|
Metric |
This autumn 2022 |
This autumn 2021 |
FY 2022 |
FY 2021 |
|---|---|---|---|---|
|
Gross written premium |
$156.7 million |
$163.5 million |
$581.8 million |
$545.6 million |
|
Net underwriting outcomes |
$24.7 million |
$30.6 million |
$148.5 million |
$105.8 million |
|
Total funding revenue, internet |
$6.7 million |
$2.2 million |
$20.7 million |
$14.2 million |
|
Profit for the interval |
$25.7 million |
$9.1 million |
$85.5 million |
$43.6 million |
|
Core working revenue |
$13.5 million |
$13.6 million |
$94.4 million |
$53.1 million |
Lifting the lid on the numbers, IGI famous: “The higher level of profit [in Q4] was primarily driven by an increase of $10.8 million in net premiums earned, positive movement of $11.6 million in total investment income, and an increase in foreign exchange gains of $10.8 million as a result of a greater degree of currency revaluation against the US dollar on comparative basis.”
As for the full-year end result, the re/insurer attributed the rise in revenue primarily to the upper internet premiums earned and whole funding revenue. Other contributing elements embody the decrease stage of internet claims and robust underwriting outcomes.
“IGI finished its 20th anniversary year with excellent results across the board, marked by continued profitable growth, diversification and consistent execution of our strategy, reflected in a 78.5% combined ratio and 22.7% core operating return on average shareholders’ equity for the full year,” highlighted chair and chief govt Wasef Jabsheh.
“This is particularly gratifying given the many challenges our industry faced during 2022, including significant natural catastrophes, rising financial and social inflation, currency volatility, and political instability.”
Looking forward, the CEO added: “So far in 2023, the market overall continues to be robust, though there remains wide variation in terms and conditions by line of business and geography. We expect the dislocation in reinsurance markets that was evident in the lead-up to the January renewals will result in plenty of opportunity for us to continue to achieve profitable growth.”