International General Insurance Holdings Ltd (IGI) has released its financial results for 2018, bannered by a 237% increase in net profit.
2018 was a year of strong recovery for IGI following the most expensive year for catastrophe losses on record in 2017, it said in a statement. Gross written premium (GWP) rose by 9.5% to US$301.56 million in 2018, compared to US$275.3 million the year before. Its net profit increased by 237% to US$26.47 million, up from US$7.86 million. Meanwhile, its combined operating ratio was 88.97%, improving significantly from 103.08% the previous year.
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