IGI Reports Third Quarter and Nine Months 2022 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 reported financial results for the third quarter and first nine months of 2022.\n\nHighlights for the third quarter and first nine months of 2022 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 September 30,\n\n\n\n\n\n \n\n\n\n2022\n\n\n\n2021\n\n\n\n2022\n\n\n\n2021\n\n\n\n\n\nGross written premiums\n\n\n\n$120.6\n\n\n\n$115.3\n\n\n\n$425.1\n\n\n\n$382.1\n\n\n\n\n\nNet premiums earned\n\n\n\n$96.3\n\n\n\n$91.2\n\n\n\n$279.4\n\n\n\n$259.0\n\n\n\n\n\nNet underwriting results\n\n\n\n$42.0\n\n\n\n$26.7\n\n\n\n$123.8\n\n\n\n$75.2\n\n\n\n\n\nTotal investment income, net (1)\n\n\n\n$5.5\n\n\n\n$4.0\n\n\n\n$14.0\n\n\n\n$12.0\n\n\n\n\n\nProfit for the period\n\n\n\n$18.6\n\n\n\n$16.1\n\n\n\n$59.8\n\n\n\n$34.5\n\n\n\n\n\nCombined ratio (2)\n\n\n\n73.8%\n\n\n\n85.0%\n\n\n\n73.6%\n\n\n\n87.3%\n\n\n\n\n\nEarnings per share (basic and diluted) (3)\n\n\n\n$0.38\n\n\n\n$0.31\n\n\n\n$1.21\n\n\n\n$0.71\n\n\n\n\n\nReturn on average equity (annualized) (4)\n\n\n\n18.7%\n\n\n\n16.4%\n\n\n\n19.9%\n\n\n\n11.8%\n\n\n\n\n\nCore operating income (4)\n\n\n\n$27.6\n\n\n\n$15.9\n\n\n\n$80.9\n\n\n\n$39.4\n\n\n\n\n\nCore operating earnings per share (basic and diluted) (4)\n\n\n\n$0.56\n\n\n\n$0.33\n\n\n\n$1.64\n\n\n\n$0.81\n\n\n\n\n\nCore operating return on average equity (annualized) (4)\n\n\n\n27.8%\n\n\n\n16.2%\n\n\n\n26.9%\n\n\n\n13.5%\n\n\n\n\n(1) See Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n(2) See “Supplementary Financial Information” below.\n(3) See Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.\n(4) See the section titled “Non-IFRS Financial Measures” below.\n\nIGI Chairman and CEO Mr. Wasef Jabsheh said, “IGI recorded another strong set of results in the third quarter of 2022, continuing the momentum of the prior two quarters, and culminating in a combined ratio of 73.6% and a core operating return on average shareholders’ equity of 26.9% for the first nine months of 2022.”\n\n“Market conditions and rates are holding up across our portfolio and we continue to grow at a steady pace, with gross writt...

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