Q3 2024 International General Insurance Holdings Ltd Earnings Call Transcript
Key Points
- International General Insurance Holdings Ltd (IGIC) achieved a combined ratio of 80.5% and net income of over $100 million for the first nine months of 2024, indicating strong profitability.
- The company reported an annualized return on average shareholders' equity of 23.5%, showcasing effective capital management.
- IGIC has demonstrated significant growth since becoming a public company, with a compounded annual growth in book value per share plus dividends of 12.3% since 2020.
- The company has expanded its global footprint, opening new offices in Malta, Bermuda, and Oslo, and entering new territories, notably the US.
- IGIC's reinsurance segment remains a bright spot, with positive rate movement and expectations for continued growth.
- Gross premiums were down 8% in Q3 across all three reporting segments, reflecting challenges in maintaining top-line growth.
- The long tail segment continues to be challenging, with a 13% contraction in Q3 and reserve strengthening required due to development in the professional indemnity portfolio.
- Currency movements negatively impacted the financial results, contributing to unfavorable reserve development.
- The aviation book has seen contraction, and upstream energy is becoming more challenging, indicating pressure in specific lines of business.
- Competitive pressures persist in many markets, with capacity still plentiful, leading to challenges in maintaining pricing power.
Good day and welcome to the International General Insurance Holdings, LT Ds third quarter, 2024 financial results conference call.
All participants are in listen-only mode.
Should you need assistance? Please signal a conference specialist by pressing the star key followed by zero.
After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star then one on your telephone keypad to withdraw your question. Please press star. Then two.
Please note this event is being recorded.
I would now like to turn the conference over to Robin Sitters, head of investor relations. Please go ahead.
Thanks Cindy and good morning and welcome to today's conference call today. We'll be discussing our third quarter, nine months, 2024 results. You will have seen our results press release which we issued after the market closed yesterday. If you'd like a copy of the press release, it's available in
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