IGI Reports Third Quarter and Nine Month 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 third quarter and first nine months of 2021.\n\nHighlights for the third quarter and first nine 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\n\n\nSeptember 30,\n\n\n\nNine Months Ended\nSeptember 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$115.3\n\n\n\n$101.2\n\n\n\n$382.1\n\n\n\n$337.7\n\n\n\n\n\nNet premiums earned\n\n\n\n$91.2\n\n\n\n$73.3\n\n\n\n$259.0\n\n\n\n$209.5\n\n\n\n\n\nNet underwriting results\n\n\n\n$26.7\n\n\n\n$16.4\n\n\n\n$75.2\n\n\n\n$62.5\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$4.0\n\n\n\n$3.0\n\n\n\n$12.0\n\n\n\n$8.1\n\n\n\n\n\nProfit for the period\n\n\n\n$16.1\n\n\n\n$5.1\n\n\n\n$34.5\n\n\n\n$19.6\n\n\n\n\n\nCombined ratio (2)\n\n\n\n85.0%\n\n\n\n93.7%\n\n\n\n87.3%\n\n\n\n86.5%\n\n\n\n\n\nEarnings per share (Basic and Diluted) (3)\n\n\n\n$0.31\n\n\n\n$0.10\n\n\n\n$0.71\n\n\n\n$0.43\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n16.4%\n\n\n\n5.6%\n\n\n\n11.8%\n\n\n\n7.7%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$15.4\n\n\n\n$6.4\n\n\n\n$39.1\n\n\n\n$30.1\n\n\n\n\n\nCore operating earnings per share (4) (Basic and Diluted)\n\n\n\n$0.31\n\n\n\n$0.13\n\n\n\n$0.80\n\n\n\n$0.67\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n15.7%\n\n\n\n6.9%\n\n\n\n13.4%\n\n\n\n11.8%\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, “This was another strong quarter for IGI and our results for the year-to-date reflect the robust underlying fundamentals of IGI’s business. Through the first nine months of 2021, we have performed well on all key measures, most notably growing our book value per share by 3.6%.”\n\n“Attractive market conditions are holding up with further rate increases across our portfolio in excess of 13%, though I woul...

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