Q4 2024 International General Insurance Holdings Ltd Earnings Call Transcript
Key Points
- International General Insurance Holdings Ltd (IGIC) reported a solid growth in book value per share of almost 20% for 2024, with dividends included, the growth was over 24%.
- The company achieved a record core operating income of $40.9 million in Q4 and $144.8 million for the full year 2024.
- IGIC maintained a strong combined ratio of 77.8% for Q4 and 79.9% for the full year, reflecting strong performance.
- The company has doubled its underwriting portfolio size and entered new markets, including the United States, enhancing its global presence.
- IGIC has a strong balance sheet with total assets increasing by almost 11% to over $2 billion, and a 14% growth in its investments and cash portfolio.
- IGIC faced increased competition in many markets, which pressured rates and limited top-line growth to just under 2% for the full year 2024.
- The long tail segment of IGIC's portfolio experienced contraction, with underwriting income down over 30% for the full year.
- The company noted a challenging start to 2025 with elevated loss activity, particularly in short tail and reinsurance lines.
- IGIC's aviation book contracted by more than 25% due to several quarters of rate reductions.
- The company experienced a mark-to-market loss of about $22 million on its bond portfolio during Q4, impacting total equity.
Good day and welcome to the International General Insurance Holdings LTD's 4th quarter 2024 financial results conference call. (Operator Instructions)
I would now like to turn the conference over to Robin Siders, head of investor relations. Please go ahead.
Thanks Dave and good morning, everyone and welcome to today's conference call. Today we'll be discussing our 4th quarter and full year results. You will have seen our press release that we issued last night after the market closed.
If you'd like a copy of the press release, you can find it on our website at IGI insurance.com. We've also posted a supplementary investor presentation which can be also found on our website presentations page in the investor section.
On today's call, our executive Chairman of IGI Wassa Jobshay, President and CEO Waleed Jabsheh, Chief Financial Officer Pervez Rizv. As always, Wassa will begin the call with some high-level comments before handing over to Waleed.
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