The following is a summary of the International General Insurance Holdings Ltd. (IGIC) Q4 2023 Earnings Call Transcript:
Financial Performance:
IGI delivered their best results in their 22-year history with a significant growth in the underwriting portfolio, the investment portfolio, and shareholders' equity.
The company's Q4 net income was $33 million and the full year net income was $118.2 million, both showing substantial growth compared to the previous year.
Core operating income witnessed a significant surge in Q4 and the full year, with an increase of over 42.5% year on year.
The total assets increased by more than 16% and the total equity increased by over 31%.
They recorded a core operating ROE of 23.7% for the fourth quarter and 28.1% for the full year 2023, marking the highest in the company's history.
Business Progress:
IGI capitalized on favorable market conditions and managed its capital effectively, investing in underwriting operations and returning excess capital to shareholders through dividends and share repurchases.
The company expanded in the US with over 45% growth and also broadened its operations in Europe.
Looking forward, IGI is keen to leverage reinsurance opportunities while adhering to their risk appetite, planning to maintain their reinsurance portfolio around 10% of the overall book.
The firm continued to repurchase common shares and redeemed all outstanding warrants for cash. They also announced a special dividend of $0.50 per share alongside the regular quarterly dividend of $0.01 per share.
More details: International General Insurance IR
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