International General Insurance Holdings (IGI) reported its first-half results for 2018, with net profits declining slightly to US$11 million from US$14.8 million last year.

According to a statement by the Dubai International Finance Centre-based insurer, gross underwriting profit rose by 7% to US$23.75 million, mainly due to growth in gross earned premium from last year, partially offset by an increase in net claims incurred primarily due to strengthening of IBNR.

Gross written premiums increased by 20% from US$138.12 million in June 2017 to US$165.87 million. Growth occurred across all of IGI’s major lines of business, the firm added, while its combined ratio was at 91.3%, compared to 89.8% in June 2017.

“We are pleased with the first six months of the year and we continue to remain optimistic that, barring major catastrophes as occurred in the third quarter of 2017, we should be able to deliver our planned results for 2018,” said Wasef Jabsheh, vice chairman and chief executive officer of IGI.

In July, ratings agency Standard & Poor’s reaffirmed IGI’s financial strength rating of A-, with a stable outlook. The agency cited IGI’s strength in maintaining sound underwriting and operating performance. Earlier this month, AM Best also reaffirmed IGI’s financial strength rating of A- (Excellent) with a positive outlook.