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Insurance firm registers net earnings of $16.2m.

Manama: International General Insurance Holdings (IGIH) has reported net earnings of $16.2 million for the first half ended June 30 as against $18.5m for the same period last year.

Gross written premiums were $122.03m as against $137.68m earlier.

IGIH reported a combined ratio of 88 per cent in the first half.

The loss ratio came in at 52pc, as against five-year average of 55.4pc.

Shareholders equity was $279m as on June 30, an increase of 6pc from end-December last year.

Vice-chairman and chief executive Wasef Jabsheh said while softness in the market put pressure on top-line figures, it continues to be diligent on underwriting business with focus on the bottom-line.

"I am very pleased with our results given current market conditions," he added.

"As we continue to strengthen our underwriting platforms and expand our geographic reach, I have confidence that IGIH will endure the current market environment and continue to generate our target rate of return."

The board of IGIH has proposed dividends of $0.04 a share.

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Publication:Gulf Daily News (Manama, Bahrain)
Date:Aug 31, 2015
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