Q2 2024 International General Insurance Holdings Ltd Earnings Call Transcript
Key Points
- International General Insurance Holdings Ltd (IGIC) reported an impressive annualized return on average equity of 22.9% for the quarter and 25.1% for the half year.
- The company achieved a 7.3% growth in book value per share in the first half of 2024, following a 36% growth in 2023.
- Gross premiums in the reinsurance segment increased by 57.7% for the second quarter and 28.4% for the first half, showcasing strong performance.
- Investment income improved significantly, with an annualized investment yield of 4.6% for the first half of 2024.
- IGIC increased its quarterly dividend to $0.025 per share and executed a share repurchase program, reflecting strong capital management.
- Gross written premium growth was lower than expected, at 3% for the second quarter and 3.7% for the first half, due to competitive pressures.
- The long tail segment experienced contraction in gross premium volume, with market conditions putting pressure on rates and profitability.
- The company faced a more active loss environment, including natural events and offshore energy losses, impacting results.
- Competitive pressures are rising, with increased capacity and players seeking greater market share, challenging growth opportunities.
- The aviation and upstream energy sectors are particularly challenging, with reduced books and inadequate market reactions to losses.
Good day, and welcome to the International General Insurance Holdings Limited second quarter earnings conference call. (Operator Instructions) Please note this event is being recorded.
At this time, I would like to turn the conference over to Robin Sidders, Head of Investor Relations. Please go ahead.
Thank you, Alison, and good morning. Welcome to today's conference call. Today we'll be discussing our second quarter and half year 2024 financial results. You will have seen our results press release which we issued after the market closed yesterday, but if you'd like a copy of the press release, you can find it on our website in the investors section at www.iginsure.com.
We've posted a supplementary financial -- supplementary investor presentation as well, which can also be found on our website under the presentations page. On today's call our Executive Chairman of IGI, Wasef Jabsheh
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
