IGI reports Q3 financial results

AMMAN — International General Insurance Holdings Ltd. (IGI) reported financial results for the third quarter of 2022.

IGI Chairman and CEO Wasef Jabsheh said:  “IGI recorded another strong set of results in the third quarter of 2022, continuing the momentum of the prior two quarters, and culminating in a combined ratio of 73.6 per cent and a core operating return on average shareholders’ equity of 26.9 per cent for the first nine months of 2022.”

Profit for the quarter that ended September 30, 2022 was $18.6 million, compared to profit of $16.1million for the quarter that ended September 30, 2021, according to a statement from the company.

Core operating income, a non-IFRS measure defined below, was $27.6 million for the quarter that ended September 30, 2022, a significant increase over the core operating income of $15.9 million for the comparable period in 2021.

The improvement in core operating income from the third quarter of 2021 to the third quarter of 2022 was primarily the result of higher favourable development of net loss reserves from prior accident years, which benefitted from the currency devaluation impact on loss reserves denominated in Pound Sterling and Euro.