Annual Report
Annual Report 2021
INTERNATIONAL GENERAL
Annual
Report 2021
1
Annual Report 2021
FINANCIAL HIGHLIGHTS
TOTAL
ASSETS
|
2021 |
||
|
2020 |
||
|
|
|
Million |
|
+ |
||
|
13.5% |
GROSS WRITTEN
PREMIUMS
|
2020 |
2021 |
|
|
|
|
Million |
|
+ |
||
|
16.8% |
TOTAL
EQUITY
|
2020 |
2021 |
|
|
|
|
Million |
|
+ |
||
|
5.5% |
BOOK VALUE PER SHARE
|
2020 |
2021 |
|
|
|
|
+ |
|
|
5.2% |
NET UNDERWRITING RESULTS
|
2021 |
||
|
2020 |
||
|
|
|
Million |
|
+ |
||
|
36.7% |
COMBINED
RATIO
|
2020 |
2021 |
|
89.3% |
86.4% |
|
+ |
|
|
2.9bps |
|
|
IMPROVEMENT |
CORE OPERATING INCOME
|
2021 |
||
|
2020 |
||
|
|
|
Million |
|
+ |
||
|
49.4% |
CORE OPERATING EARNINGS PER SHARE
|
2020 |
2021 |
|
|
|
|
+ |
|
|
41.6% |
CORE OPERATING RETURN ON AVERAGE EQUITY
|
2020 |
2021 |
|
10.3% |
13.6% |
|
+ |
|
|
3.3bps |
|
|
IMPROVEMENT |
2
Annual Report 2021
CONTENTS
|
FINANCIAL HIGHLIGHTS |
2 |
|
ABOUT US |
4 |
|
LETTER FROM THE CHAIRMAN |
7 |
|
THE PRESIDENT'S REPORT |
8 |
|
SEC ANNUAL REPORT ON FORM 20F |
13 |
|
BOARD OF DIRECTORS |
285 |
|
SHAREHOLDER INFORMATION |
286 |
FORWARD LOOKING STATEMENTS DISCLOSURE
This Annual Report 2021 contains certain statements that are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. You should not place undue reliance on such statements because they are subject to numerous uncertainties and factors relating to IGI's operations and business environment, all of which are difficult to predict and many of which are beyond IGI's control. Forward-looking statements include information concerning IGI's possible or assumed future results of operations, including descriptions of our business strategy. These statements are often, but not always, made through the use of words or phrases such as "believe," "anticipate," "could," "may," "would," "should," "intend," "plan," "potential," "will," "expect," "believe," "continue," "strategy," "outlook" and similar expressions. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally, and may differ materially from actual future experience. For a more detailed discussion of such risks and uncertainties, see IGI's annual report on Form 20-F for the year ended
3
ABOUT US
We are an international specialty insurance and reinsurance group, registered in
Established in 2001, we underwrite a diverse portfolio of specialty lines worldwide, adhering to a careful and disciplined underwriting strategy that is underpinned by deep technical expertise, strong client relationships, and an ability to quickly adapt to changing market conditions. We maintain our operational headquarters in
AT A GLANCE
IGI
Our business
Established in 2001, we are an entrepreneurial business with a diversified risk portfolio
of Energy, Property,
We are truly international
Registered in
An entrepreneurial success story
In 2021, we increased our gross written premiums by more than 16% and our profit for the year by more than 60% to
|
AM Best |
S&P |
|
Stable |
Stable |
|
A Outlook |
A- Outlook |
4
Annual Report 2021
"When we reflect on our significant achievements over the past 20 years, I would be remiss if I did not express my deep gratitude to the people of IGI whose consistent focus and dedication... has always been the core of our success."
OFFICE LOCATIONS
|
1. |
4. |
7. |
|
|
3rd Floor - Development House |
29th Floor, Menara TA One |
|
Hamilton HM 12 Bermuda |
|
Jalan P Ramlee 50250 |
|
2. |
FRN 9010 Malta |
|
|
5. |
8. |
|
|
32-42, Bd Abdelmoumen |
||
|
Residence Walili 25 |
|
Level 1, LOT 7, Block F |
|
4th Floor P.O. Box 20000 |
P.O. Box 941428 |
|
|
|
|
|
|
3. |
6. |
87000 Labuan Malaysia |
|
|
Office 606, Level 6, Tower 1 |
|
|
|
Al Fattan Currency House |
|
|
|
||
|
Financial Centre |
||
|
P.O. Box 506646, |
||
|
|
3
|
2 |
4 |
5 |
|
1 |
6 |
7 8
5
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