IGI Reports Second Quarter and Half Year 2024 Unaudited Financial Results

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[{"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 2024.\n\n\nHighlights for the second quarter and first six months of 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\nJune 30,\n\n\n\n\n\n\nSix Months Ended\nJune 30,\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$205.6\n\n\n\n\n\n\n$199.6\n\n\n\n\n\n\n$387.2\n\n\n\n\n\n\n$373.5\n\n\n\n\n\n\n\n\nNet premiums earned\n\n\n\n\n\n\n$121.8\n\n\n\n\n\n\n$118.4\n\n\n\n\n\n\n$236.4\n\n\n\n\n\n\n$223.4\n\n\n\n\n\n\n\n\nUnderwriting income (1)\n\n\n\n\n\n\n$45.3\n\n\n\n\n\n\n$50.2\n\n\n\n\n\n\n$97.3\n\n\n\n\n\n\n$90.0\n\n\n\n\n\n\n\n\nNet investment income\n\n\n\n\n\n\n$13.5\n\n\n\n\n\n\n$14.4\n\n\n\n\n\n\n$28.8\n\n\n\n\n\n\n$26.7\n\n\n\n\n\n\n\n\nNet income for the period\n\n\n\n\n\n\n$32.8\n\n\n\n\n\n\n$40.5\n\n\n\n\n\n\n$70.7\n\n\n\n\n\n\n$74.4\n\n\n\n\n\n\n\n\nCombined ratio (1)\n\n\n\n\n\n\n81.2%\n\n\n\n\n\n\n73.5%\n\n\n\n\n\n\n77.7%\n\n\n\n\n\n\n75.7%\n\n\n\n\n\n\n\n\nEarnings per share (diluted) (2)\n\n\n\n\n\n\n$0.73\n\n\n\n\n\n\n$0.88\n\n\n\n\n\n\n$1.55\n\n\n\n\n\n\n$1.59\n\n\n\n\n\n\n\n\nReturn on average equity (annualized) (3)\n\n\n\n\n\n\n22.9%\n\n\n\n\n\n\n36.1%\n\n\n\n\n\n\n25.1%\n\n\n\n\n\n\n33.9%\n\n\n\n\n\n\n\n\nCore operating income (3)\n\n\n\n\n\n\n$33.2\n\n\n\n\n\n\n$38.1\n\n\n\n\n\n\n$73.3\n\n\n\n\n\n\n$67.5\n\n\n\n\n\n\n\n\nCore operating earnings per share (diluted) (3)\n\n\n\n\n\n\n$0.74\n\n\n\n\n\n\n$0.83\n\n\n\n\n\n\n$1.61\n\n\n\n\n\n\n$1.44\n\n\n\n\n\n\n\n\nCore operating return on average equity (annualized) (3)\n\n\n\n\n\n\n23.2%\n\n\n\n\n\n\n34.0%\n\n\n\n\n\n\n26.0%\n\n\n\n\n\n\n30.8%\n\n\n\n\n\n\n\n\n\n(1)\n\n\n\n\n\n\n\nSee “Supplementary Financial Information” below.\n\n\n\n\n\n\n\n\n(2)\n\n\n\n\n\n\n\nSee “Note to the Consolidated Financial Statements (Unaudited)” below.\n\n\n\n\n\n\n\n\n(3)\n\n\n\n\n\n\n\nSee the section titled “Non-GAAP Financial Measures” below.\n\n\n\n\n\n\n\nIGI President & CEO Mr. Waleed Jabsheh said, “We had another strong quarter resulting in an excellent first half of 2024. In spite of ...

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