Dubai reinsurer posts $25m profit

Dubai-based reinsurer International General Insurance Holdings (IGIH) has registered a net profit of $25.3 million for 2012, up 8.7 per cent over $23.2 million the previous year. The IGIH is registered in the Dubai International Financial Centre with operations in Bermuda, Jordan, Malaysia and a wholly owned subsidiary in the UK. The IGIH said its gross written premium rose 11.2 per cent in 2012 to $225.5 million compared to $202.8 million a year ago. The net underwriting profit grew to $36.8 million for 2012, thus registering an increase of 9.4 per cent from $33.6 million the previous year. This represents 24.8 per cent of the gross premium earned for the year against 28.2 per cent for 2011. The insurer's investment income for the year stood at $7.4 million, up 2.4 per cent compared to $7.2 million for 2011. The total assets of IGIH increased by 8 per cent to hit $608.8 million at the end of 2012 compared to $563.9 million as of December 31, 2011. Commenting on the results, Wasef Jabsheh, the vice chairman and CEO 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.” "Last month we had introduced our new business line, political violence, as part of our growth plans," stated Jabsheh while addressing the shareholder at the company's Annual General Meeting. "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," he added. According to him, the IGIH shareholders' equity rose to $232.1 million at the end of 2012, an increase of 13 per cent compared to $205.4 million a year ago. The group has approved final dividends of $7.17 million, thus taking the total dividends declared for the year to $10.03 million compared to $5.73 for fiscal year 2011. TradeArabia News