confirmation of the successful track record IGI has built over the past 20 years. Premium growth in the second quarter was strong at 21%, after more muted production in the first quarter, with strong profitability for the first half of 2021 reflected in our 88.5% combined ratio.”\n\n“With market conditions holding up...

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