As International General Insurance (IGI) gears up for the upcoming Association of Insurance and Financial Analysts (AIFA) conference in Naples, Florida, the company has unveiled its preliminary unaudited financial results for the fourth quarter and entirety of 2023.
During the quarter ending December 31, 2023, IGI saw an increase in gross written premiums to $164.9 million, up from $154.8 million in the same period in 2022. Throughout 2023, the company experienced substantial growth in gross written premiums, totaling $688.7 million, compared to $582.0 million in 2022, marking an 18.3% increase. Net income for the fourth quarter reached $33.0 million, showing improvement from $22.5 million in the final quarter of 2022. The annual net income for 2023 was reported at $118.2 million, up from $89.2 million the previous year. Core operating income for the last quarter of 2023 surged to $30.0 million, a significant jump from $13.6 million in the fourth quarter of 2022.
For the full year, core operating income escalated to $133.8 million in 2023, compared to $93.9 million in 2022. Diluted earnings per share (EPS) for the fourth quarter of 2023 rose to $0.72, up from $0.46 in the same quarter of the previous year. The annual diluted EPS for 2023 was reported at $2.55, an increase from $1.84 in 2022. Furthermore, the return on average equity (ROAE) for the fourth quarter of 2023 reached 26.1%, compared to 22.7% in the corresponding period of 2022.
The annualized ROAE for 2023 was calculated at 24.8%, up from 22.5% in 2022. With core operating earnings per share (EPS) for the fourth quarter of 2023 at $0.65, a significant increase from $0.28 in the fourth quarter of 2022, the annual figure for 2023 climbed to $2.88 per diluted share, from $1.94 in 2022. IGI is expected to announce a net income available to common shareholders of $118.2 million for 2023, or $2.55 per diluted common share.
The company also anticipates a substantial increase in gross written premiums and a notable rise in the book value per share. The firm is set to release its unaudited financial statements for the fourth quarter and full year on March 12, 2024, following the closure of the US financial markets.
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