The company's statement showed that gross written premium for the first half of 2014 was at $137.68 million compared to $147.54 million in the same period last year.
International General Insurance Holdings, or IGIH, on Sunday reported earnings for the first half of the 2014 financial year, showing net earnings of $18.5 million for the first six months of the year compared to $21.32 million in the same period in 2013.
Wasef Jabsheh, vice-chairman and chief executive officer of IGIH, said: "Although we were unable to surpass last year's profits for the first half, our results were in line with our projections given the soft market the industry is facing. Attaining a combined ratio of 87.64 per cent in the current environment continues to prove that IGIH remains focused on writing profitable business whilst firmly managing risk and expenses. We will continue to adhere to our philosophy of writing for profit rather than volume in the current environment."
The company's statement showed that gross written premium for the first half of 2014 was at $137.68 million compared to $147.54 million in the same period last year. Net underwriting profit was at $21.34 million against $24.78 million.
Investment income was at $7.51 million versus $5.85 million in the first half of 2013, while the loss ratio was at 57 per cent compared to 51 per cent.