International General Insurance Holdings Limited (IGIH) has reported net earnings of $16.2 million for the first half of this year, against $18.5 million for the same period last year.

Overall, the group announced gross written premiums of $122.03 million as at June 30, 2015, as compared to $137.68 million for the previous year, said the statement.

IGI reported a combined ratio of 88 per cent in the first half of the year, matching the H1 2014 figure.

The group’s loss ratio came in at 52 per cent, compared to IGI’s five-year average of 55.4 per cent.

In addition, the group reported shareholder’s equity of $279 million as at June 30, 2015, an increase of 6 per cent from December 31, 2014.

Wasef Jabsheh, vice chairman and chief executive officer of IGIH, said: “Softness in the market has put pressure on our top line figures, yet as in the past, we continue to be diligent on the business we underwrite with the focus on our bottom line.

“Our investment philosophy continues to remain conservative given the volatile market environment,” he said.

“I am pleased with our results given current market conditions. As we continue to strengthen our underwriting platforms and expand our geographic reach, and have confidence that IGIH will endure the current market environment and continue to generate our target rate of return,” he added. – TradeArabia News Service