IGI Reports Third Quarter and First Nine Months of 2024 Unaudited Financial Results
IGI reported strong Q3 2024 financial results with net income of $34.5 million, up from $10.9 million in Q3 2023. The company achieved a combined ratio of 86.0% and return on equity of 22.3%. Gross written premiums were $138.3 million, down from $150.3 million in Q3 2023. Net investment income increased to $11.5 million from $9.0 million. Total shareholders' equity grew to $651.6 million, a 20.6% increase from December 2023. Book value per share increased 18.6% to $14.71. The company continued its share repurchase program and paid $25 million in dividends year-to-date.
IGI ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un reddito netto di 34,5 milioni di dollari, in aumento rispetto ai 10,9 milioni di dollari del terzo trimestre del 2023. L'azienda ha raggiunto un rapporto combinato dell'86,0% e un rendimento del patrimonio netto del 22,3%. I premi lordi scritti sono stati di 138,3 milioni di dollari, in calo rispetto ai 150,3 milioni di dollari del terzo trimestre del 2023. Il reddito netto da investimenti è aumentato a 11,5 milioni di dollari, passando da 9,0 milioni di dollari. Il patrimonio netto totale degli azionisti è cresciuto a 651,6 milioni di dollari, con un incremento del 20,6% rispetto a dicembre 2023. Il valore contabile per azione è aumentato del 18,6% a 14,71 dollari. L'azienda ha continuato il suo programma di riacquisto di azioni e ha pagato 25 milioni di dollari in dividendi dall'inizio dell'anno.
IGI reportó resultados financieros sólidos para el tercer trimestre de 2024, con un ingreso neto de 34.5 millones de dólares, un aumento respecto a los 10.9 millones de dólares del tercer trimestre de 2023. La compañía logró un ratio combinado del 86.0% y un retorno sobre el patrimonio del 22.3%. Las primas brutas suscritas fueron de 138.3 millones de dólares, una disminución respecto a los 150.3 millones de dólares en el tercer trimestre de 2023. Los ingresos netos de inversiones aumentaron a 11.5 millones de dólares desde 9.0 millones de dólares. El patrimonio total de los accionistas creció a 651.6 millones de dólares, un incremento del 20.6% desde diciembre de 2023. El valor contable por acción aumentó un 18.6% a 14.71 dólares. La compañía continuó su programa de recompra de acciones y pagó 25 millones de dólares en dividendos desde el inicio del año.
IGI는 2024년 3분기 강력한 재무 결과를 보고했으며, 순이익이 3,450만 달러로 2023년 3분기의 1,090만 달러에서 증가했습니다. 회사는 결합 비율 86.0%과 자기자본 수익률 22.3%를 달성했습니다. 총 서면 보험료는 1억 3,830만 달러로, 2023년 3분기의 1억 5,030만 달러에서 감소했습니다. 순 투자 수익은 90만 달러에서 1,150만 달러로 증가했습니다. 총 주주 자본은 6억 5,160만 달러로 증가했으며, 2023년 12월과 비교해 20.6% 증가했습니다. 주당 장부 가치는 18.6% 증가하여 14.71달러에 이릅니다. 회사는 주식 매입 프로그램을 지속했으며 올해 지금까지 2,500만 달러의 배당금을 지급했습니다.
IGI a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec un revenu net de 34,5 millions de dollars, contre 10,9 millions de dollars au troisième trimestre 2023. L'entreprise a atteint un taux combiné de 86,0% et un rendement des capitaux propres de 22,3%. Les primes brutes souscrites se sont élevées à 138,3 millions de dollars, en baisse par rapport à 150,3 millions de dollars au troisième trimestre 2023. Le revenu net des investissements a augmenté à 11,5 millions de dollars, contre 9,0 millions de dollars. Les capitaux propres totaux des actionnaires ont augmenté à 651,6 millions de dollars, soit une augmentation de 20,6% depuis décembre 2023. La valeur comptable par action a augmenté de 18,6% pour atteindre 14,71 dollars. L'entreprise a poursuivi son programme de rachat d'actions et a versé 25 millions de dollars en dividendes depuis le début de l'année.
IGI meldete für das dritte Quartal 2024 starke Finanzzahlen mit einem Nettoeinkommen von 34,5 Millionen Dollar, ein Anstieg von 10,9 Millionen Dollar im dritten Quartal 2023. Das Unternehmen erzielte ein kombiniertes Verhältnis von 86,0% und eine Eigenkapitalrendite von 22,3%. Die brutto geschriebenen Prämien beliefen sich auf 138,3 Millionen Dollar, ein Rückgang von 150,3 Millionen Dollar im dritten Quartal 2023. Der Nettokapitalertrag stieg auf 11,5 Millionen Dollar, von 9,0 Millionen Dollar. Das gesamte Eigenkapital der Aktionäre wuchs auf 651,6 Millionen Dollar, ein Anstieg um 20,6% seit Dezember 2023. Der Buchwert pro Aktie stieg um 18,6% auf 14,71 Dollar. Das Unternehmen setzte sein Aktienrückkaufprogramm fort und zahlte seit Jahresbeginn 25 Millionen Dollar an Dividenden aus.
- Net income increased 216% YoY to $34.5 million in Q3 2024
- Return on equity improved to 22.3% from 9.3% YoY
- Net investment income grew 27.8% to $11.5 million
- Total shareholders' equity increased 20.6% to $651.6 million
- Book value per share grew 18.6% to $14.71
- Gross written premiums decreased 8% to $138.3 million
- Combined ratio deteriorated to 86.0% from 73.2%
- Loss ratio increased to 51.5% from 37.3%
- Core operating income declined to $30.7 million from $36.3 million
- Unfavorable development of prior year loss reserves of 5.6 points
Insights
Q3 2024 shows strong financial performance with
Notable concerns include a deteriorating combined ratio of
Market positioning remains strong despite challenging conditions. The company's strategic focus on portfolio diversification is evident in segment performance: Short-tail (58% of premiums), Long-tail (27%) and Reinsurance (15%). The active share repurchase program, having bought back 1.26 million shares at
Investment portfolio performance is particularly noteworthy, with yield improving to
Highlights for the third quarter and first nine months of 2024 include:
(in millions of |
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Quarter Ended
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Nine Months Ended
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2024 |
2023 |
2024 |
2023 |
Gross written premiums |
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Net premiums earned |
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Underwriting income (1) |
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Net investment income |
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Net income for the period |
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Combined ratio (1) |
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Earnings per share (diluted) (2) |
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Return on average equity (annualized) (3) |
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Core operating income (3) |
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Core operating earnings per share (diluted) (3) |
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Core operating return on average equity (annualized) (3) |
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(1) |
See “Supplementary Financial Information” below. |
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(2) |
See “Note to the Consolidated Financial Statements (Unaudited)” below. |
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(3) |
See the section titled “Non-GAAP Financial Measures” below. |
IGI President & CEO Mr. Waleed Jabsheh said, “We had another quarter of strong performance with solid underwriting margins as well as a more favorable investment environment. While the third quarter was marked by heavier catastrophe losses globally as well as varied underwriting and financial markets, we have remained focused on consistently executing our strategy, at a time when risk selection and discipline are critical. All in for the third quarter, we recorded net income of
“As we look ahead to 2025, we are in our strongest position ever, with a solid and consistently growing capital base. At September 30, 2024, total equity was
“As always, consistent and sustainable value creation is at the core of everything we do at IGI. In the first nine months of 2024, we grew our book value per share by
Results for the Periods ended September 30, 2024 and 2023
Net income for the quarter ended September 30, 2024 was
Return on average equity (annualized) was
Core operating income, a non-GAAP measure, was
Gross written premiums were
The loss ratio was
The net policy acquisition expense ratio was
The general & administrative expense ratio was
The combined ratio for the quarter ended September 30, 2024 was
Net income for the nine months ended September 30, 2024 increased
Return on average equity (annualized) was
Core operating income, a non-GAAP measure, was
Underwriting income remained relatively flat at
Gross written premiums were
The loss ratio for the nine months ended September 30, 2024 was
The net policy acquisition expense ratio was
The general & administrative expense ratio was
The combined ratio for the nine months ended September 30, 2024 was
Segment Results
The Specialty Short-tail Segment, which represented
Gross written premiums for the nine months ended September 30, 2024 were
The Specialty Long-tail Segment, which represented
Gross written premiums for the nine months ended September 30, 2024 were
The Reinsurance Segment, which represented
Gross written premiums for the nine months ended September 30, 2024 were
Investment Results
Investment income increased by
Investment income increased
Net Foreign Exchange Gain (Loss)
The net foreign exchange gain in the third quarter of 2024 was
The net foreign exchange gain in the first nine months of 2024 was
Total Shareholders’ Equity
Total shareholders’ equity at September 30, 2024 was
(in millions of |
Quarter Ended September 30, 2024 |
Nine Months Ended
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Total Shareholders’ equity at beginning of period |
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Net income for the period |
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Unrealized gains during the period on available-for-sale investments |
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Change in foreign currency translation reserve |
- |
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Purchase of treasury shares (a) |
( |
( |
Share-based compensation expense during the period |
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Vesting of earnout shares |
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Cash dividends declared during the period |
( |
( |
Total shareholders’ equity at September 30, 2024 |
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Book value per share was
(a) |
In the third quarter of 2024, the Company repurchased approximately 341,592 common shares at an average price per share of |
International General Insurance Holdings Ltd. |
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Consolidated Statements of Income (Unaudited) |
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Nine Months Ended
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(in millions of |
2024 |
2023 |
2024 |
2023 |
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Gross written premiums |
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Ceded written premiums |
( |
( |
( |
( |
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Net written premiums |
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Net change in unearned premiums |
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( |
( |
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Net premiums earned |
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Investment income |
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Net realized gain on investments |
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Net unrealized (loss) gain on investments |
( |
( |
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Change in allowance for expected credit losses on investments |
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( |
( |
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Net investment income |
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Other revenues |
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Total revenues |
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Expenses |
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Net loss and loss adjustment expenses |
( |
( |
( |
( |
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Net policy acquisition expenses |
( |
( |
( |
( |
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General & administrative expenses |
( |
( |
( |
( |
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Change in allowance for expected credit losses on receivables |
( |
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( |
( |
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Change in fair value of derivative financial liabilities |
( |
( |
( |
( |
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Other expenses |
( |
( |
( |
( |
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Net Foreign exchange gain (loss) |
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( |
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( |
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Total expenses |
( |
( |
( |
( |
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Net income before tax |
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Income tax expense |
( |
( |
( |
( |
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Net income for the period |
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Diluted earnings per share attributable to equity holders (1) |
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(1) |
See “Note to the Consolidated Financial Statements (Unaudited)” |
International General Insurance Holdings Ltd. |
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Consolidated Balance Sheets (Unaudited) |
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(in millions of |
As at September 30,
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As at December 31,
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ASSETS |
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Investments |
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Fixed maturity securities available-for-sale, at fair value |
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Fixed maturity securities held to maturity |
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Equity securities, at fair value |
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Other investments |
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Short-term investments |
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Term deposits |
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Equity-method investments measured at fair value |
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Total investments |
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Cash and cash equivalents |
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Accrued investment income |
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Premiums receivable |
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Reinsurance recoverables |
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Ceded unearned premiums |
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Deferred policy acquisition costs, net of ceding commissions |
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Deferred tax assets, net |
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Other assets |
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TOTAL ASSETS |
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LIABILITIES |
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Reserve for unpaid loss and loss adjustment expenses |
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Unearned premiums |
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Other liabilities |
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Insurance and reinsurance payables |
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Derivative financial liabilities |
- |
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TOTAL LIABILITIES |
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SHAREHOLDERS’ EQUITY |
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Common shares at par value |
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Additional paid-in capital |
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Treasury shares |
( |
- |
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Accumulated other comprehensive income, net of taxes |
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Foreign currency translation reserve |
( |
( |
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Fair value reserve |
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( |
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Retained earnings |
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TOTAL SHAREHOLDERS’ EQUITY |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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International General Insurance Holdings Ltd. |
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Supplementary Financial Information – Combined Ratio (Unaudited) |
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Quarter Ended
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Nine Months Ended
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2024 |
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2023 |
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2024 |
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2023 |
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Loss ratio (a) |
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Net policy acquisition expense ratio (b) |
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General and administrative expense ratio (c) |
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Expense ratio (d) |
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Combined ratio (e) |
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(a) |
Represents net loss and loss adjustment expenses as a percentage of net premiums earned. |
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(b) |
Represents net policy acquisition expenses as a percentage of net premiums earned. |
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(c) |
Represents general and administrative expenses as a percentage of net premiums earned. |
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(d) |
Represents the sum of the net policy acquisition expenses ratio and the general and administrative expense ratio. |
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(e) |
Represents the sum of the loss ratio and the expense ratio. |
International General Insurance Holdings Ltd. |
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Supplementary Financial Information – Book Value per Share (Unaudited) |
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(in millions of |
As at September 30,
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As at December 31,
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Investments |
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Cash and cash equivalents |
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Total investments and cash and cash equivalents |
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Common shares outstanding (in millions)* |
45.3 |
46.1 |
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Minus: Unvested shares (in millions)** |
1.0 |
2.5 |
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Number of vested common outstanding shares (in millions) (a) |
44.3 |
43.6 |
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Total shareholders’ equity (b) |
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Book value per share (b)/(a) |
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* Common shares issued and outstanding as at September 30, 2024 are as follows:
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No. of shares as at |
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September 30, 2024 |
Vested common shares as of December 31, 2023 |
43,584,549 |
Treasury shares balance as of December 31, 2023 |
3,800 |
Vested restricted share awards |
397,293 |
Vested earnout shares |
1,612,500 |
Cancelled treasury shares |
(1,083,203) |
Treasury shares balance as of September 30, 2024 |
(176,864) |
Total vested common shares as of September 30, 2024 |
44,338,075 |
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Unvested earnout shares as of September 30, 2024 |
- |
Unvested restricted share awards as of September 30, 2024 |
1,002,665 |
Total unvested shares as of September 30, 2024 |
1,002,665 |
Total common shares outstanding as of September 30, 2024 |
45,340,740 |
** |
3,012,500 Earnout Shares were originally subject to vesting at stock prices ranging from |
International General Insurance Holdings Ltd.
Supplementary Financial Information - Segment Results (Unaudited)
Segment information for IGI’s consolidated operations is as follows:
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For the quarter ended September 30, 2024 |
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(in millions of |
Specialty
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Specialty
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Reinsurance |
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Total |
Underwriting revenues |
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Gross written premiums |
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Ceded written premiums |
( |
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( |
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- |
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( |
Net written premiums |
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Net change in unearned premiums |
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Net premiums earned |
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Net loss and loss adjustment expenses |
( |
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( |
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( |
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( |
Net policy acquisition expenses |
( |
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( |
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( |
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( |
Underwriting income |
( |
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For the quarter ended September 30, 2023 |
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(in millions of |
Specialty
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Specialty
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Reinsurance |
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Total |
Underwriting revenues |
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Gross written premiums |
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Ceded written premiums |
( |
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( |
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- |
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( |
Net written premiums |
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Net change in unearned premiums |
( |
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( |
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Net premiums earned |
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Net loss and loss adjustment expenses |
( |
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( |
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( |
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( |
Net policy acquisition expenses |
( |
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( |
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( |
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( |
Underwriting income |
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International General Insurance Holdings Ltd.
Supplementary Financial Information - Segment Results (Unaudited) |
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For the nine months ended September 30, 2024 |
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(in millions of |
Specialty
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Specialty
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Reinsurance |
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Total |
Underwriting revenues |
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Gross written premiums |
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Ceded written premiums |
( |
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( |
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( |
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( |
Net written premiums |
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Net change in unearned premiums |
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( |
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( |
Net premiums earned |
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Net loss and loss adjustment expenses |
( |
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( |
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( |
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( |
Net policy acquisition expenses |
( |
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( |
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( |
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( |
Underwriting income |
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For the nine months ended September 30, 2023 |
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(in millions of |
Specialty
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Specialty
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Reinsurance |
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Total |
Underwriting revenues |
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Gross written premiums |
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Ceded written premiums |
( |
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( |
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- |
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( |
Net written premiums |
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Net change in unearned premiums |
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( |
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( |
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( |
Net premiums earned |
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Net loss and loss adjustment expenses |
( |
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( |
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( |
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( |
Net policy acquisition expenses |
( |
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( |
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( |
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( |
Underwriting income |
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International General Insurance Holdings Ltd. |
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Supplementary Financial Information – Investment Yield (Unaudited) |
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The following table shows the investment yield calculation: |
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Quarter Ended
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Nine Months Ended
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(in millions of |
2024 |
2023 |
2024 |
2023 |
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Investment income |
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Average total investments and cash and cash equivalents(i) |
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1,190.9 |
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Investment Yield (annualized) |
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(i) |
This represents the average of the month end fair value balances of total investments and cash and cash equivalents in each reporting period. |
International General Insurance Holdings Ltd. |
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Note to the Consolidated Financial Statements (Unaudited) |
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(1) |
Represents net income for the period available to common shareholders divided by the weighted average number of vested common shares – diluted calculated as follows: |
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Quarter Ended
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Nine Months Ended
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(in millions of |
2024 |
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2023 |
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2024 |
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2023 |
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Net income for the period |
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Minus: Net income attributable to the earnout shares |
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Minus: Dividends attributable to restricted share awards |
- |
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Net income available to common shareholders (a) |
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Weighted average number of shares – diluted (in millions of shares) (b)* |
45.8 |
43.0 |
44.6 |
43.7 |
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Diluted earnings per share attributable to equity holders (a/b) |
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* |
The weighted average number of common shares refers to the number of common shares calculated after adjusting for the changes in issued and outstanding common shares over a reporting period. |
International General Insurance Holdings Ltd.
Non-GAAP Financial Measures
In presenting IGI’s financial results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP measures, which may be defined and calculated differently by other companies, help to explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with
Reconciliation of Combined Ratio to Accident Year Combined Ratio Prior to CAT Losses
The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis.
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Quarter Ended
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Nine Months Ended
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(In millions of |
2024 |
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2023 |
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2024 |
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2023 |
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Net premiums earned (a) |
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Net loss and loss adjustment expenses (b) |
( |
( |
( |
( |
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Net policy acquisition expenses (c) |
( |
( |
( |
( |
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General and administrative expenses (d) |
( |
( |
( |
( |
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Prior years unfavorable (favorable) development (e) |
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( |
( |
( |
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Catastrophe (“CAT”) losses (f)* |
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Combined ratio ((b+c+d)/a)** |
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|
|
|
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Minus: Prior years unfavorable (favorable) development (e/a) |
|
( |
( |
( |
||||
Accident year combined ratio |
|
|
|
|
||||
Minus: CAT losses on an accident year basis (f/a) |
|
|
|
|
||||
Accident year combined ratio prior to CAT losses |
|
|
|
|
* |
The CAT losses for the quarter ended September 30, 2024 are primarily attributable to |
|
|
|
The CAT losses for the quarter ended September 30, 2023 are primarily attributable to |
|
The CAT losses for the nine months ended September 30, 2024 are primarily attributable to |
The CAT losses for the nine months ended September 30, 2023 are primarily attributable to |
|
** |
See “Supplementary Financial Information - Combined Ratio (Unaudited)” |
International General Insurance Holdings Ltd.
Non-GAAP Financial Measures
The table below illustrates the split of loss ratio between current accident year, current year CAT losses, which are included in ‘Net loss and loss adjustment expenses’, and prior years’ loss development as follows:
Quarter Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
(in millions of |
Net loss
|
|
% of net
|
|
Net loss
|
|
% of net
|
|
Net loss
|
|
% of net
|
|
Net loss
|
|
% of net
|
|
Current year net incurred claims and loss ratio |
|
|
|
|
|
|
|
|
||||||||
Minus: Current accident year CAT losses |
|
|
|
|
|
|
|
|
||||||||
Minus: Effect of prior years’ development |
|
|
( |
( |
( |
( |
( |
( |
||||||||
Current Accident year (Prior to CAT losses) |
|
|
|
|
|
|
|
|
Core Operating Income
Core operating income measures the performance of our operations without the influence of after-tax gains or losses on investments and foreign currencies and other items as noted in the table below. We exclude these items from our calculation of core operating income because the amounts of these gains and losses are heavily influenced by, and fluctuate in part according to, economic and other factors external to the Company and/or transactions or events that are typically not a recurring part of, and are largely independent of, our core underwriting activities and including them distorts the analysis of trends in our operations. We believe the reporting of core operating income enhances an understanding of our results by highlighting the underlying profitability of our core insurance operations. Our underwriting profitability is impacted by earned premiums, the adequacy of pricing, and the frequency and severity of losses. Over time, such profitability is also influenced by underwriting discipline, which seeks to manage the Company’s exposure to loss through favorable risk selection and diversification, IGI’s management of claims, use of reinsurance and the ability to manage the expense ratio, which the Company accomplishes through the management of acquisition costs and other underwriting expenses.
In addition to presenting net income for the period determined in accordance with
International General Insurance Holdings Ltd.
Non-GAAP Financial Measures
Core operating income is calculated by the addition or subtraction of certain line items reported in the “Consolidated Statements of Income” from net income for the period and tax effecting each line item (resulting in each item being a non-GAAP measure), as illustrated in the table below:
|
Quarter Ended
|
Nine Months Ended
|
||||||
(in millions of |
2024 |
2023 |
2024 |
2023 |
||||
Net income for the period |
|
|
|
|
||||
Reconciling items between net income for the period and core operating income: |
|
|
|
|
||||
Net realized gain on investments |
( |
( |
( |
( |
||||
Net unrealized loss (gain) on investments |
|
|
( |
( |
||||
Tax impact of Net unrealized loss (gain) on investments(i) |
|
( |
|
- |
||||
Change in allowance for expected credit losses on investments |
( |
|
|
( |
||||
Tax impact of Change in allowance for expected credit losses on investments(i) |
- |
( |
( |
( |
||||
Change in fair value of derivative financial liabilities |
|
|
|
|
||||
Expense related to conversion of warrants in cash(ii) |
- |
|
- |
|
||||
Net foreign exchange (gain) loss |
( |
|
( |
|
||||
Tax impact of Net foreign exchange (gain) loss(i) |
|
( |
|
( |
||||
Core operating income |
|
|
|
|
||||
Average shareholders’ equity (iii) |
|
|
|
|
||||
Core operating return on average equity (annualized) (iv) and (vi) |
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|
|
|
||||
Diluted core operating earnings per share (v) |
|
|
|
|
||||
Return on average equity (annualized) (vi) |
|
|
|
|
i. |
The tax impact was calculated by applying the prevailing corporate tax rate of each subsidiary to the gross value of the relevant reconciling items as recognized separately by the subsidiaries on a standalone basis. |
|
ii. |
This expense is included in the ‘Other expenses’ line item in the condensed consolidated statements of income. |
|
iii. |
Represents the total shareholders’ equity at the end of the reporting period plus the total shareholders’ equity as of the beginning of the reporting period, divided by 2. |
|
iv. |
Represents annualized core operating income for the period divided by average shareholders’ equity. |
|
v. |
Represents core operating income attributable to vested equity holders divided by weighted average number of vested common shares – diluted as follows: |
|
Quarter Ended
|
|
Nine Months Ended
|
|||||
(in millions of |
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Core operating income for the period |
|
|
|
|
||||
Minus: Core operating income attributable to earnout shares |
|
|
|
|
||||
Minus: Dividends attributable to restricted share awards |
- |
- |
|
- |
||||
Core operating income available to common shareholders (a) |
|
|
|
|
||||
Weighted average number of shares – diluted (in millions of shares) (b) |
45.8 |
43.0 |
44.6 |
43.7 |
||||
Diluted core operating earnings per share (a/b) |
|
|
|
|
vi. |
Return on average equity (annualized) and core operating return on average equity (annualized), both non-GAAP financial measures, represent the returns generated on common shareholders’ equity during the period. |
The Company has posted a Third Quarter 2024 investor presentation deck on its website at www.iginsure.com in the Investors section under the Presentations & Webcasts tab.
About IGI:
IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, marine liability and reinsurance treaty business. Registered in
Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “commitment,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105994802/en/
IGI Contacts:
Investors:
Robin Sidders, Head of Investor Relations
M: + 44 (0) 7384 514785
Email: robin.sidders@iginsure.com
Media:
Aaida Abu Jaber, AVP PR & Marketing
T: +96265662082 Ext. 407
M: +962770415540
Email: aaida.abujaber@iginsure.com
Source: International General Insurance Holdings Ltd.
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