International General Insurance Holdings Ltd. · NASDAQ:IGIC
International General Insurance — Q3 2023 Earnings Presentation
20 slides from International General Insurance's earnings presentation, Nov 14, 2023
Slide 1: IGI Investor Presentation Third Quarter 2023
IGI Investor Presentation Third Quarter 2023 November 2023
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 $16 CAGR 2013 – 9/30/2023: 5.5% $14.17 Public listing on Nasdaq(1) $14 $12.17 $12.01 $12 $11.36 $11.06 $10.43 $10.72 $10.20 $10 $9.20 $9.30 $8.32 $8 $6 $4 $2 $0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2
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 12/31/2013-12/31/2022 Higher Volatility, Higher Returns Lower Volatility, Higher Returns PGR AMSF IFC-CA UVE AIZ TRV CB RLI AFG BRK.B HIG WRB ALL FF
Slide 6: Global Presence, Local Knowledge
Global Presence, Local Knowledge Main underwriting hubs in 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, cultural compati
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: $72.8mm through September 2023, including E&S business; all short-tail, primarily energy, Build-out of property, and contingency US/European Europe: $53.3mm through September 2023; predominantly long-tail lines, supplemented by Bu
Slide 9: Financial Performance Overview Q3 / 9M 2023
Financial Performance Overview Q3 / 9M 2023 Q3 2023 Nine Months to September 30, 2023 $523.8 Compared Premium growth of 22.6% $150.3 Compared Premium growth of 25.1% due to new business and due to new business and million to $427.2 rate increases on renewal million to $120.1 mm in rate increases on
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 $600,000,000 GWP by Geography 9/30/
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 (2013 – 9/30/2023) GPW CAGR: 11.3% 10 Year (2013 – Q3 2023 annualized) combined ratio average: 87.5
Slide 12: Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability
Specialist Individual Risk Strategy to Protect Capital and Optimize Profitability 69% individually underwritten as of September 30, 2023; 22% MGA-originated; 9% reinsurance Class-underwriting profit centers irrespective of geography of risk In-depth risk assessment of underlying exposure Fac
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 $1.052 Billion 9/30/2023 Asset Allocation Credit Quality Geographic Diversification Total Investment Portfol
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 $40
Slide 15: Commitment to Social Responsibility and Governance
Commitment to Social Responsibility and Governance Our purpose: To provide peace of mind in times of uncertainty.. This is core to our values, our business, and our corporate character.. We have a long track record of IGI Values are Embedded Throughout supporting our people and our communities. the
Slide 16: Appendix
Appendix RT HR tl
Slide 17: Selected Financial Data
Selected Financial Data IFRS (Audited) U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Quarter ended September 30, ($ in mm) 2017 2018 2019 2020 2021 2022 2022 2023 Operating Results: Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.6 $582.0 $120.1
Slide 18: Summary Income Statement
Summary Income Statement IFRS (Audited) U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Quarter ended September 30, ($ in mm) 2017 2018 2019 2020 2021 2022 # 2022 2023 Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.6 $582.0 $120.1 $150.3 Ceded Wri
Slide 19: Reconciliation – Core Operating Earnings
Reconciliation – Core Operating Earnings IFRS (Audited) Year Ended December 31, ($ 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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