International General Insurance(US:IGIC)2025-02-26 16:14Financial Performance - Gross Written Premium (GWP) increased by 1.7% to $700.1 million for the year ended December 31, 2024, compared to $688.7 million for FY'23, driven by growth in Reinsurance and Short-tail segments[21] - Underwriting Income increased by 2.4% to $187.5 million for the year ended December 31, 2024, compared to $183.1 million for FY'23[21] - Net Income increased by 14.4% to $135.2 million for the year ended December 31, 2024, compared to $118.2 million for FY'23[21] - The Combined Ratio increased by 3.2 points to 79.9% for the year ended December 31, 2024, compared to 76.7% for FY'23[21] - Core Operating Return on Average Shareholders' Equity (ROAE) was 24.2% for the year ended December 31, 2024, compared to 28.1% for FY'23[21] Business Strategy and Operations - IGI focuses on an "underwriting first" strategy with individual risk underwriting, aiming for profitable growth and diversification[5] - The company has a well-diversified underwriting portfolio across various lines of business, products, and territories, supported by 114 underwriters across 8 offices[5] - IGI is building out its US business, which reached $120.9 million in 2024, focusing on short-tail lines[20] - The company is also expanding its European business, which reached $86.7 million in 2024, predominantly in long-tail lines[20] Capital Management - IGI repurchased 1,476,621 common shares in 2024, including 220,354 in Q4, and has utilized approximately 70% of its current 7.5 million common share repurchase authorization[20] - The company paid $26.5 million in regular quarterly common share dividends for the full year 2024, including an extraordinary cash dividend of $0.50 per share paid in April 2024[20]