Dubai-headquartered carrier IGI booked $165.9mn in gross written premium in the first six months of 2018, an increase of 20 percent compared to the first half of last year.
The (re)insurer said it had seen growth across all major lines of business – with the group’s underwriting profit also climbing 7 percent to $23.75mn in the period.
IGI said gross earned premium growth was the main driver behind the profit boost, but that was partially offset by an increase in net claims incurred, largely due to a reserve charge.
The combined ratio, meanwhile, crept up 1.5 points in the first-half to 91.3 percent.
As a result, net profits slipped to $11mn in the first six months of the year, down a quarter from the $14.8mn posted in H1 2017.
“We are pleased with the first six months of the year and we continue to remain optimistic that barring major catastrophes as occurred in the third quarter of 2017, we should be able to deliver our planned results for 2018,” Wasef Jabsheh, vice chairman and chief executive officer of IGI said.