International General Insurance Holdings Limited (IGIH), which writes global direct and reinsurance businesses, has posted net earnings of $11.1 million in the first six months of 2009, marking an increase of 73.5 per cent over the same period in 2008.

IGIH has posted net earnings of $6.4 million for the first half of 2008.

“The growth in profits in the first half of 2009 is testament to the strong risk management initiatives implemented by the Group against backdrop of the current economic conditions,” Wasef Jabsheh, vice chairman and chief executive officer.

“The disciplined underwriting standards to which we adhere, will I believe, continue to produce long term profitable results for our shareholders,” he added.

“The strength of our business model and in particular, the geographical focus in strategically targeted areas, has been a major contributing factor in yielding these excellent results.”

Highlights in the first half of 2009 included the following:

• Gross written premium was $85.37 million, compared to $88.68 million in 2008.  This was due to the Group’s policy of reducing exposure to certain catastrophe prone regions.

• Net earned premium increased to $53 million from $40 million during the same period of 2008.

• Net underwriting profit improved to $8.11 million from $1.04 million in the first half of 2008. This net underwriting profit represents 12.85 per cent of the gross earned premium against 2.03 per cent for the same period in 2008.

• Investment income is $3 million compared to $5.4 million during the same period in 2008.

• The combined ratio was 87.15 per cent compared to 97.97 per cent in the corresponding period of 2008. 

• Total assets were US$ 454 million and shareholders' equity was $173 million compared to US$ 426 million and US$ 153 million, respectively, as of December 31, 2008. - TradeArabia News Service