IGI Reports Strong Fourth Quarter and Full Year 2024 Results

International General Insurance Holdings Ltd. (IGI) has reported its unaudited financial results for the fourth quarter and full year 2024, showcasing a strong performance across various segments. The company's focus on underwriting discipline, intelligent risk selection, and effective capital management has contributed to its robust financial health.

Key highlights from the fourth quarter and full year 2024 include:

* Gross written premiums increased by 5.9% to $174.6 million in the quarter ended December 31, 2024, compared to $164.9 million for the comparable period in 2023. The increase was primarily in the Reinsurance Segment.
* Net premiums earned increased to $120.6 million for the fourth quarter of 2024 compared to $114.9 million for the same period in 2023, primarily due to an increase in net premiums earned.
* Underwriting income increased to $48.8 million for the fourth quarter of 2024 compared to $43.5 million for the same period in 2023, primarily due to an increase in net premiums earned.
* The loss ratio was 43.0% for the quarter ended December 31, 2024, compared to 47.6% for the same period in 2023.
* The net policy acquisition expense ratio was 16.6% for the fourth quarter of 2024 compared to 14.5% for the same quarter of 2023, and 16.5% for the full year 2024, compared to 16.8% for the full year 2023.
* The general & administrative expense ratio was 18.2% for the fourth quarter of 2024, compared to 19.7% for the same quarter of 2023, and 18.7% for the full year 2024, compared to 17.6% for the full year 2023.



IGI's strong financial performance can be attributed to its disciplined approach to underwriting, intelligent risk selection, and effective capital management. The company's focus on the Reinsurance and Short-tail segments has driven growth in gross written premiums and net premiums earned, leading to an increase in underwriting income. Additionally, IGI's commitment to returning excess capital to shareholders through common share dividends and share repurchases has contributed to its record net income and operating income, and a return on average equity of 22.6%.

In conclusion, IGI's fourth quarter and full year 2024 results demonstrate the company's ability to generate value for shareholders across market cycles. Its focus on underwriting discipline, intelligent risk selection, and effective capital management has enabled IGI to maintain a strong financial position and deliver robust returns to investors. As the company continues to execute its strategic plan, investors can expect IGI to build on its strong performance and create long-term value.