The Group announced net earnings of $25.25m for the year, an increase of 8.7% compared to $23.22m for the 2011 fiscal year.
Commenting on the results, Mr. Wasef Jabsheh, Vice Chairman and Chief Executive Officer of IGIH, said, “Again, I am very pleased to announce record earnings for 2012. Although our investment income came in below budget due to the prevailing investment environment, we still managed to exceed our net income forecasts due to our stellar underwriting results.”
Mr. Jabsheh further went on to say, “We announced in February the introduction of our new business line, political violence, as part of our growth plans. As in previous years, we continue to look for new market opportunities whilst continuing our expansion goals in our MENA, UK, and Asian offices. Achieved results confirms the success of the overall group strategy.”
Highlights for the year 2012 include the following:
• Gross written premium in 2012 was $225.5m, an increase of 11.2% compared to $202.8m for 2011.
• Net underwriting profit grew to $36.8m for 2012, an increase of 9.4% from $33.6m in 2011. This represents 24.8% of the gross premium earned for the year against 28.2% for 2011.
• Investment income for the year stood at $7.4m, an increase of 2.4% compared to $7.2m for 2011.
• The combined ratio for 2012 was 88%, compared to 87% for 2011.
• Total assets were $608.8m at the end of 2012, an increase of 8% compared to $563.9m as of 31st December, 2011.
• Shareholders’ equity rose to $232.1m at the end of 2012, an increase of 13% compared to $205.4m as of 31st December, 2011.
The Group has declared at its Annual General Meeting of 24th March 2013 final dividends of $7.17m, thus making total dividends declared for the year to stand at $10.03m as compared to 5.73 for fiscal year 2011.
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