International General Insurance Holdings Ltd. · NASDAQ:IGIC
International General Insurance — Q4 2023 Earnings Presentation
20 slides from International General Insurance's earnings presentation, Mar 13, 2024
Slide 1: IGI Investor Presentation Fourth Quarter 2023
IGI Investor Presentation Fourth Quarter 2023 March 2024
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the “safe harbour” 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,
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 10 Year CAGR 2014 – 2023: 5.9% $15.45 $14 Public listing on Nasdaq(1) $12.17 $12.01 $12 $11.36 $11.06 $10.43 $10.72 $10.20 $10 $9.20 $9.30 $8 $6 $4 $2 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022
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: $94.2mm in 2023, including E&S business; all short-tail, primarily property, energy, Build-out of contingency, and treaty reinsurance US/European ➢ Europe: $81.0mm in 2023; predominantly long-tail lines, supplemented by some short-t
Slide 9: Financial Performance Overview Q4 / FY 2023
Financial Performance Overview Q4 / FY 2023 Q4 2023 Year Ended December 31, 2023 $164.9 Compared $688.7 Compared Premium growth of 18.3% due Premium growth of 6.5% million to growth in reinsurance and to $154.8 to $582.0 million mm in driven by growth in short-tail Gross mm for short-tail business d
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 GWP by Geography $700 12/31/2023 So
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 (2014 –2023) GPW CAGR: 11.8% ➢ 10 Year (2014 –2023) combined ratio average: 87.7% $700 105.0% $689 94
Slide 12: Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability
Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability ➢ 68% individually underwritten for the year 2023; 24% MGA-originated; 8% 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 $1.133 Billion 12/31/2023 Asset Allocation Credit Quality Geographic Diversification Total Investment Portfo
Slide 14: Prudent Reserving Philosophy Anchored in Conservatism and Balance Sheet Preservation
Prudent Reserving Philosophy Anchored in Conservatism and Balance Sheet Preservation ➢ 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 $42
Slide 15: Commitment to Social Responsibility and Governance
Commitment to Social Responsibility and Governance Our purpose: To provide peace of mind in times of uncertainty.. This is core to our values, our business, and our corporate character.. We have a long track record of IGI Values are Embedded Throughout supporting our people and our communities. the
Slide 16: Appendix
Appendix an rite A'N7,
Slide 17: Selected Financial Data
Selected Financial Data IFRS (Audited) U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Quarter ended Dec 31, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2022 2023 Operating Results: Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.2 $582.0 $688.7 $
Slide 18: Summary Income Statement
Summary Income Statement IFRS (Audited) U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Quarter ended Dec 31, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2022 2023 Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.2 $582.0 688.7 $154.8 $164.9 Ceded
Slide 19: Reconciliation – Core Operating Earnings
Reconciliation – Core Operating Earnings IFRS (Audited) Year Ended December 31, ($ 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 (0.0
Slide 20: For more information:
For more information: Investor Relations Robin Sidders (Head of Investor Relations) Email: Robin.Sidders@iginsure.com Mobile: +44 7384 514785 International General Insurance Holdings Ltd. 20
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