International General Insurance Holdings Ltd (IGIC) 2023 Q2 法說會逐字稿

Good day and welcome to the International General Insurance Holdings Ltd.'s second quarter and first half year 2023 financial results conference call. (Operator Instructions) Please note this event is being recorded. I would like now to turn the conference over to Robin Sidders, Head of Investor Relations. Please go ahead.

大家好，歡迎參加國際財產保險控股有限公司 2023 年第二季和上半年財務業績電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想把會議交給投資者關係主管羅賓·西德斯 (Robin Sidders)。請繼續。

Thanks, Alan, and good morning, everyone, and welcome to today's conference call. I will be discussing our second quarter and half year 2023 results, which you will have seen on our website in the press release that we posted we issued after the market closed yesterday.

謝謝艾倫，大家早安，歡迎參加今天的電話會議。我將討論我們 2023 年第二季和半年的業績，您可以在我們網站的新聞稿中看到這些結果，我們在昨天市場收盤後發布了新聞稿。

If you'd like a copy of the press release, it's available on the Investors section of our website at www.iginsure.com. We've also posted a supplementary investor presentation, which can be found on our website on the Presentations page in the Investors section as well.

如果您需要新聞稿的副本，可以在我們網站 www.iginsure.com 的投資者部分取得。我們也發布了補充投資者演示文稿，您也可以在我們網站的「投資者」部分的「簡報」頁面上找到該演示文稿。

On today's call are Executive Chairman of IGI Wasef Jabsheh, CEO Waleed Jabsheh and Chief Financial Officer Pervez Rizvi.

參加今天電話會議的包括 IGI Wasef Jabsheh 執行主席、執行長 Waleed Jabsheh 和財務長 Pervez Rizvi。

Wasef will begin the call with some high-level comments before handing over to Waleed to talk through the key drivers of our results for the second quarter 2023 and also give some insight into current market conditions and our outlook for the remainder of 2023.

Wasef 將在電話會議開始時發表一些高層評論，然後由 Waleed 討論我們 2023 年第二季度業績的主要驅動因素，並對當前市場狀況和我們對 2023 年剩餘時間的前景進行一些深入了解。

At that point we'll open up the call for Q&A. But before handing over to Wasef, I'll begin with the customary Safe Harbor language. Our speakers' remarks may contain forward-looking statements. Some of the forward-looking statements can be identified by the use of by the use of forward-looking words, we caution you that such forward-looking statements should not be regarded as a representation by us that the future plans, estimates or estimates or expectations contemplated by us will in fact be achieved.

屆時我們將開放問答環節。但在交給 Wasef 之前，我將從慣用的安全港語言開始。我們的發言人的言論可能包含前瞻性陳述。某些前瞻性陳述可以透過使用前瞻性詞語來識別，我們提醒您，此類前瞻性陳述不應被視為我們對未來計劃、估計或估計或我們所設想的期望實際上將會實現。

Forward looking statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's annual report on Forms 20-F for the year ended December 31, 2022, the Company's reports on Form 6- K and other filings with the SEC as well as our results press release press release issued yesterday after the close.

前瞻性陳述涉及風險、不確定性和假設。由於多種因素，實際事件或結果可能與前瞻性陳述中的預測有重大差異，包括公司截至 2022 年 12 月 31 日的年度報告 20-F 中列出的風險因素、公司的有關6-K 表和向SEC 提交的其他文件的報告，以及我們昨天收盤後發布的業績新聞稿新聞稿。

We undertake no obligation to update or revise publicly any forward-looking statements, which speak only as of the date they are made. In addition, as you are aware, we voluntarily changed our basis of accounting from IFRS to US GAAP at the very beginning of 2023, January 1.

我們不承擔公開更新或修改任何前瞻性聲明的義務，這些聲明僅代表發布當日的情況。此外，如您所知，我們於 2023 年初（即 1 月 1 日）自願將會計基礎從 IFRS 更改為 US GAAP。

During the call, we use certain non-GAAP financial measures for a reconciliation of non-GAAP financial measures to the nearest GAAP measure, please see our earnings release, which has been filed with the SEC and is available on our website. With that, I will turn the call over to our Executive Chairman Wasif Jabsheh.

在電話會議期間，我們使用某些非 GAAP 財務指標來將非 GAAP 財務指標與最接近的 GAAP 指標進行核對，請參閱我們的收益報告，該報告已向 SEC 備案並可在我們的網站上取得。接下來，我將把電話轉給我們的執行主席瓦西夫·賈布謝 (Wasif Jabsheh)。

Thanks Robin good day, everyone. Thank you for joining us on today's call. We're going to do today's call a little bit differently. I'm going to have Waleed take the lead and talk you through the results for the second quarter and half year and what we are seeing in the market.

謝謝羅賓，大家好。感謝您參加今天的電話會議。我們今天的電話會議的方式略有不同。我將讓瓦利德帶頭向您介紹第二季和半年的業績以及我們在市場上看到的情況。

As you know, I remain the Executive Chair and effective July 1, Waleed we took over the reins as CEO. He is part of succession plan that was put in place many years ago. Waleed was with me when I founded IGI in 2001 and he has played an important role in developing the IGI culture that has supported our long track record of success, including the exceptional results that we announced last time.

如您所知，我仍然擔任執行主席，並於 7 月 1 日生效，瓦利德 (Waleed) 接任執行長。他是多年前製定的繼任計劃的一部分。 2001 年我創立 IGI 時，瓦利德 (Waleed) 就在我身邊，他在發展 IGI 文化方面發揮了重要作用，這種文化支持了我們長期的成功記錄，包括我們上次宣布的卓越成果。

This is a natural transition for us. As Waleed has served as President alongside me for over a decade. IGI is in good hands with Waleed at the helm. And the Board and I look forward to continuing to provide strong stewardship to the IGI group. I want to congratulate our people on what are really exceptional results for the second quarter and first half of '23.

這對我們來說是一個自然的轉變。瓦利德與我一起擔任總統已經十多年了。 IGI 在瓦利德 (Waleed) 的掌舵下得到了良好的管理。我和董事會期待繼續為 IGI 集團提供強而有力的管理。我要祝賀我們的員工在 23 年第二季和上半年取得了非常出色的業績。

Once again, it is a consistent and effective execution of our strategy, knowing our capabilities and what we are good at. Our deep understanding of markets and being able to anticipate shifting trends in our market that is leading to these consistent high-quality results. And here at this point, I'd like to add that I watch the results of our peers in the market, and I would say that IGI is superior to so many of them, and it's because of our understanding of much of the market and the cycle and laying the cycles correctly.

再次強調，這是對我們策略的一致、有效的執行，了解我們的能力和擅長的領域。我們對市場的深入了解並能夠預測市場變化趨勢，從而實現這些一致的高品質結果。在這裡，我想補充一點，我觀察了市場上同行的結果，我想說 IGI 優於他們中的許多人，這是因為我們對大部分市場的了解和自行車並正確放置自行車。

And this is what IGI has been really great in achieving. We don't get attracted to business. We think we-- it is not making money for our shareholders. The market today for IGI remains one of the healthiest we've seen in many years, and there are plenty of opportunities to grow in certain lines and geographies.

這正是 IGI 真正取得的偉大成就。我們不會被商業所吸引。我們認為我們——它沒有為我們的股東賺錢。今天的 IGI 市場仍然是我們多年來見過的最健康的市場之一，並且在某些產品線和地區有大量的成長機會。

Our strategy is not to show growth just for the sake of being bigger company, but to show profitable growth with business that we can service well for our clients. This means maintaining our focus and discipline and being selective about the business we are writing, when our markets are robust and especially when they are not.

我們的策略不是僅僅為了成為更大的公司而顯示成長，而是透過我們可以為客戶提供良好服務的業務來顯示獲利成長。這意味著當我們的市場強勁時，尤其是在市場不強勁時，保持我們的專注和紀律，並對我們正在撰寫的業務進行選擇性。

And here at this point, I'd like to emphasize that the diversification of IG portfolio geographically is so important and this is what we concentrate on. And so many companies like us in the market, they miss that as we hear from them as well when we talk together. Before I hand over to Waleed, I'd like to say thank you to all our stakeholders, but especially you our shareholders who have put your trust in IGI.

在此，我想強調的是，IG 投資組合的地域多元化非常重要，這也是我們關注的重點。市場上有很多像我們這樣的公司，他們很想念這一點，當我們在一起交談時，我們也聽到了他們的聲音。在我將工作交給 Waleed 之前，我想對我們所有的利害關係人表示感謝，特別是對 IGI 信任的股東。

I am very pleased with what we have achieved since becoming a public company in 2020, we have compounded annual growth in book value per share, plus dividends by 11.4% and tangible book value per share plus dividends by 11.1%. I expect IGI to continue on the same path under Waleed's leadership, this is not to say that we won't ever have major events impacting our results. That is the nature of our business, and that is why we look at the results over the longer term and not just a quarter to quarter.

我對自 2020 年成為上市公司以來所取得的成就感到非常滿意，每股帳面價值加股息的年複合成長率為 11.4%，每股有形帳面價值加股息的年複合成長率為 11.1%。我預計 IGI 在 Waleed 的領導下繼續走同樣的道路，這並不是說我們不會發生影響我們結果的重大事件。這就是我們業務的本質，這就是為什麼我們著眼於長期結果，而不僅僅是一個季度一個季度的結果。

I will now hand over to Waleed who'll take you through the results and provide more details on our outlook for the remainder of '23. I'll remain on the call for any questions at the end. Thank you. Waleed?

我現在將把工作交給瓦利德，他將帶您了解結果，並提供有關我們對 23 年剩餘時間的展望的更多詳細資訊。最後，如果有任何問題，我將繼續通話。謝謝。瓦利德？

Thank you, Wasef, and thank you all for joining us today. As Wasef said, and as you saw from our press release last night, we've had another exceptional quarter and a very strong first half to the 2023 year. We certainly don't expect to achieve mid 70s combined ratios and 30 plus ROEs every quarter.

謝謝瓦瑟夫，也謝謝大家今天加入我們。正如 Wasef 所說，正如您從昨晚我們的新聞稿中看到的那樣，我們又經歷了一個出色的季度，並且在 2023 年上半年表現非常強勁。我們當然不期望每季實現 70 年代中期的綜合比率和 30 以上的 ROE。

But what these results demonstrate is our ability to shift our focus to lines and territories showing the momentum and keep a watchful eye and when required even pull back in areas where we feel the right conditions aren't there.

但這些結果表明，我們有能力將注意力轉移到顯示勢頭的線路和地區，並保持警惕，甚至在需要時撤回我們認為不具備適當條件的地區。

For IGI, the strategy is critical, it always has been. We are relatively smaller in size, which is an advantage when it comes to moving quickly and decisively. And given the abundance of opportunities in many of our business, we're able to be selective, show healthy growth within our risk tolerances and appetite and within our ability to service new business.

對 IGI 來說，策略始終至關重要。我們的規模相對較小，這在快速果斷行動方面具有優勢。鑑於我們許多業務中存在豐富的機會，我們能夠有選擇性地在我們的風險承受能力和偏好以及服務新業務的能力範圍內表現出健康的成長。

I'll focus on some key highlights for the second quarter and first half. As a reminder, you'll recall we did switch our basis of accounting to US GAAP as of January 1. So comparative numbers for the period may deviate from the numbers previously presented under IFRS.

我將重點放在第二季和上半年的一些關鍵亮點。提醒您一下，我們確實從 1 月 1 日起將會計基礎改為美國公認會計準則。因此，該期間的比較數據可能與先前根據國際財務報告準則提供的數據有所不同。

To the specifics, gross premium growth remained strong at over 10% in the second quarter, leading to overall growth of more than 21% for the first half. Similar to what we said in the first quarter, the opportunities we're seeing are primarily in the short-tail and reinsurance segments with competitive pressures remaining across most lines on the long-tail side.

具體來看，第二季毛保費成長仍維持在10%以上的強勁水平，帶動上半年整體成長超過21%。與我們在第一季所說的類似，我們看到的機會主要集中在短尾和再保險領域，而長尾方面的大多數產品線仍然存在競爭壓力。

Specifically in the short-tail segment, we recorded just under 12% growth in gross premiums for the second quarter and just over 20% growth for the first half when compared to the same periods of last year. Growth in Q2 was in most short-tail lines. The most significant opportunities to write profitable business and new business are where we are achieving rate improvement on renewal business, that's most evident in property engineering and our BV portfolios.

具體來說，在短尾業務領域，與去年同期相比，我們第二季的毛保費成長略低於 12%，上半年的成長略高於 20%。大多數短尾產品線在第二季都有成長。實現獲利業務和新業務的最重要機會是我們實現續約業務率提高的地方，這在房地產工程和我們的 BV 投資組合中最為明顯。

Our reinsurance treaty business was also up almost 40% over the second quarter of 2022 and well more than double that for the first half of 2022 as we continued to take advantage of the hardening that we talked about on the call for last quarter's results. More important, the actual growth itself with the profitability, of course, and the increased level of premiums, a combined ratio of 73.5% for Q2 and 75.7% for the first half of this year are again well below our long-term average in the mid to high 80s.

我們的再保險條約業務也比 2022 年第二季度增長了近 40%，比 2022 年上半年增長了一倍多，因為我們繼續利用我們在上季度業績電話會議上談到的強化措施。更重要的是，實際成長本身以及獲利能力，以及保費水準的提高，第二季的綜合成本率為 73.5%，今年上半年的綜合成本率為 75.7%，再次遠低於我們長期平均水準。80年代中後期。

Overall, our profit for the second quarter of '23 was up more than 80% at $40.5 million and 68% at $74.4 million for the first half when compared to the same periods of last year. Net investment income similar to the first quarter of '23 showed significant improvement in the second quarter. This is a result of the rising interest rates on yields and reinvestment rates and an overall larger investment portfolio.

總體而言，與去年同期相比，我們 23 年第二季的利潤成長了 80% 以上，達到 4,050 萬美元，上半年成長了 68%，達到 7,440 萬美元。淨投資收益與2023年第一季相似，第二季顯著改善。這是收益率和再投資利率上升以及整體投資組合規模擴大的結果。

This led to a 1.7-point improvement in the annualized investment yield to 3.9% for the second quarter. When combined together, the first half of '23 was also significantly better than the first half in terms of net investment gains and a 1.7 point improvement as well in investment yield to 3.7% for the first half. Specifically in our fixed income portfolio, we improved the overall average credit rating to A and maintained the average duration of 3.1 years.

這使得第二季的年化投資報酬率提高了 1.7 個百分點，達到 3.9%。綜合來看，23 年上半年的投資淨收益也明顯優於上半年，投資報酬率也提高了 1.7 個百分點，達到 3.7%。特別是在我們的固定收益投資組合中，我們將整體平均信用評級提高至A，並維持了3.1年的平均久期。

Turning to the balance sheet, total assets are up 9.7% to over $1.7 billion. Total equity increased 13.6% to $466.8 million. On the capital management front, we continue to repurchase common shares under our existing 5 million common share repurchase authorization. We provided the specifics in our press release from last night, we've got approximately 1.9 million shares left under the authorization.

資產負債表方面，總資產成長 9.7%，超過 17 億美元。總股本成長 13.6%，達到 4.668 億美元。在資本管理方面，我們繼續根據現有的 500 萬股普通股回購授權回購普通股。我們在昨晚的新聞稿中提供了具體信息，我們還剩下約 190 萬股授權股票。

And as you know, we amended our dividend policy a year ago and that remains in place. We are continually reviewing our options to manage capital. But as we've always said, our first priority is always to deploy the capital into the business where we believe we can achieve the best returns with any excess capital being returned to shareholders in various forms.

如您所知，我們一年前修改了股利政策，並且仍然有效。我們不斷審查我們的資本管理方案。但正如我們一直在說的，我們的首要任務始終是將資本配置到我們相信能夠實現最佳回報的業務中，並將任何多餘的資本以各種形式返還給股東。

All-in, we delivered an annualized return on average equity of 36.1%, representing 12.6 points of improvement over the second quarter of last year and an annualized core operating return on average equity of 34%, representing a three point improvement over the second quarter of last year. For the first half of the year, return on average equity improved 10.5 points to 33.9%. While our core operating return on average equity improved 3.1 points to 30.8%. We grew our book value per share by more than 20% to $10.91 for the first half year to June 30, 2023.

總而言之，我們的年化平均股本回報率為 36.1%，比去年第二季提高 12.6 個百分點；年化核心營運平均股本回報率為 34%，比第二季度提高 3 個百分點去年的。上半年，平均股本回報率提高了10.5個百分點，達到33.9%。同時，我們的核心營運平均股本回報率提高了 3.1 個百分點，達到 30.8%。截至 2023 年 6 月 30 日的上半年，我們的每股帳面價值成長了 20% 以上，達到 10.91 美元。

So all in an excellent quarter and first half with lots to be excited about. I am specifically proud of our ability to continue to generate consistent profitable results and grow our book value per share. As Wasef said, while our quarterly results have been excellent so far this year, we are more focused on longer periods of time. And it's this multiyear track record that sets companies apart from each other.

因此，這一切都是一個出色的季度和上半場，有很多值得興奮的地方。我特別為我們能夠繼續產生穩定的獲利績效並增加每股帳面價值而感到自豪。正如 Wasef 所說，雖然今年迄今為止我們的季度業績非常出色，但我們更關注更長的時間段。正是這種多年的業績記錄使各公司脫穎而出。

Before discussing what we're seeing in the markets, I just want to address the foreign exchange transaction that we announced. As you know, we commenced and are currently in the midst of an offering to exchange all [17.25 million] outstanding warrants for $0.95 per warrants. I won't comment much further, but I'm happy to take any questions on our rationale for adjusting cash exchange versus the share exchange, but simply the management and the Board believe this was the best option as it is non-dilutive to existing shareholders.

在討論我們在市場上看到的情況之前，我只想談談我們宣布的外匯交易。如您所知，我們已開始並目前正在以每張認股權證 0.95 美元的價格交換所有 [1725 萬] 未償還認股權證。我不會進一步發表評論，但我很樂意就我們調整現金交換與股票交換的理由提出任何問題，但管理層和董事會認為這是最好的選擇，因為它不會稀釋現有的股東。

This is going to be reflected in our third quarter 2023 results. And I would remind listeners that we're already carrying $10.5 million liability on our balance sheet related to the warrants. So moving on to the market, it's fairly similar to what we said in last quarter's call. But with more pronounced or less pronounced trends in certain lines and geographies than we were anticipating, there are many areas of our portfolio with plenty of opportunities.

這將反映在我們 2023 年第三季的業績中。我想提醒聽眾，我們的資產負債表上已經承擔了 1050 萬美元的與認股權證相關的負債。因此，轉向市場，這與我們在上個季度電話會議中所說的非常相似。但由於某些產品線和地區的趨勢比我們預期的更加明顯或不那麼明顯，我們投資組合的許多領域都存在大量機會。

But within this rates and conditions do vary by line and by territory. So we continue to see very healthy submission flow, which is allowing us to be more selective in the risks we're taking on the books. So we continue to be optimistic about the momentum in our markets and the opportunities ahead, but particularly in our property engineering, political violence and of course, our treaty reinsurance book.

但在此範圍內，費率和條件確實因線路和地區而異。因此，我們繼續看到非常健康的提交流程，這使我們能夠更有選擇性地承擔書籍的風險。因此，我們繼續對市場的勢頭和未來的機會持樂觀態度，特別是在我們的房地產工程、政治暴力，當然還有我們的條約再保險方面。

Now that we're well into the second half of the year, our outlook remains positive. And for context, around 45% to 50% of our portfolio renews in the second half of the year. In our short-tail line, we saw cumulative net rate increases of just under 10% in Q2, which is marginally better than what we saw in the first quarter.

現在已經進入下半年，我們的前景仍然樂觀。就背景而言，我們大約 45% 到 50% 的投資組合會在今年下半年更新。在我們的短尾產品線中，第二季累計淨利率增幅略低於 10%，略優於第一季。

And the landscape here remains robust with good rate momentum in most lines. But as we mentioned on last quarter's call, General Aviation continues to lag. There's much variation by line and territory as I said, for instance, we've got power and renewables that are seeing cumulative net rate increases of around 3% to 4%, whereas you've got property with net rate increases of almost 15% and PV well over 30% and that's on the back of the geopolitical events of the past few years.

這裡的情況仍然強勁，大多數線路都具有良好的利率勢頭。但正如我們在上個季度的電話會議中提到的，通用航空繼續落後。正如我所說，不同線路和地區存在很大差異，例如，我們的電力和再生能源的累積淨費率上漲約 3% 至 4%，而房地產的淨費率上漲近 15%光伏發電遠超30%，這是由於過去幾年的地緣政治事件造成的。

So every line is different and same goes for the various territories, which I'll talk about more in a moment. But the bottom line is there's still healthy opportunities out there certainly for the near to midterm. In our treaty reinsurance business, we saw cumulative net rate improvements of more than 27% in Q2. And that strong momentum continues.

所以每條線都是不同的，但對於不同的地區來說都是一樣的，我稍後會詳細討論。但最重要的是，在近中期仍然存在著健康的機會。在我們的條約再保險業務中，第二季累計淨費率提高了 27% 以上。這種強勁勢頭仍在持續。

As we said on the last quarter's call, these are some of the best conditions we've seen in the history of the company. As I noted earlier, gross written premium was up more than 38% over the second quarter of '22, driven mostly by the increased rating environment, of course, in new business in predominantly in the US and Europe.

正如我們在上個季度的電話會議上所說，這是我們在公司歷史上見過的最好的條件。正如我之前指出的，毛承保保費比 2022 年第二季度增長了 38% 以上，這主要是受到評級環境改善的推動，當然，主要是在美國和歐洲的新業務。

We are continuing to find plenty of opportunities to write new business and grow this portfolio. But again, as always, we're being selective and disciplined and working within our risk appetite, especially for CAT exposed business.

我們正在繼續尋找大量機會來開發新業務並擴大該產品組合。但與往常一樣，我們會精挑細選、遵守紀律，並在我們的風險偏好範圍內開展工作，特別是對於 CAT 暴露的業務。

But as long as these favorable conditions persist, you can expect the segment to become more and more significant piece of our portfolio. It represented about just over 13% of the total portfolio in the first half of the year should come in at about 10% or level off at about 10% for the full year, which is roughly double historical levels.

但只要這些有利條件持續存在，您就可以預期該細分市場將成為我們投資組合中越來越重要的一部分。上半年它佔總投資組合的 13% 多一點，全年應該會保持在 10% 左右，或穩定在 10% 左右，大約是歷史水平的兩倍。

In the long tail segment, the story remains mixed, both by line and geographic region as we continue seeing the impacts of competitive and pricing pressures. Overall, cumulative net rates remain in positive territory, but there is very much variation by line of business in this segment.

在長尾領域，無論是按線路還是按地理區域，情況仍然好壞參半，因為我們繼續看到競爭和定價壓力的影響。整體而言，累計淨利率仍處於正值範圍，但該細分市場中不同業務線存在很大差異。

For context sake, I would note that most of these lines have had compound rate increases well over triple digits in the last three to four years. So rating accuracy remains at acceptable levels, but renewal rates continue to be most pressured in D&O and financial institutions where we've seen another consecutive quarter of margin compression.

就上下文而言，我要指出的是，在過去三到四年中，大多數線路的複合成長率都遠遠超過三位數。因此，評級準確性仍處於可接受的水平，但續訂率仍然在 D&O 和金融機構中面臨最大的壓力，我們已經看到這些機構的利潤率連續另一個季度受到壓縮。

General casualty lines are following this trend, albeit at a slower pace at different geographies. So we're still finding some good opportunity from the Middle East. Elsewhere professional indemnity, as you all know, predominantly UK-based business is holding up and remain more than adequate with net rate increases of more than 3%.

一般傷亡險也遵循此趨勢，儘管不同地區的成長較慢。所以我們仍然在中東尋找一些好機會。眾所周知，在其他地方，專業賠償主要位於英國的企業表現良好，淨利率增幅超過 3%，且仍然綽綽有餘。

Although worryingly the trend for this class of business is looking similar to other lines within the segment. Overall, we will continue to take a cautious and selective approach to the business.

儘管令人擔憂的是，此類業務的趨勢看起來與該細分市場中的其他業務相似。總體而言，我們將繼續對業務採取謹慎和選擇性的態度。

Looking at our geographic markets, the US continues to outpace all other markets with rate increases more than 20% in the lines we're writing. As you know, it is all short-tail business, predominantly energy property and contingency. In the first half of the year, we've written just shy of $50 million of gross premium in the US.

縱觀我們的地域市場，美國繼續領先所有其他市場，在我們撰寫的文章中，利率增幅超過 20%。如您所知，這都是短尾業務，主要是能源財產和緊急業務。今年上半年，我們在美國的毛保費接近 5,000 萬美元。

That represents about 62% growth over the first half of 2022. Europe, where we're mostly writing long tail business with a bit of short tail and treaty business on the side continues to be a bright spot. We expect to continue growth for the rest of the year and into 2024 as we build out our European platforms, which include Oslo, which we announced acquisition of in Q1, working hard to expand our relationships and product offering in the Nordic markets.

這意味著 2022 年上半年成長約 62%。在歐洲，我們主要從事長尾業務，同時也有一些短尾業務和條約業務，這仍然是一個亮點。我們預計今年剩餘時間和 2024 年將繼續成長，因為我們建立了歐洲平台，其中包括我們在第一季宣布收購的奧斯陸，努力擴大我們在北歐市場的關係和產品供應。

Latin America continues to show healthy rate momentum. In the Middle East, that market tends to be less correlated with other markets around the world. There we're seeing clear evidence of increased competitive pressures, example, property lines. But there remains still good pockets of good opportunities, especially in engineering and political violence. Asia continues to show improvement, but disappointingly rate momentum in the second quarter was not quite as pronounced as we were expecting at the outset of the year, all in positive though.

拉丁美洲繼續展現出健康的利率動能。在中東，該市場與世界其他市場的相關性往往較低。在那裡，我們看到了競爭壓力增加的明顯證據，例如財產保險。但仍有許多好機會，特別是在工程和政治暴力方面。亞洲繼續表現出改善，但令人失望的是，第二季的利率勢頭並不像我們年初預期的那麼明顯，儘管一切都是積極的。

In summary, as I said, we remain optimistic with the current market overall and the opportunity for us to continue to expand our portfolio profitably. I mean, now more than ever, it's critical to maintain our focus and discipline. I would like to reiterate Wasef's comments at the beginning of the call and congratulate all our people who continue to work effortlessly, execute well and produce the quality of results that we're sharing with you now.

總之，正如我所說，我們對當前的整體市場以及我們繼續擴大投資組合併實現盈利的機會保持樂觀。我的意思是，現在比以往任何時候都更需要保持我們的專注和紀律。我想重申 Wasef 在電話會議開始時的評論，並向我們所有繼續毫不費力地工作、出色執行並產生我們現在與您分享的高品質成果的員工表示祝賀。

Growing our business is easy, growing a sustainable and profitable portfolio that we can service, not only just service, but service well is not always easy. For us, keeping on top of the shifting dynamics in each line and in each territory and staying selective throughout the market cycle is what we are good at.

發展我們的業務很容易，發展我們可以提供的可持續且有利可圖的產品組合，不僅僅是服務，但良好的服務並不總是那麼容易。對我們來說，掌握每條線、每一個領域的動態變化，並在整個市場週期中保持選擇性，是我們所擅長的。

And what we can never lose sight of and that's what we believe differentiates us when it comes to generating strong returns for our shareholders over the longer term. So I'm going to pause here, and we'll turn it over for questions. Operator, we're ready to take the first question, please.

我們永遠不能忽視這一點，我們相信這就是我們在為股東創造長期強勁回報方面的獨特之處。所以我要在這裡暫停一下，我們將把它轉過來以供提問。接線員，我們準備好回答第一個問題了。

(Operator Instructions) Rowland Mayor, RBC Capital Markets.

（操作員指示）RBC 資本市場市長 Rowland。

Hi, good morning. Wee, I guess, good afternoon over there. Well, even Wasef, congratulations to both of you on the CEO transition.

早安.嗯，我想，那邊下午好。好吧，即使是 Wasef，也祝賀你們兩位執行長的過渡。

Thank you very much. Thank you, Ron. Appreciate it.

非常感謝。謝謝你，羅恩。欣賞它。

My first question is, I believe the US property growth is mostly in the Florida Panhandle or Florida just generally. I was wondering if you could walk through a bit about how we should be thinking about CAT exposure in the United States?

我的第一個問題是，我認為美國房地產成長主要集中在佛羅裡達州狹長地帶或佛羅裡達州。我想知道您能否介紹一下我們應該如何考慮美國的 CAT 暴露？

Yes. I mean, inevitably, if you're guiding a US property book of business E&S book, inevitably your cat exposures are going to be there. We've grown quite a bit over the over the last few years. We've been in the business now in the market for about three years, and we manage that growth to ensure that we stay within our risk tolerances and CAT appetite. Obviously, we leverage that with reinsurance time.

是的。我的意思是，如果你正在指導一本美國房地產商業 E&S 書籍，不可避免地你的貓風險將會在那裡。在過去的幾年裡，我們已經成長了很多。我們現在在市場上從事這項業務已經大約三年了，我們管理這種增長以確保我們保持在我們的風險承受能力和 CAT 胃口之內。顯然，我們利用再保險時間來利用這一點。

So we're very cautious with how we grow the speed at which we grow at. But there's no doubt that obviously, dislocation in the US markets are very much directed or located within in the cat exposed territories. We have dipped our toes in more because the conditions are just, best we've ever seen, but we're always mindful and careful with how much we dip our toes in and how we manage that overall exposures and potential net impact in the event of a big event.

因此，我們對成長速度非常謹慎。但毫無疑問，顯然，美國市場的混亂很大程度上是直接或位於貓暴露的地區。我們已經投入了更多的精力，因為條件是我們所見過的最好的，但我們總是注意並小心我們投入的程度以及我們如何管理事件中的整體風險和潛在的淨影響的一個大事件。

That makes sense. And yes, thank you so much. The next question is going to be similar, it's on the political violence business. Is there a way to sort of break out what geographic areas you're growing that business into. Anything there? Thank you.

這就說得通了。是的，非常感謝。下一個問題將是類似的，是關於政治暴力業務的。有沒有一種方法可以區分您正在將業務發展到哪些地理區域。那裡有什麼嗎？謝謝。

Rowland, there's no way specifically to be totally honest with you. I would say we're--we've grown very well in various parts of the world. There's nothing, there's no one geographical area that stands out as being the big growth spots, I think it's across the board. The Middle East has been very healthy for us from the PV side, Asia, we just in the last couple of months, we added resource on the PV side out of our Malaysia office. So we're seeing slowly, but surely, we're seeing traction there. And yeah, I mean, I think the rest is really very much fed up.

羅蘭，沒有辦法對你完全誠實。我想說，我們在世界各地都發展得很好。沒有什麼，沒有一個地理區域能夠脫穎而出，成為最大的成長點，我認為這是全面的。從光伏方面來看，中東對我們來說非常健康，亞洲，就在過去幾個月，我們在馬來西亞辦事處增加了光伏方面的資源。因此，我們正在慢慢地看到，但可以肯定的是，我們看到了那裡的吸引力。是的，我的意思是，我認為其他人真的已經厭倦了。

Thank you. And then if I could get one more in, the annualized investment yield has obviously gone up quite a bit over the last year. Is there a way to give a sort of spread where your new money yields are versus the portfolio? And sort of how are you thinking about new investments there?

謝謝。然後如果我能再進去的話，年化投資報酬率顯然比去年上升了不少。有沒有辦法給出一種新資金收益率與投資組合的利差？您如何看待那裡的新投資？

I think we continue to be cautious in how we invest and what we invest in. New money is going at anywhere between 4.5% to 6%, usually above five and closer to six. The composition of the portfolio will remain similar to really how it's always been. We're just taking advantage of the higher interest rate environment.

我認為我們對投資方式和投資內容繼續保持謹慎。新資金的比例在 4.5% 到 6% 之間，通常高於 5% 且接近 6%。投資組合的組成將與以往保持相似。我們只是在利用較高的利率環境。

That's helpful. Thank you so much for your answers.

這很有幫助。非常感謝您的回答。

Pleasure. Thank you.

樂趣。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Thank you, all for joining us today and thank you for your continued support of IGI. If any of you have any additional questions, please contact Robin and she'll be happy to assist. I wish you all a great day. Thank you.

感謝大家今天加入我們，並感謝您對 IGI 的持續支持。如果您還有任何其他問題，請聯絡 Robin，她將很樂意為您提供協助。祝大家有個愉快的一天。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。