Exhibit 99.1 International General Insurance Holdings Ltd. See accompanying notes to the interim condensed consolidated financial statements Interim Condensed Consolidated Financial Statements - | - June 30, 2023 (Unaudited) Retained earnings International General Insurance Holdings Ltd. INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | | | December | | --- | --- | --- | | | June 30, | 31. | | | 2023 | 2022 | | | USD '000 | USD '000 | | ASSETS | | | | Investments | | | | Fixed maturity securities ...

Forward Looking Statements International General Insurance Holdings Ltd. 2 | --- | --- | |------------------------------------------|-------------------------------------------------------------------------------------------------------------------------| | | | | IGI is an technical expertise providing | international specialist (re)insurance group with deep coverage across a diversified portfolio of specialty lines | ➢ "Underwriting first" individual risk underwriting strategy focused on profitable growth, ...

International General Insurance Holdings Ltd. (NASDAQ:IGIC) Q1 2023 Earnings Conference Call May 17, 2023 9:00 AM ET Company Participants Robin Sidders - Head of Investor Relations Wasef Jabsheh - Chairman and CEO Waleed Jabsheh - President Pervez Rizvi - Chief Financial Officer Conference Call Participants Mark Dwelle - RBC Capital Markets Operator Good day, everyone, and welcome to the International General Insurance Holdings Ltd.'s First Quarter 2023 Financial Results Conference Call. [Operator Instructi ...

Claims and Expenses - Gross claims and claim adjustment expenses increased by 15.7% from $203.4 million in 2021 to $235.3 million in 2022[616] - Net claims and claim adjustment expenses decreased by 10.5% from $176.2 million in 2021 to $157.7 million in 2022, resulting in a net claims ratio of 41.9% for 2022 compared to 51.0% for 2021[616] - Net claims and claim adjustment expenses in the specialty long-tail segment decreased by 41.3% from $86.2 million in 2021 to $50.6 million in 2022[669] - Net claims and claim adjustment expenses in the specialty short-tail segment increased by 24.0% from $72.6 million in 2021 to $90.0 million in 2022, primarily due to higher current accident year losses[681] - Net claims and claim adjustment expenses in the reinsurance segment decreased by 1.7% from $17.4 million in 2021 to $17.1 million in 2022[692] Underwriting and Profitability - Net underwriting results increased by 40.4% from $105.8 million in 2021 to $148.5 million in 2022[621] - Profit after tax increased from $43.7 million in 2021 to $85.5 million in 2022, reflecting a significant rise in net underwriting results and total investment income[634] - The profit after tax for the year increased from $27.2 million in 2020 to $43.7 million in 2021, mainly due to the increase in net underwriting results[660] Investment Income - Total investment income, net rose by 46.8% from $14.1 million in 2021 to $20.7 million in 2022, driven by increased interest income[622] - Total investment income for 2022 was $16.6 million, more than doubling from $8.7 million in 2021, reflecting a significant increase of approximately 90%[741] - The investment yield for 2022 was 2.2%, compared to 1.6% in 2021, showing an improvement of 0.6 percentage points[741] Expenses - Net policy acquisition expenses increased by 11.1% from $63.2 million in 2021 to $70.2 million in 2022, with a policy acquisition expense ratio of 18.7% for 2022[620] - General and administrative expenses rose by 14.6% from $58.9 million in 2021 to $67.5 million in 2022, primarily due to increased employee-related costs[629] - Policy acquisition expenses in the reinsurance segment increased by 43.6% from $3.9 million in 2021 to $5.6 million in 2022, with a policy acquisition expense ratio of 18.5% compared to 16.5% in 2021[694] Cash Flows - Net cash flows from operating activities decreased by $215.2 million from a net cash inflow of $129.8 million in 2021 to a net cash outflow of $85.4 million in 2022[704] - Net cash flows used in investing activities decreased from $2.5 million in 2021 to $1.2 million in 2022, primarily due to lower additions of office premises and intangible assets[706] - Net cash flows used in financing activities decreased by $2.7 million from a net cash outflow of $16.9 million in 2021 to $14.2 million in 2022, with a significant portion attributed to a dividend payment of $10.8 million[708] Capital and Solvency - The company targets a solvency ratio of more than 120% of the group capital requirement to ensure capital strength and support a stable dividend policy[702] - The Minimum Margin of Solvency (MSM) required for IGI Bermuda was $57.8 million in 2022, with actual statutory capital and surplus reported at $413.8 million, exceeding the requirement by 179%[719] - The Enhanced Capital Requirement (ECR) for IGI Bermuda was $231.0 million in 2022, with the actual statutory capital surplus exceeding the requirement by 179%[717] - IGI UK's actual statutory capital surplus exceeded the PRA's requirements by 52% in 2022, reflecting strong capital adequacy[727] - IGI Europe's actual statutory capital surplus exceeded the MFSA's requirements by 108% in 2022, demonstrating robust financial health[735] Investment Portfolio - The investment portfolio managed in-house in 2022 was primarily liquid, with approximately $18.2 million managed by a third-party investment advisor, ensuring liquidity and capital preservation[740] - The fair value of total investments as of December 31, 2022, was $990.8 million, an increase from $914.3 million in 2021, representing a growth of approximately 8.4%[741] - Average investments for the year ended December 31, 2022, were $931.2 million, up from $855.9 million in 2021, indicating a year-over-year increase of about 8.8%[741] Claims Reserves - Net outstanding claims at the beginning of 2022 were $393.6 million, up from $304.8 million in 2021 and $236.8 million in 2020[782] - The total net provision for claims occurring during 2022 was $198.2 million, compared to $192.3 million in 2021 and $157.8 million in 2020[782] - The gross case reserves, IBNR, and ULAE as of December 31, 2022, were $634.6 million, compared to $575.9 million in 2021 and $492.3 million in 2020[782] - The net outstanding claims as of December 31, 2022, were $445.7 million, reflecting a decrease of $52.1 million from $393.6 million in 2021[785] - As of December 31, 2022, IGI had $239.1 million in incurred but not reported (IBNR) loss reserves, an increase from $207.0 million in 2021 and $152.8 million in 2020[790] Actuarial and Reserve Management - The actuarial recommended reserve is intended to represent the best estimate of the outstanding unpaid claims liabilities, without any prudence or bias[787] - The company utilizes various actuarial methodologies, including the Chain Ladder Method and the Bornhuetter-Ferguson method, to project claims to ultimate[767][774] - The estimation of adequate reserves is particularly challenging for long-tail policies, which may not see claims paid until well after the policy term[764] - Changes in trends and other factors could result in reserves being inadequate, potentially leading to a material adverse effect on financial results[765] - Management reviews provisions for claims incurred and claims incurred but not reported on a quarterly basis[803]

International General Insurance Holdings Ltd. (NASDAQ:IGIC) Q4 2022 Earnings Conference Call March 3, 2023 9:00 AM ET Company Participants Robin Sidders - Head of Investor Relations Wasef Jabsheh - Chairman and CEO Waleed Jabsheh - President Pervez Rizvi - Chief Financial Officer Conference Call Participants Mark Dwelle - RBC Capital Markets Operator Good day, and welcome to the International General Insurance Holdings Ltd.'s Fourth Quarter and Full Year 2022 Financial Results Conference Call. [Operator Ins ...

Financial Performance - Gross written premiums for Q4 2022 were $156.7 million, a decrease of 4.2% from $163.5 million in Q4 2021[11] - Net premiums earned for the year ended December 31, 2022, increased to $376.4 million, up from $345.2 million in 2021, representing an increase of 9.8%[2] - Profit for the full year 2022 was $85.5 million, compared to $43.6 million in 2021, marking a 96.5% increase[8] - Core operating income for the year ended December 31, 2022, was $94.4 million, up from $53.1 million in 2021, reflecting a significant increase of 77.7%[9] - The company reported a profit for the period of $85.5 million in 2022, significantly higher than $43.6 million in 2021, with basic earnings per share rising to $1.74 from $0.89[35] - For the quarter ended December 31, 2022, the net profit attributable to equity holders was $23.8 million, a significant increase from $8.5 million in the same quarter of 2021, representing a growth of 180%[3] - The basic and diluted earnings per share attributable to equity holders for the year ended December 31, 2022, were $1.74, compared to $0.89 in 2021, reflecting a year-over-year increase of 95.5%[3] Underwriting Performance - The combined ratio for the year ended December 31, 2022, improved to 78.5%, down from 86.4% in 2021[16] - The net claims and claims expense ratio for the year ended December 31, 2022, was 41.9%, compared to 51.0% in 2021, indicating improved underwriting performance[15] - The net claims and claim adjustment expenses for the year ended December 31, 2022, totaled $157.7 million, a decrease from $176.2 million in 2021, indicating improved claims management[51] - The combined ratio for 2022 was 78.5%, compared to 86.4% in 2021, reflecting enhanced operational efficiency[40] - The combined ratio for the year ended December 31, 2022, was 78.5%, an improvement from 86.4% in 2021, demonstrating enhanced underwriting performance[61] Investment Performance - Total investment income for the year ended December 31, 2022, was $20.7 million, compared to $14.2 million in 2021, representing a 45.8% increase[2] - The net investment income for 2022 was $16.4 million, slightly up from $16.1 million in 2021, indicating stable investment performance[35] - The investment yield for the year ended December 31, 2022, was 2.5%, compared to 2.1% in 2021, indicating an improvement in investment performance[54] - The net investment income for the quarter ended December 31, 2022, was $7.6 million, significantly higher than $3.0 million in the same quarter of 2021[54] - The company experienced a realized loss on investments of $0.7 million for the year, compared to a gain of $0.3 million in 2021, highlighting volatility in investment performance[64] Segment Performance - The Long-tail Segment accounted for approximately 40% of gross written premiums in 2022, with net underwriting results increasing to $83.7 million from $50.9 million in 2021[19] - The Short-tail Segment saw gross written premiums increase by 13.0% to $318.6 million for the full year 2022, compared to $282.0 million in 2021[22] - The Reinsurance Segment's gross written premiums increased to $31.0 million in 2022, up from $24.0 million in 2021, reflecting growth in this area[25] Equity and Assets - Total equity increased to $429.8 million as of December 31, 2022, from $401.9 million at the end of 2021, with a book value per share rising to $9.49 from $8.83[31] - Total assets increased to $1,561.1 million as of December 31, 2022, from $1,451.9 million in 2021, driven by growth in investments and term deposits[38] - Cash and cash equivalents decreased to $138.0 million from $242.1 million, while term deposits increased to $297.0 million from $180.0 million[38] - The total equity as of December 31, 2022, was $429.8 million, an increase from $401.9 million in 2021, marking a growth of 6.9%[45] - As of December 31, 2022, the book value per share increased to $9.49 from $8.83 in 2021, representing a growth of 7.5%[45] Shareholder Actions - The company repurchased 310,542 common shares at an average price of $7.65 per share by December 31, 2022, and an additional 2,271,775 shares at $8.60 per share in January 2023[32] - The weighted average number of vested common shares for the year was 45.5 million, consistent with the previous year, indicating stable share count[66] Future Outlook and Risks - The company aims to expand its portfolio in specialty lines, with operations in multiple international markets including Bermuda, London, and Dubai, enhancing its global footprint[69] - The company emphasizes that forward-looking statements may differ from actual results due to various risks and uncertainties[70] - Key factors affecting performance include changes in demand for services, competition, and the impact of global events such as the COVID-19 pandemic and geopolitical tensions[70] - The company highlights the potential effects of the proposed acquisition of EIO and the importance of realizing anticipated benefits from this acquisition[70]

International General Insurance Holdings Ltd. (NASDAQ:IGIC) Q2 2022 Earnings Conference Call August 19, 2022 9:00 AM ET Company Participants Robin Sidders - Head of Investor Relations Wasef Jabsheh - Chairman and CEO Waleed Jabsheh - President Pervez Rizvi - Chief Financial Officer Conference Call Participants Mark Dwelle - RBC Capital Markets Operator Good day, and welcome to the International General Insurance Holdings Ltd.Â's Second Quarter and Half Year 2022 Financial Results Conference Call. All partic ...

Claims and Expenses - Gross claims and claim adjustment expenses decreased by 4.9% from $214.0 million in 2020 to $203.4 million in 2021, while net claims and claim adjustment expenses increased by 16.2% from $151.7 million in 2020 to $176.2 million in 2021[695]. - The net claims and claim adjustment expenses ratio improved to 51.0% for the year ended December 31, 2021, down from 53.5% in 2020, driven by favorable development on net loss reserves from prior accident years[695]. - Net claims and claim adjustment expenses in the specialty long-tail segment decreased by 2.9% from $88.8 million in 2020 to $86.2 million in 2021[751]. - The overall net claims and claims expense ratio increased by 1.2 percentage points to 47.2% in 2021 from 45.9% in 2020, driven by higher incurred losses in the political violence, energy, and engineering lines of business[768]. - Net claims and claim adjustment expenses in the reinsurance segment surged by 176.2% from $6.3 million in 2020 to $17.4 million in 2021, largely due to reserves built for the 2021 floods in Europe[784]. Underwriting and Premiums - Net underwriting results increased by 36.7% from $77.4 million in 2020 to $105.8 million in 2021[701]. - Gross written premiums in the specialty long-tail segment increased by 13.8% from $210.5 million in 2020 to $239.6 million in 2021, with casualty premiums rising from $157.5 million to $190.0 million[745]. - Gross written premiums in the specialty short-tail segment increased by 18.7% from $237.5 million in 2020 to $282.0 million in 2021[760]. - IGI Bermuda generated net written premiums of $382.6 million in 2021, up from $338.4 million in 2020 and $252.1 million in 2019[808]. - Net premiums earned in the specialty short-tail segment increased by 24.9% from $123.2 million in 2020 to $153.9 million in 2021, following a 23.8% increase from $99.5 million in 2019 to $123.2 million in 2020[766]. Investment Performance - Total investment income, net increased by 22.6% from $11.5 million in 2020 to $14.1 million in 2021, primarily due to a $1.9 million increase in interest income[702]. - Realized gains on investments decreased from $1.2 million in 2020 to $0.3 million in 2021, while unrealized gains on investments improved to a net gain of $3.1 million in 2021 from a net loss of $0.2 million in 2020[703][705]. - The fair value of investments increased to $914.3 million as of December 31, 2021, up from $775.3 million as of December 31, 2020[833]. - Average investments at cost rose to $826.5 million in 2021, up from $667.0 million in 2020, reflecting a growth of approximately 23.8%[1]. - The total investment income for 2021 was $14.1 million, an increase from $11.5 million in 2020[1]. Expenses and Profitability - General and administrative expenses increased by 25.6% from $46.9 million in 2020 to $58.9 million in 2021, attributed to new hires and technology investments[709]. - Profit after tax for the year increased from $27.2 million in 2020 to $43.7 million in 2021, mainly due to the increase in net underwriting results[713]. - Net policy acquisition expenses rose by 16.2% from $54.4 million in 2020 to $63.2 million in 2021, with the policy acquisition expense ratio declining from 19.2% in 2020 to 18.3% in 2021[700]. - The net charge to profit/loss for IBNR reserves in 2021 was $54.2 million, compared to $45.5 million in 2020 and $26.1 million in 2019, indicating a significant increase in reserve requirements[889]. - Reserve strengthening of $16.1 million was recorded in 2021, compared to $6.1 million in 2020 and $6.3 million in 2019, highlighting a trend of increasing reserve needs[889]. Cash Flow and Solvency - Net cash flows from operating activities improved significantly, increasing by $220.3 million from a net cash outflow of $90.5 million in 2020 to a net cash inflow of $129.8 million in 2021[798]. - The company targets a solvency ratio of more than 120% of the group capital requirement to ensure capital strength and support a stable dividend policy[796]. - The Minimum Margin of Solvency (MSM) required for IGI Bermuda was $55.6 million in 2021, compared to $49.9 million in 2020 and $31.9 million in 2019[809]. - The Enhanced Capital Requirement (ECR) for IGI Bermuda was $234.0 million in 2021, an increase from $199.7 million in 2020 and $137.0 million in 2019[810]. - IGI Bermuda's statutory capital and surplus exceeded the BMA's requirements by 161% in 2021, 180% in 2020, and 244% in 2019[813]. Reserves and Claims Development - The total net provision for claims and claims expenses for 2021 was $481.0 million, compared to $388.5 million in 2020 and $314.9 million in 2019, reflecting a year-over-year increase of 23.8% from 2020 to 2021[878]. - The gross reported case reserve as of December 31, 2021, was $306.9 million, down from $312.4 million in 2020, while the net reported case reserve increased to $186.6 million from $152.0 million[879]. - The company experienced favorable claims development across most lines of business in 2021, except for engineering, surety, marine, and downstream energy, which saw increased ultimate claims[882]. - The reserving process is reviewed quarterly, with adjustments made based on actual claims development compared to expectations, impacting current year profits positively or negatively[876]. - The company utilizes various actuarial methodologies, including the Chain Ladder Method and the Bornhuetter-Ferguson method, to estimate reserves and claims development[863][871].

Claims and Expenses - Gross claims and claim adjustment expenses decreased by 4.9% from $214.0 million in 2020 to $203.4 million in 2021, while net claims and claim adjustment expenses increased by 16.2% from $151.7 million in 2020 to $176.2 million in 2021[603]. - The net claims and claim adjustment expenses ratio improved to 51.0% for the year ended December 31, 2021, down from 53.5% in 2020, driven by favorable development on net loss reserves[603]. - Net claims and claim adjustment expenses decreased by 2.9% from $88.8 million in 2020 to $86.2 million in 2021, attributed to favorable development of loss reserves[659]. - The net claims and claims expense ratio for the casualty line improved from 66.2% in 2020 to 52.9% in 2021, reflecting better loss reserve management[661]. - The overall net claims and claims expense ratio increased by 1.2 percentage points to 47.2% for the year ended December 31, 2021[676]. - Net outstanding claims at the beginning of 2021 were $304.8 million, an increase from $236.8 million in 2020 and $196.8 million in 2019[776]. - The total net provision for claims and claims expenses for 2021 was $481.0 million, compared to $388.5 million in 2020 and $314.9 million in 2019, reflecting a year-over-year increase of 23.8%[776]. - Claims occurring during the current year amounted to $192.3 million in 2021, up from $157.8 million in 2020 and $124.4 million in 2019[776]. - The net payments for claims in 2021 totaled $87.3 million, slightly higher than $83.8 million in 2020 and $78.1 million in 2019[776]. - Gross case reserves, IBNR, and ULAE as of December 31, 2021, were $575.9 million, compared to $492.3 million in 2020 and $413.0 million in 2019[776]. - The net IBNR reserves and ULAE increased to $207.0 million in 2021 from $152.8 million in 2020, representing a growth of 35.4%[777]. - The net outstanding claims at the end of 2021 were $393.6 million, an increase of $88.8 million from $304.8 million in 2020[777]. - The total incurred claims increased by $66.7 million in 2021, indicating a trend of rising claims costs[780]. - Inflationary pressures may materially affect the company's consolidated results, particularly in the cost of settling claims[788]. Financial Performance - Net underwriting results increased by 36.7% from $77.4 million in 2020 to $105.8 million in 2021[608]. - Profit after tax for the year increased from $27.2 million in 2020 to $43.7 million in 2021, largely due to the increase in net underwriting results[620]. - General and administrative expenses increased by 25.6% from $46.9 million in 2020 to $58.9 million in 2021, attributed to new hires and technology investments[616]. - Share of loss from associates increased significantly from a loss of $1.5 million in 2020 to a loss of $7.3 million in 2021, primarily due to declines in fair value of investment properties[615]. - Total investment income, net increased by 22.6% from $11.5 million in 2020 to $14.1 million in 2021, primarily due to a rise in interest income[609]. - Other income (expenses) increased by 238.5% from $1.3 million in 2019 to $4.4 million in 2020, mainly due to an impairment loss on insurance receivables[645]. Premiums and Underwriting - Gross written premiums increased by 33.8% from $349.2 million in 2019 to $467.3 million in 2020, driven by growth across various segments[624]. - Net premiums earned increased by 31.6% from $215.5 million in 2019 to $283.5 million in 2020, primarily due to the rise in net written premiums[630]. - Gross written premiums in the specialty long-tail segment increased by 39.5% from $150.9 million in 2019 to $210.5 million in 2020, driven by positive rate movement in the casualty line of business[652]. - Gross written premiums in the specialty long-tail segment increased by 13.8% from $210.5 million in 2020 to $239.6 million in 2021, with casualty premiums rising from $157.5 million to $190.0 million[653]. - Gross written premiums in the specialty short-tail segment rose by 18.7% from $237.5 million in 2020 to $282.0 million in 2021, with significant growth in the construction and engineering line[668]. - The construction and engineering line of business saw a 73.7% increase in gross written premiums from $17.9 million in 2020 to $31.1 million in 2021[669]. - Gross written premiums in the reinsurance segment increased 24.4% from $19.3 million in 2020 to $24.0 million in 2021[687]. Investment Performance - Total investment income for the year ended December 31, 2021, was $14.1 million, compared to $11.5 million in 2020, reflecting an increase of approximately 22.6%[735]. - The average investment yield remained stable at 1.7% for both 2021 and 2020, while the investment yield based on average investments excluding cash slightly decreased from 2.2% in 2020 to 2.1% in 2021[735]. - The fair value of the company's total investments increased to $914.3 million as of December 31, 2021, up from $775.3 million in 2020, representing a growth of approximately 17.9%[734]. - Fixed income securities accounted for $420.9 million of the total investments, showing an increase from $393.6 million in 2020, which is a rise of about 6.7%[734]. - The company managed approximately $21.5 million of its investment portfolio through a third-party investment advisor, while the majority is managed in-house[733]. - The total investment income for 2021 included realized gains and losses, unrealized gains and losses, and expected credit losses, highlighting the complexity of the investment income structure[736]. - The company maintains certain minimum thresholds of cash and highly-rated fixed maturity securities to ensure liquidity in various scenarios, reflecting a conservative investment strategy[734]. Capital and Solvency - The company targets a solvency ratio of more than 120% of the group capital requirement to ensure capital strength[700]. - IGI Bermuda's statutory capital and surplus was $377.5 million in 2021, exceeding the Target Capital Level (TCL) of $280.8 million by $96.7 million[715]. - IGI UK's actual statutory capital surplus exceeded the PRA's requirements by 57.5% in 2021[722]. - IGI Europe’s actual statutory capital surplus exceeded the MFSA's requirements by 183% in 2021[727]. - The Enhanced Capital Requirement (ECR) for IGI Bermuda was $234.0 million in 2021, compared to $199.7 million in 2020 and $137.0 million in 2019[713]. Reserves and Actuarial Review - The independent actuarial reviews of reserves are conducted every six months, ensuring compliance with regulatory requirements[753]. - The reserving committee meets quarterly to review and recommend the quantum of claims reserves, incorporating inputs from various departments[752]. - The estimation of adequate reserves is particularly challenging for long-tail policies, which may not see claims paid until well after the policy term[758]. - As of December 31, 2021, IGI had $207.0 million of incurred but not reported (IBNR) loss reserves including ULAE, up from $152.8 million in 2020 and $107.3 million in 2019[785]. - The reserve strengthening for the year ended December 31, 2021, amounted to $16.1 million, compared to $6.1 million in 2020 and $6.3 million in 2019[786]. - The carrying balance of IBNR reserves at the end of 2021 was $207.0 million, which included a net charge to profit/loss of $54.2 million for the year[786]. - The company’s actuarial recommended reserve is intended to represent the mathematical expected value of the distribution of reasonably foreseeable outcomes of unpaid liabilities[781]. - Total carrying amount of insurance contract liabilities as of December 31, 2021, was $575.9 million, an increase from $492.3 million in 2020[802]. - Gross incurred but not reported claims (IBNR) as of December 31, 2021, amounted to $269.0 million, up from $179.9 million in 2020[802].

Financial Data and Key Metrics Changes - The company reported a strong fourth quarter, with gross premiums growing by over 16% year-over-year, reaching over $545 million for the full year 2021 [8][21] - Core operating earnings return on average equity was 13.7% for Q4 and 13.6% for the full year [8][35] - Book value per share increased by 5.2% year-over-year, totaling $8.83 at year-end [35] Business Line Data and Key Metrics Changes - In the Short-tail segment, gross premiums grew by 18.7% for the full year, primarily in energy, property, and engineering lines [22] - The Long-tail segment saw a 13.8% increase in gross written premiums, driven by professional indemnity and D&O business [22] - The treaty reinsurance book reported gross premiums of $4 million for Q4 and $24 million for the full year, marking increases of 42.9% and 24.4% respectively [24] Market Data and Key Metrics Changes - The U.S. market saw a 50% increase in premiums written in 2021 compared to 2020, with expectations for continued growth in 2022 [21][36] - In Europe, significant opportunities are anticipated, particularly in long-tail lines, with expected gross written premium production of around $25 million in 2022 [37][38] Company Strategy and Development Direction - The company aims to continue being a responsible steward of shareholders' capital while building on its solid foundation for future growth [16][44] - The growth strategy has been entirely organic and tightly controlled, focusing on core strengths and capabilities [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the importance of navigating market cycles effectively [45] - The ongoing situation in Ukraine is being monitored closely, with potential impacts on the energy book, though these are not expected to be material [41][42] Other Important Information - The company reported record net underwriting income of $30.6 million for Q4 and $105.8 million for the full year 2021 [25] - General and administrative expenses increased due to new hires and technology investments, with a focus on managing these costs as the company grows [28] Q&A Session Summary Question: Exposure to Russia and Ukraine - Management elaborated that exposure is mainly on the energy side, with physical damage and business interruption risks related to property engineering [48][49] Question: Real estate write-down in Lebanon - The remaining value from Lebanese real estate is about $5.7 million, with the rest predominantly from the head office in Amman, Jordan [50][51] Question: Catastrophe losses related to European flooding - Net losses from European floods currently stand at about $8.5 million, which is within expectations for the overall portfolio [52]