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Ammon News - International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today reported financial results for the fourth quarter and full year of 2021.

Highlights for the fourth quarter and full year of 2021 include:

(in millions of U.S. Dollars, except percentages and per share information)
Quarter Ended December 31, Year Ended December 31,
2021 2020 2021 2020
Gross written premiums $163.5 $129.5 $545.6 $467.3
Net premiums earned $86.2 $73.9 $345.2 $283.5
Net underwriting results $30.6 $14.7 $105.8 $77.4
Total investment income, net (1) $2.2 $3.4 $14.2 $11.5
Profit for the period $9.1 $7.6 $43.6 $27.2
Combined ratio (2) 83.8% 96.8% 86.4% 89.3%
Earnings per share (Basic and Diluted) (3) $0.19 $0.16 $0.89 $0.59
Return on average equity (annualized) (4) 9.2% 8.2% 11.1% 7.9%
Core operating income (4) $13.6 $4.5 $53.1 $35.6
Core operating earnings per share (Basic and Diluted) (4) $0.28 $0.09 $1.09 $0.77
Core operating return on average equity (annualized) (4) 13.7% 4.9% 13.6% 10.3%

(1) See Note (1) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
(2) See “Supplementary Financial Information” below.
(3) See Note (3) in the “Notes to the Condensed Consolidated Financial Statements (Unaudited)” below.
(4) See the section titled “Non-IFRS Financial Measures” below.


IGI Chairman and CEO Mr. Wasef Jabsheh said, “2021 was another excellent year for IGI as we reported consistently strong quarterly underwriting results and earnings, culminating in one of the best years in our 20-year history.”

“IGI is a diverse group of individual risk underwriters with recognized expertise in many specialty lines. We have grown our business organically since inception, and the past two years have seen an acceleration of that. In 2021, on the back of significant growth in 2020, we increased our gross premiums more than 16% to $546 million, expanding into new lines and markets. We reported record underwriting income for the fourth quarter and year in 2021 and a combined ratio of 83.8% for the fourth quarter and 86.4% for the year. With our asset base now approaching $1.5 billion, we expect to continue our strong performance in 2022, focusing on our core strengths and capitalizing on sector tail winds.”

“As we mark our twentieth year in business, I’m deeply proud of our successes and the commitment and focus demonstrated by our people at IGI,” Mr. Jabsheh said. “We have achieved these record results and continued to deliver high levels of service to our clients while continuing to navigate a prolonged period of global uncertainty. I look forward to our future with confidence, knowing that we are building on a very solid foundation that will continue to deliver strong total value creation to all our stakeholders.”