IGI Provides Preliminary Q4 EPS Of $0.65 Vs $0.28 YoY
Benzinga Newsdesk 2 years ago
EarningsNewsGuidance
International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ:IGIC) today announced preliminary unaudited financial results highlights for the fourth quarter and full year 2023. These preliminary
International General Insurance Holdings Ltd. ("IGI" or the "Company") (NASDAQ:IGIC) today announced preliminary unaudited financial results highlights for the fourth quarter and full year 2023. These preliminary unaudited financial results highlights are being reported in advance of the Company's attendance and participation at the annual Association of Insurance and Financial Analysts (AIFA) conference 2024 in Naples, Florida from March 3-5, 2024. The Company expects to release unaudited fourth quarter and full year 2023 financial results on March 12, 2024 after the close of the U.S. financial markets, as previously announced.
The Company's unaudited financial results have been reported in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), which the Company adopted effective January 1, 2023. As a result of this voluntary change to U.S. GAAP, the Company no longer reports financial information in accordance with IFRS. Prior period comparatives for the fourth quarter and full year 2022 have been adjusted from those previously reported to conform with the current basis of accounting under U.S. GAAP.
Highlights for the fourth quarters and full years 2023 and 2022:
| (in millions of U.S. Dollars, except percentages and per share information) | ||||
| Unaudited | Quarter Ended December 31, | Year Ended December 31, | ||
| 2023 | 2022 | 2023 | 2022 | |
| Gross written premiums | $164.9 | $154.8 | $688.7 | $582.0 |
| Net income | $33.0 | $22.5 | $118.2 | $89.2 |
| Core operating income (2) | $30.0 | $13.6 | $133.8 | $93.9 |
| Earnings per share (diluted) (1) | $0.72 | $0.46 | $2.55 | $1.84 |
| Return on average equity (annualized) (2) | 26.1% | 22.7% | 24.8% | 22.5% |
| Core operating earnings per share(diluted) (2) | $0.65 | $0.28 | $2.88 | $1.94 |
| Core operating return on average equity (annualized)(2) | 23.7% | 13.7% | 28.1% | 23.7% |
| Book value per share (3) | $12.40 | $9.07 | ||
For the year ended December 31, 2023, the Company anticipates reporting net income available to common shareholders of $118.2 million, or $2.55 per diluted common share. In addition, the Company anticipates reporting an increase in gross written premiums to $688.7 million for the year ended December 31, 2023, an increase over the full year 2022 of 18.3%; and book value per share of $12.40 as of December 31, 2023, an increase of 36.7% compared to December 31, 2022.