Ahead of its participation in the Association of Insurance and Financial Analysts (AIFA) conference in Naples, Florida, International General Insurance (IGI) has unveiled its preliminary unaudited financial results for the fourth quarter and the entirety of 2023.
For the quarter ending December 31, 2023, IGI reported gross written premiums of $164.9 million, an increase from $154.8 million in the same period in 2022. Throughout 2023, the company saw gross written premiums rise to $688.7 million, up from $582.0 million in 2022, reflecting 18.3% growth.
Net income for the fourth quarter was $33.0 million, up from $22.5 million in the final quarter of 2022, with the annual net income reaching $118.2 million in 2023, an improvement from $89.2 million the previous year.
Core operating income for the last quarter of 2023 was recorded at $30.0 million, a significant increase from $13.6 million in the fourth quarter of 2022. For the full year, core operating income escalated to $133.8 million in 2023, compared to $93.9 million in 2022.
How do these latest results compare to IGI’s third quarter outcomes? Check out the 9M and Q3 2023 results for the insurer here.
Diluted earnings per share (EPS) for the fourth quarter of 2023 stood at $0.72, rising from $0.46 in the same quarter of the previous year, with the annual diluted EPS for 2023 reported at $2.55, up from $1.84 in 2022.
The return on average equity (ROAE), on an annualized basis, reached 26.1% in the fourth quarter of 2023, an increase from 22.7% in the corresponding period of 2022. The annualized ROAE for 2023 was calculated at 24.8%, up from 22.5% in 2022.
Core operating earnings per share (EPS), on a diluted basis, were $0.65 for the fourth quarter of 2023, an increase from $0.28 in the fourth quarter of 2022, with the annual figure for 2023 climbing to $2.88 per diluted share, from $1.94 in 2022.
Additionally, the core operating return on average equity (ROAE), on an annualized basis, was 23.7% for the fourth quarter of 2023, a significant rise from 13.7% in the same period of 2022. For the year, this metric increased to 28.1% in 2023, from 23.7% in 2022. The book value per share as of December 31, 2023, was $12.40, indicating a substantial growth of 36.7% compared to $9.07 as of December 31, 2022.
IGI anticipates announcing a net income available to common shareholders of $118.2 million for 2023, or $2.55 per diluted common share, along with a significant increase in gross written premiums and a notable rise in the book value per share.
The firm plans to publish its unaudited financial statements for the fourth quarter and full year on March 12, 2024, following the closure of the US financial markets.
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