IGI Reports Third Quarter and Nine Months 2020 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 announced condensed and unaudited financial results for the third quarter and first nine months of 2020.\n\nHighlights for the third quarter and first nine months of 2020 include: \n\n\n\n(in U.S Dollars Millions, except percentages and per share information)\n\n\n\n\n\n \n\n\n\nThree Months Ended September 30\n\n\n\nNine Months Ended September 30\n\n\n\n\n\n \n\n\n\n2020\n\n\n\n2019\n\n\n\n2020\n\n\n\n2019\n\n\n\n\n\nGross written premiums\n\n\n\n$101.2\n\n\n\n$73.9\n\n\n\n$337.7\n\n\n\n$260.2\n\n\n\n\n\n% growth\n\n\n\n36.9%\n\n\n\n \n\n\n\n29.8%\n\n\n\n \n\n\n\n\n\nNet premiums earned \n\n\n\n$73.3\n\n\n\n$54.0\n\n\n\n$209.5\n\n\n\n$157.4\n\n\n\n\n\nNet underwriting results\n\n\n\n$16.4\n\n\n\n$15.6\n\n\n\n$62.5\n\n\n\n$41.7\n\n\n\n\n\nProfit for the period \n\n\n\n$9.5\n\n\n\n$4.3\n\n\n\n$20.7\n\n\n\n$19.2\n\n\n\n\n\nCombined ratio (1)\n\n\n\n93.7%\n\n\n\n89.3%\n\n\n\n86.5%\n\n\n\n91.5%\n\n\n\n\n\nTotal investment income, net (3)\n\n\n\n$3.0\n\n\n\n$2.5\n\n\n\n$8.1\n\n\n\n$8.3\n\n\n\n\n\nEarnings per share\n\n\n\n$0.20\n\n\n\n$0.13\n\n\n\n$0.46\n\n\n\n$0.56\n\n\n\n\n\nReturn on average equity (annualized) (2) \n\n\n\n10.2%\n\n\n\n5.5%\n\n\n\n8.0%\n\n\n\n8.3%\n\n\n\n\n\nCore operating income (2)\n\n\n\n$6.4\n\n\n\n$8.2\n\n\n\n$30.1\n\n\n\n$21.2\n\n\n\n\n\nCore operating earnings per share (2)\n\n\n\n$0.13\n\n\n\n$0.23\n\n\n\n$0.67\n\n\n\n$0.58\n\n\n\n\n\nCore operating return on average equity (annualized) (2)\n\n\n\n6.7%\n\n\n\n10.5%\n\n\n\n11.6%\n\n\n\n9.2%\n\n\n\n\n\n\n(1)\n\n\n \n\nSee “Supplemental Information” to the “Condensed Consolidated Statements of Income (Unaudited)” below.\n\n\n\n\n\n(2)\n\n\n \n\nSee the section titled “Non-IFRS Financial Measures” below.\n\n\n\n\n\n(3)\n\n\n \n\nSee Note (1) in the “Notes to the Condensed Consolidated Statements of Income (Unaudited)” below.\n\n\n\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “We are pleased to share another set of strong financial results for the third quarter and first nine months of 2020.\n\n“With the continued uncertainty in global financial markets caused by the COVID-19 pandemic and the frequency worldwide of catastrophe events continuing unabated, it is a testament to IGI’s diversified business profile, risk management, tar...

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