International General Insurance(IGIC) - 2024 Q2 - Quarterly Report

Financial Performance - Gross written premiums rose to USD 387,197 thousand for the six months ended June 30, 2024, compared to USD 373,534 thousand for the same period in 2023, an increase of 3.5%[3] - Net premiums earned increased to USD 236,389 thousand in June 2024, up from USD 223,427 thousand in June 2023, reflecting a growth of 5.4%[3] - Investment income grew significantly to USD 24,934 thousand in June 2024, compared to USD 18,433 thousand in June 2023, marking an increase of 35.5%[3] - Net income for the six months ended June 30, 2024, was USD 70,661 thousand, a decrease from USD 74,363 thousand in the same period of 2023, representing a decline of 5.7%[4] - Total comprehensive income for the six months ended June 30, 2024, was USD 67,398 thousand, down from USD 79,177 thousand in the same period of 2023, a decrease of 15.0%[4] - The company reported a basic earnings per share of USD 1.56 for the six months ended June 30, 2024, compared to USD 1.60 for the same period in 2023[3] - Net income available to common shareholders for the six months ended June 30, 2024, is USD 69,071 thousand[39] Assets and Liabilities - Total assets increased to USD 1,958,350 thousand as of June 30, 2024, up from USD 1,837,900 thousand at December 31, 2023, representing a growth of 6.6%[2] - Total liabilities increased to USD 1,370,141 thousand as of June 30, 2024, compared to USD 1,297,470 thousand at December 31, 2023, an increase of 5.6%[2] - The company’s total investments reached USD 1,047,237 thousand as of June 30, 2024, compared to USD 955,668 thousand at December 31, 2023, an increase of 9.6%[2] - Retained earnings rose to USD 469,342 thousand as of June 30, 2024, up from USD 423,049 thousand at December 31, 2023, reflecting an increase of 10.9%[2] Cash Flow and Investments - Net cash provided by operating activities increased to USD 120,732,000 for the six months ended June 30, 2024, compared to USD 87,816,000 for the same period in 2023, representing an increase of 37.4%[8] - The net cash used in investing activities was USD 93,177,000 for the six months ended June 30, 2024, compared to USD 15,274,000 for the same period in 2023, indicating a significant increase in investment outflows[8] - Cash, cash equivalents, and restricted cash at the end of the period were USD 185,607,000, a slight decrease from USD 188,393,000 at the end of June 30, 2023[8] Shareholder Returns - Dividends paid increased to USD 24,368,000 in the first half of 2024, compared to USD 864,000 in the same period of 2023, showing a substantial rise in shareholder returns[8] - The company repurchased 927,033 shares at a cost of USD 12,603 thousand during the six months ended June 30, 2024[35] - The balance of treasury shares as of June 30, 2024, is 284,044 shares, valued at USD 3,979 thousand[35] Reserves and Expenses - The reserve for unpaid loss and loss adjustment expenses rose to USD 712,098,000 as of June 30, 2024, up from USD 636,245,000 at the end of 2023, indicating an increase of 11.9%[17] - Total loss and loss adjustment expenses incurred, net of reinsurance, were USD 99,238,000 for the six months ended June 30, 2024, compared to USD 189,087,000 for the same period in 2023, reflecting a decrease of 47.5%[19] - The net reserve for unpaid loss and loss adjustment expenses at the end of the period was USD 541,225,000, an increase from USD 499,849,000 at the beginning of the period[17] Fair Value Measurements - Total fair value of assets measured at fair value as of June 30, 2024, is USD 896,764 thousand, with corporate bonds contributing USD 825,013 thousand[29] - Corporate bonds available-for-sale amounting to USD 165,250 thousand were transferred from level 2 to level 1 as of June 30, 2024[29] - The fair value of Earnout Shares at the end of the period decreased to USD 5,430,000 as of June 30, 2024, down from USD 17,290,000 at the end of 2023, reflecting a decline of 68.6%[26] Other Information - The company experienced a net foreign exchange difference of USD 2,969,000 in cash and cash equivalents at the beginning of the period, which was not present in the current period[8] - The company reported a change in term deposits of USD 26,390,000 for the six months ended June 30, 2024, compared to a decrease of USD 4,554,000 in the same period of 2023[8] - There have been no material events between June 30, 2024, and the date of this report that require disclosure[40]