International General Insurance Holdings Ltd. · NASDAQ:IGIC
International General Insurance — Q2 2024 Earnings Presentation
20 slides from International General Insurance's earnings presentation, Aug 7, 2024
Slide 1: IGI Investor Presentation Second Quarter 2024
IGI Investor Presentation Second Quarter 2024 August 2024
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, c
Slide 3: Overview
Overview IGI is an international specialist (re)insurance group with deep technical expertise providing coverage across a diversified portfolio of specialty lines ➢ “Underwriting first” individual risk underwriting strategy focused on profitable growth, diversification, and lower volatility ➢ Underw
Slide 4: Track Record of Maximizing Total Value Creation
Track Record of Maximizing Total Value Creation Tangible Book Value Per Share plus Dividends $18 $16.87 10 Year CAGR 12/31/2015 – 6/30/2024: 6.8% $15.45 $16 $14 Public listing on Nasdaq(1) $12.17 $12.01 $11.36 $11.06 $12 $10.43 $10.72 $10.20 $10 $9.30 $8 $6 $4 $2 $0 2015 2016 2017 2018 2019 2020 202
Slide 5: Superior Total Value Creation
Superior Total Value Creation ➢ Proven track record of higher, more consistent returns with lower volatility Return on Tangible Equity and Sharpe Ratio 12/31/2014-12/31/2023 Higher Volatility, Higher Returns Lower Volatility, Higher Returns AMSF IFC ORI SIGI TRV CINF RLI KNSL WRB PGR CB AFG EIG THG
Slide 6: Global Presence, Local Knowledge
Global Presence, Local Knowledge ➢ Main underwriting hubs in Bermuda, UK, Europe, Middle East / North Africa, Asia Pacific covering a mix of mature and high-growth, under-represented geographies ➢ Distribution relationships and presence in key territories with high degree of local knowledge, cultura
Slide 7: Strategy to Maximize Total Value Creation over the Long-term
Strategy to Maximize Total Value Creation over the Long-term Consistent Execution of Balance Sheet Strength, Track Record of Strong Underwriting Strategy Prudent Use of Underwriting Results Capital Individual risk underwriting Underwriting strategy results in facilitates tighter risk control average
Slide 8: Well-Positioned for Future Total Value Creation Opportunities
Well-Positioned for Future Total Value Creation Opportunities ➢ US: $73.1mm as of June 30, 2024, of which 55% is E&S business; all short-tail, primarily Build-out of property, energy, contingency, and treaty reinsurance US/European ➢ Europe: $39.1mm as of June 30, 2024; predominantly long-tail lines
Slide 9: Financial Performance Overview Q2 / 1H 2024
Financial Performance Overview Q2 / 1H 2024 Q2 2024 Six Months Ended June 30, 2024 $205.6 Compared $387.2 Compared Growth of 3.0% driven by million Growth of 3.7% driven by to $199.6 to $373.5 million mm in growth in short-tail and Gross mm for growth in reinsurance and Gross Written reinsurance bus
Slide 10: Earnings Stability Through Broad Diversification
Earnings Stability Through Broad Diversification ➢ Meaningful diversification by line of business, product, geography, broker distribution, facility vs. individual risk, and short vs. long-tail risks ➢ ~25 lines of business written globally, supported by 8 offices $700 GWP by Geography 1H 2024 Austr
Slide 11: Track Record of Profitable Growth & Strong Cycle Management
Track Record of Profitable Growth & Strong Cycle Management ➢ Prudent growth and cycle management balancing growth and risk selection ➢ Sound approach to capitalizing on market dislocation ➢ 10 Year (2015 –6/30/2024) GPW CAGR: 13.8% ➢ 10 Year (2015 –6/30/2024) combined ratio average: 86.8% $800 105.
Slide 12: Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability
Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability ➢ 65% individually underwritten at June 30, 2024; 18% MGA-originated; 17% reinsurance ➢ Class-underwriting profit centers irrespective of geography of risk ➢ In-depth risk assessment of underlying exposure ➢ Facultativ
Slide 13: Conservative Investment Strategy
Conservative Investment Strategy ➢ Investment portfolio managed conservatively to ensure on-going ability to pay claims and improve ROE while avoiding undue risk Total Investment Portfolio of $1.215 Billion 6/30/2024 Asset Allocation Credit Quality Geographic Diversification Total Investment Portfol
Slide 14: Favourable Reserve Development
➢ IBNR reserves reflect growth of specialty long-tail lines (average duration 4-7 years) ➢ History of releasing reserves once losses are fully developed ➢ No U.S. casualty exposure Favourable Reserve Development $42 $42 $39 $27 $24 $23 $16 17% 16% $9 18% 15% $6 $6 11% 5% 2% 9% 3% 5% 2015 2016 2017 2
Slide 15: Commitment to Social Responsibility and Governance
Commitment to Social Responsibility and Governance Our purpose: To provide peace of mind in times of uncertainty.. This is core to our values, our business, and our corporate character.. We have a long track record of IGI Values are Embedded Throughout supporting our people and our communities. the
Slide 16: Appendix
Appendix International General Insurance Holdings Ltd. 16
Slide 17: Selected Financial Data
Selected Financial Data Year Ended December 31, Year Ended December 31, Six Months ended March 31, Quarter ended March 31, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2024 2023 2024 2023 Operating Results: Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.2 $582.0 $688.7 $387.2 $373.5 $205.6
Slide 18: Summary Income Statement
Summary Income Statement IFRS (Audited) U.S. GAAP (Audited) U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Six Months ended June30, Quarter ended June30, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2024 2023 2024 2023 Gross Written Premiums $275.1 $301.6
Slide 19: Reconciliation – Core Operating Earnings
Reconciliation – Core Operating Earnings IFRS (Unaudited) Year Ended December 31, ($ in mm) 2017 2018 2019 2020 Net Income for the period $7.0 $25.5 $23.6 $27.2 Net Realized Losses / (Gains) on Investments (tax adjusted) (3.1) (1.3) (1.0) (0.9) Net Impairment Losses Recognized in Earnings 0.1 0.0 (0
Slide 20: Contact Us
Contact Us Investor Inquiries: +96265662082 Robin Sidders Ahmad Jabsheh Head of Investor Relations Assistant Vice President, +44 (0) 7384 514785 Investor Relations +96265662082 robin.sidders@iginsure.com ahmad.jabsheh@iginsure.com International General Insurance Holdings Ltd. 20
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