International General Insurance Holdings announces $18.5m H1 net profit

AMMAN — International General Insurance Holdings (IGIH) announced Sunday in a press statement that the group’s net earnings amounted to $18.5 million during the first half (H1) of this year compared to $21.3 million for the same period in 2013.  Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said in the press statement: “Although we were unable to surpass last year’s profit for the first half, our results were in line with our projections given the soft market the industry is facing.” He added: “Attaining a combined ratio of 87.64 per cent in the current environment continues to prove that IGIH remains focused on writing profitable business whilst firmly managing risk and expenses.  We will continue to adhere to our philosophy of writing for profit rather than volume in the current environment.”