International General Insurance Holdings Ltd (IGIC) 2023 Q4 法說會逐字稿

Good day, and welcome to the International General Insurance Holdings Ltd.'s fourth-quarter and full-year 2023 Financial Results Conference Call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加國際財產保險控股有限公司 2023 年第四季和全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。

I would now like to turn the conference over to Robin Sidders, Head of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係主管 Robin Sidders。請繼續。

Thank you, and good morning. And welcome to today's conference call. Today, we'll be discussing our fourth-quarter and full-year 2023 results. You will have seen our press release, which we issued after the market closed yesterday. If you'd like a copy of the press release, that's available in the Investor Section of our website at www.iginshore.com. We've also posted a supplementary investor presentation, which can be found on our website on the Presentation page in the Investor Section.

謝謝你，早安。歡迎參加今天的電話會議。今天，我們將討論 2023 年第四季和全年業績。您將會看到我們昨天收盤後發布的新聞稿。如果您需要新聞稿副本，可以在我們網站 www.iginshore.com 的投資者部分取得。我們也發布了補充投資者演示文稿，您可以在我們網站的投資者部分的演示文稿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. Wasef will begin the call with some high-level comments before handing over to Waleed to talk you through the drivers of our results for the fourth quarter and full year 2023, also giving some insight into current market conditions and our outlook for 2024. At that point, we'll open the call up for Q&A.

參加今天電話會議的有 IGI 執行主席 Wasef Jabsheh；執行長瓦利德·賈布謝 (Waleed Jabsheh)；和財務長 Pervez Rizvi。Wasef 將在電話會議開始時發表一些高層評論，然後由 Waleed 向您介紹我們第四季度和 2023 年全年業績的驅動因素，同時對當前市場狀況和我們對 2024 年的前景進行一些深入了解。屆時，我們將開啟問答徵集。

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 forward-looking words. We caution you that such forward-looking statements should not be regarded as a representation by us that future plans, estimates, or expectations contemplated by us will, in fact, be achieved.

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。一些前瞻性陳述可以透過前瞻性詞語的使用來識別。我們提醒您，此類前瞻性聲明不應被視為我們表示我們預期的未來計劃、估計或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 that are set forth in the company's annual report on Forms 20-F for the year ended December 31, 2022, the company's reports on forms 6-K, and other filings with the SEC, as well as our results press release issued yesterday evening. We undertake no obligation to update or revise publicly any forward-looking statements, which speak only as of the date they are made.

前瞻性陳述涉及風險、不確定性和假設。由於多種因素，包括公司截至 2022 年 12 月 31 日止年度的 20-F 表格年度報告中列出的風險因素，實際事件或結果可能與前瞻性陳述中的預測存在重大差異，公司關於6- K 表格的報告和向SEC 提交的其他文件，以及我們昨天晚上發布的業績新聞稿。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。

In addition, as you're aware, we voluntarily changed our basis of accounting from IFRS to US GAAP effective January 1, 2023. During the conference call today, we'll 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.

此外，如您所知，我們自願將會計基礎從 IFRS 更改為 US GAAP，自 2023 年 1 月 1 日起生效。在今天的電話會議中，我們將使用某些非公認會計準則財務指標。有關非 GAAP 財務指標與最接近的 GAAP 指標的調節，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。

With that, I'll turn the call over to our Executive Chairman, Wasef Jabsheh.

接下來，我會將電話轉給我們的執行主席 Wasef Jabsheh。

Thank you, Robin, and good day, everyone. Thank you for joining us on today's call. I'll just make a few short remarks before handing the call over to Waleed.

謝謝你，羅賓，大家好。感謝您參加今天的電話會議。在將電話轉交給瓦利德之前，我只想發表幾句簡短的話。

I'll just -- I'm very proud of our achievements in 2023, both financial and non-financial. It's very much the year where many things came together, and we really demonstrated what IGI is capable of.

我只是——我對我們在 2023 年取得的財務和非財務成就感到非常自豪。今年是許多事情匯聚在一起的一年，我們真正展現了 IGI 的能力。

During the year, we had our first CEO transition in our 22 years history. And I'm pleased with the seamless way in which this has occurred all around, not just the leadership that Waleed has displayed, but the support given to a Waleed by all our people and the cultural integrity that has been maintained throughout.

這一年，我們進行了 22 年歷史上首次的 CEO 換屆。我對這一切以無縫的方式發生感到高興，不僅是瓦利德所展現的領導力，還有我們全體人民對瓦利德的支持以及自始至終保持的文化完整性。

You saw from our press release last night that we had strong fourth quarter to finish a superb 2023, clearly demonstrating how our focus, discipline, and consistency in education are paying off. Our results for the full year 2023 are the best in our 22-year history, and this is on the back of very strong results in recent prior years.

您從我們昨晚的新聞稿中看到，我們在第四季度表現強勁，為2023 年畫上了圓滿的句號，這清楚地表明了我們在教育方面的專注、紀律和一致性正在取得怎樣的回報。我們 2023 年全年的業績是我們 22 年歷史上最好的，這是在前幾年非常強勁的業績的基礎上實現的。

We recorded significant growth in all areas of our business, our underwriting portfolio, our investment portfolio, and our shareholders equity, which is now comfortably (technical difficulty) of $0.5 billion. We took advantage of the opportunities to capitalize on (inaudible) growing with positive conditions across our business. We continued to actively and efficiently manage our capital, deploying it first to our underwriting operations, and returning excess capital to shareholders in the form of share repurchase and dividends.

我們的所有業務領域、我們的承銷組合、我們的投資組合以及我們的股東權益都取得了顯著增長，目前股東權益（技術難度）已輕鬆達到 5 億美元。我們利用這個機會，利用（聽不清楚）整個業務的積極條件來實現成長。我們繼續積極有效地管理資本，首先用於承銷業務，並將多餘資本以股票回購和股利的形式返還給股東。

During 2023, we bought back 3.4 million shares for $31.1 million, we purchased all outstanding grants at the total cost of $16.3 million, and we paid $1.9 million in dividends. As you saw from our second announcement last night, I'm particularly pleased that our Board has declared a special cash dividend of $0.50 per share for 2023 in addition to regular quarterly dividend of $0.01 per share.

2023 年，我們以 3,110 萬美元回購了 340 萬股股票，以總成本 1,630 萬美元購買了所有未償還的贈款，並支付了 190 萬美元的股息。正如您昨晚從我們的第二份公告中看到的，我特別高興的是，除了每股 0.01 美元的常規季度股息外，我們的董事會還宣布 2023 年每股 0.50 美元的特別現金股息。

Ultimately, we delivered 28.1% core operating return on average equity, the highest annual core ROE we have ever recorded. And we grew book value per share by over 36% in '23.

最終，我們實現了 28.1% 的平均股本核心營運回報率，這是我們有史以來最高的年度核心股本回報率。2023 年，我們的每股帳面價值成長了 36% 以上。

These are exceptional results, and I congratulate the whole IGI family for their dedication, commitment, and focus. We are a diverse, experienced, hardworking, and cohesive team at IGI. We're existing at a high level in all areas of our business.

這些都是非凡的成果，我祝賀整個 IGI 家族的奉獻、承諾和專注。IGI 是一支多元化、經驗豐富、勤奮且富有凝聚力的團隊。我們在所有業務領域都處於高水準。

And where we have capital that is greater than we are able to put to work is in underwriting. We are returning that capital to our shareholders in the form of dividends, share repurchase, and other capital management actions, as you saw from our announcements last night.

我們擁有的資本超過了我們能夠投入使用的資本，那就是承保。正如您從我們昨晚的公告中看到的那樣，我們將以股息、股票回購和其他資本管理行動的形式將這些資本返還給股東。

We're firmly committed to delivering on our promise to continuously generate value for our shareholders, who have put their trust in IGI and supported us. We take this promise seriously, and I'm very pleased with what we have achieved as a company, especially in 2023.

我們堅定地致力於兌現我們的承諾，不斷為我們的股東創造價值，他們信任 IGI 並支持我們。我們認真對待這項承諾，我對我們公司所取得的成就感到非常滿意，特別是在 2023 年。

I'll now hand over to Waleed, who will take you through the results in more detail and talk about our outlook for the remainder of '24. I'll remain on the call for any questions at the end. Waleed, please.

現在我將把時間交給 Waleed，他將向您詳細介紹結果並討論我們對 24 年剩餘時間的展望。最後，如果有任何問題，我將繼續通話。瓦利德，請。

Thank you. Good morning, Wassef. Thank you all for joining us today, and thank you, Wassef. Just going to follow the usual agenda and start with a quick recap of the results for the fourth quarter and the full year of 2023. And then we'll move on to our markets and our outlook for the remainder of '24.

謝謝。早上好，瓦塞夫。感謝大家今天加入我們，謝謝瓦塞夫。我們將按照慣例議程，首先快速回顧第四季度和 2023 年全年的業績。然後我們將繼續討論我們的市場以及我們對 24 年剩餘時間的展望。

As you saw from our press release last night and as Wassef highlighted, we produced exceptional results in both the fourth quarter and the full year. Before going through the financial highlights, I would first just like to echo Wassef's comments and congratulate our people on the high quality and consistent focus on execution throughout the year.

正如您昨晚從我們的新聞稿中看到的以及瓦塞夫所強調的那樣，我們在第四季度和全年都取得了出色的業績。在介紹財務摘要之前，我首先想回應瓦塞夫的評論，並祝賀我們的員工全年的高品質和對執行的持續關注。

Our results in '23, as well as in recent years, are differentiated in some of the best in the specialty insurance market, and we're clearly outperforming the current industry tailwinds. More than this, though, is the execution behind the numbers, and that is all about our people.

我們在 23 年以及近年來的業績在專業保險市場的一些最佳業績中脫穎而出，而且我們的表現顯然優於當前的行業順勢。然而，更重要的是數字背後的執行力，而這一切都與我們的員工有關。

We're technical underwriters, first and foremost. That is what we do. Every team member understands our strategy, what their individual and collective responsibility is, and also how what they do impacts the end result.

首先，我們是技術承保人。這就是我們所做的。每個團隊成員都了解我們的策略，他們的個人和集體責任是什麼，以及他們的行為如何影響最終結果。

We're details focused. We've got a deep understanding of our markets, with people on the ground providing cultural compatibility. We communicate with transparency. And we execute with precision. And to be perfectly honest, we're passionate about what about the business that we're in.

我們注重細節。我們對我們的市場有深入的了解，當地的人們提供文化相容性。我們以透明的方式進行溝通。我們精確地執行。說實話，我們對我們所從事的業務充滿熱情。

Just moving on to some specific highlights, gross written premium growth in the fourth quarter was 6.5%, which is more muted than prior quarters and in line with the historical patterns. For the full year, which obviously is a better indicator, we recorded growth of just over 18%. Again, the growth in '23 is concentrated in the short tail on reinsurance segments, while the long tail segment remains more challenged, as we previously said.

繼續看一些具體的亮點，第四季的總保費成長率為 6.5%，比前幾季更為溫和，符合歷史模式。全年成長率略高於 18%，這顯然是更好的指標。正如我們之前所說，23 年的成長再次集中在再保險領域的短尾部分，而長尾部分仍面臨更大的挑戰。

Specifically, in the short tail segment, we recorded just over 38% growth in gross premiums for the fourth quarter and just over 26% growth for the full year when compared to 2022. Growth in Q4 was in most short tail lines, most significantly, energy, engineering, and contingency. Areas where we are achieving rate improvements on renewal business continue to be most evident in property, ultra energy, and political violence.

具體而言，在短尾細分市場，與 2022 年相比，我們第四季的毛保費成長略高於 38%，全年成長略高於 26%。第四季的成長主要集中在短尾線，最顯著的是能源、工程和緊急業務。我們在續訂業務方面實現費率提高的領域仍然在房地產、超級能源和政治暴力領域最為明顯。

Our reinsurance treaty business, where we're seeing a continued strong pricing environment and plenty of new business opportunities, finished the year at 9% of our overall premium portfolio, almost double that of the year before. In 2023, cumulative net rate increases exceeded 25% in this segment.

我們的再保險條約業務，我們看到了持續強勁的定價環境和大量新的商機，全年占我們整體保費投資組合的 9%，幾乎是前一年的兩倍。2023年，該細分市場的累計淨利率成長超過25%。

You'll have seen the reinsurance growth written premium shortfall of $4.9 million recorded in the fourth quarter of 2023. I think most reinsurance companies go through a true up process in the fourth quarter, where there is some differential between actual written premium against expected premium recorded earlier in the year.

您將看到 2023 年第四季的再保險成長承保保費缺口為 490 萬美元。我認為大多數再保險公司在第四季度都會經歷一個真正的上漲過程，實際承保保費與今年稍早記錄的預期保費之間存在一些差異。

For us, however, given the relatively small size of our reinsurance book in dollar terms and especially in Q4, that year-end true up resulted in a shortfall. For the full year, however, we almost doubled our reinsurance premiums to over $61 million. We expect to continue to take advantage of many reinsurance opportunities out there while staying within our defined risk appetite.

然而，對我們來說，鑑於我們的再保險帳簿規模以美元計算相對較小，尤其是在第四季度，年終真實上漲導致了缺口。然而，全年我們的再保險保費幾乎翻了一番，達到 6,100 萬美元以上。我們預計將繼續利用許多再保險機會，同時保持在我們確定的風險偏好範圍內。

Our combined ratio of 81.8% for the fourth quarter and 76.7% for the full year were well below our long-term averages, while, as I said earlier, our full-year combined ratio is the best in our history. This included 2.9 points of unfavorable development of prior accident year net losses in the fourth quarter of '23 compared to 4.3 points of unfavorable development for the same period in '22.

我們第四季的綜合成本率為81.8%，全年的綜合成本率為76.7%，遠低於我們的長期平均水平，而正如我之前所說，我們的全年綜合成本率是我們歷史上最好的。這包括 23 年第四季上一事故年度淨損失的不利發展 2.9 個百分點，而 22 年同期的不利發展為 4.3 個百分點。

Both periods were impacted by FX movements. And I mean, whilst I don't like to play the but-for card, both periods would've shown positive reserve developments on a neutral FX basis. For the full year, we recorded 8.8 points of favorable development versus 11.2 points in 2022.

這兩個時期都受到外匯波動的影響。我的意思是，雖然我不喜歡打「但是為了」牌，但在中性外匯基礎上，這兩個時期都會顯示出積極的儲備發展。全年取得了 8.8 分的良好發展，而 2022 年為 11.2 分。

Net investment income, similar to the first three quarters of '23, showed significant improvement in Q4 as a result of the rising rates and an overall larger investment portfolio. This resulted in a 1.4 improvement in the annualized investment yield to 4.3% for Q4. For the full year, net investment income increased almost 250% with a 1.5 point investment yield improvement to 3.9%.

由於利率上升和整體投資組合規模擴大，第四季度的淨投資收入與 23 年前三個季度類似，顯示出顯著改善。這使得第四季的年化投資報酬率提高了 1.4%，達到 4.3%。全年淨投資收益成長近 250%，投資收益率提高 1.5 個百分點至 3.9%。

Specifically, in our fixed income portfolio, similar to the past, we maintained the overall credit rating at A, average duration at 3.2 years. And most likely, we're probably going to see a slight duration increase over the next few quarters.

具體來說，在我們的固定收益投資組合中，與過去類似，我們維持整體信用評級為A，平均久期為3.2年。最有可能的是，我們可能會在接下來的幾個季度看到持續時間略有增加。

Net income for the fourth quarter of '23 was $33 million compared to $22.5 million in the fourth quarter a year ago, and $118.2 million for the full year compared to $89.2 million for '22. A truer measure of our performance is core operating income, which more than doubled in the fourth quarter and increased 42.5% for the full year '23 compared to the same period in '22.

23 年第四季的淨利潤為 3,300 萬美元，而去年同期第四季為 2,250 萬美元；全年淨利潤為 1.182 億美元，而 22 年第四季為 8,920 萬美元。衡量我們業績的更真實指標是核心營業收入，與 22 年同期相比，23 年第四季核心營業收入成長了一倍以上，23 年全年成長了 42.5%。

Just turning to the balance sheet. Total assets increased more than 16% to $1.84 billion, and total equity increased more than 31% to $540 million for the full year.

只是轉向資產負債表。全年總資產成長超過 16%，達到 18.4 億美元，總股本成長超過 31%，達到 5.4 億美元。

On the capital management front, we are increasingly demonstrating our ability to pull the right levers to maximize shareholder value. As we've always said, our priority is underwriting first. And as Wasef said, where we have capital in excess of the opportunity to put to work in underwriting, we will return it to shareholders.

在資本管理方面，我們越來越多地展示我們利用正確槓桿來實現股東價值最大化的能力。正如我們一直所說，我們的首要任務是核保第一。正如瓦瑟夫所說，如果我們的資本超過了用於承銷的機會，我們會將其返還給股東。

During 2023, we continued to repurchase common shares under our existing 5-million common share repurchase authorization, and you'll have the specifics in our press release issued last night. We've got around 1.3 million shares left under our existing authorization. And last night, we announced a special dividend of $0.50 per share alongside the regular quarterly dividend of $0.01 per share.

2023 年期間，我們繼續根據現有的 500 萬股普通股回購授權回購普通股，具體詳情請參閱我們昨晚發布的新聞稿。我們現有的授權還剩約 130 萬股。昨晚，我們宣布派發每股 0.50 美元的特別股息以及每股 0.01 美元的常規季度股息。

In addition, during the year, we redeemed all outstanding warrants for cash at an average purchase price of $0.95 per warrant for a total cost of just over $16 million. Ultimately, we recorded a core operating ROE of 23.7% for the fourth quarter and 28.1% for the full year 2023, which is the highest annual core operating ROE we've ever recorded in our 22-year history.

此外，在這一年裡，我們以每份認股權證的平均購買價格 0.95 美元贖回了所有未償還認股權證，總成本略高於 1,600 萬美元。最終，我們第四季的核心營運 ROE 為 23.7%，2023 年全年為 28.1%，這是我們 22 年歷史上記錄的最高年度核心營運 ROE。

We also grew our book value per share by almost 37% to $12.40 at December 31. So all in, there really is lots to be proud of in what we've achieved, and we continue to be optimistic about the year ahead.

截至 12 月 31 日，我們的每股帳面價值也成長了近 37%，達到 12.40 美元。總而言之，我們所取得的成就確實有很多值得自豪的地方，並且我們對未來的一年繼續保持樂觀。

Moving on to our markets, we're seeing continuation of the trends that we saw during 2023. And there continue to be a decent amount of profitable opportunities, most significantly in our short tail on reinsurance segments. But within these, rates and conditions continue to vary by line and by territory.

轉向我們的市場，我們看到 2023 年的趨勢仍在延續。而且仍有大量的獲利機會，最重要的是我們在再保險領域的短尾。但其中，費率和條件仍然因線路和地區而異。

Just talking about the short tail segment for a bit, we're most encouraged by conditions and opportunities in property engineering and PV, but all lines really, with the exception of aviation, are holding up relatively well. Overall, in this segment, we've seen cumulative net rate increases of 9%, and that's fairly steady with what we saw throughout the year from the beginning.

就短尾部分而言，我們最受鼓舞的是房地產工程和光伏領域的條件和機會，但除航空業外，所有行業實際上都表現相對較好。總體而言，在這一領域，我們看到累計淨利率成長了 9%，這與我們從一開始全年看到的情況相當穩定。

Again, there's a lot of variation by line of business. For instance, property's seeing overall increases just shy of 14%. But these are higher in the US for example, lower level of increases in some other regions. And in other -- in some regions, we're seeing reductions.

同樣，不同業務線之間存在很大差異。例如，房地產的整體成長率略低於 14%。但例如，美國的增幅較高，而其他一些地區的增幅較低。在其他一些地區，我們看到了減少。

PV continues to see increases of 25%, given the geopolitical events of the past few years. There's quite a bit of tension in many parts of the world. 2024 is also a heavy election year across the globe, where more than 40% of the world will be heading to the polls. So we expect this to continue.

鑑於過去幾年的地緣政治事件，光電發電持續成長 25%。世界許多地方的局勢相當緊張。 2024 年也是全球重要的選舉年，全球超過 40% 的人將前往投票所。所以我們預計這種情況會持續下去。

So all in all, as we really said throughout 2023, the landscape overall for short tail remains encouraging along with reinsurance and with continued opportunity and relatively positive rate momentum.

因此，總而言之，正如我們在 2023 年全年所說的那樣，短尾的整體前景仍然令人鼓舞，再保險、持續的機會和相對積極的利率勢頭也令人鼓舞。

In our treaty reinsurance business, we saw cumulative net rate improvements of more than 25% in '23. And we expect the strong momentum to continue through our 2024, whilst, most importantly, keeping a close eye on our risk tolerances.

在我們的條約再保險業務中，我們看到 2023 年累積淨費率提高了 25% 以上。我們預計這一強勁勢頭將持續到 2024 年，同時最重要的是，密切關注我們的風險承受能力。

This is by far the most exciting area of our business, and there continues to be plenty opportunity to write new business. We expect this portfolio to remain around 10% of our overall book for the foreseeable future, which is double historical levels. And at January 1, rates held up quite well with continued positive momentum.

這是迄今為止我們業務中最令人興奮的領域，並且仍然有大量的機會來開展新業務。我們預計，在可預見的未來，該投資組合將占我們總帳面的 10% 左右，這是歷史水準的兩倍。截至 1 月 1 日，利率保持良好，並保持持續的積極勢頭。

The story in the long tail segment, conversely, remains a little murkier. Rates continue to trend downward, but mostly in an orderly manner, though. Net rates, overall, are down slightly, but while they're coming off several years of compound increases. The most important thing is they remain broadly adequate across the portfolio.

相反，長尾部分的故事仍然有點模糊。不過，利率繼續呈下降趨勢，但大多是有序的。總體而言，淨利率略有下降，但儘管已經擺脫了幾年的複合成長。最重要的是，它們在整個投資組合中仍然基本上足夠。

Again, like the other areas of our business, there is much variation by line. We're continuing to take a cautious approach, selective approach, to this business, and I would expect growth in these lines to be quite challenging in 2024.

同樣，與我們業務的其他領域一樣，不同產品線之間存在很大差異。我們將繼續對這項業務採取謹慎、選擇性的態度，我預計這些產品線的成長在 2024 年將面臨相當大的挑戰。

Lastly, we've heard a lot this earning season about social inflation. And once again, I'd just like to reiterate that IGI doesn't write any US casualty business. So while we are impacted like everyone else with this environment, it doesn't impact us to the same magnitude it would to US casualty underwriters.

最後，我們在這個財報季節聽到了很多關於社會通膨的消息。我想再次重申，IGI 不承保任何美國傷亡業務。因此，雖然我們像其他人一樣受到這種環境的影響，但它對我們的影響程度並不像對美國傷亡承保人那麼大。

Looking at our geographic markets, the US definitely continues to outpace all other markets with rate increases of almost 20% in the lines we're writing. I'll remind you, they're all short tailed lines, including property, PV, energy, contingency, and cargo. And these continue to be growth areas for us.

看看我們的地理市場，美國無疑繼續領先所有其他市場，在我們撰寫的文章中，利率上漲了近 20%。我要提醒你的是，它們都是短尾線，包括財產、光伏、能源、緊急和貨物。這些仍然是我們的成長領域。

In 2023, we wrote just over $94 million in GWP in the US, which represents growth over the same period of about 45% compared to '22. We recently also entered the US construction market, but are taking a cautious approach here. We're writing small to medium sized projects, shorter policy periods, and as always, within strict cat risk tolerances.

2023 年，我們在美國的 GWP 略高於 9,400 萬美元，與 22 年相比同期成長了約 45%。我們最近也進入了美國建築市場，但在此採取謹慎態度。我們正在編寫中小型項目，保單週期較短，並且一如既往地在嚴格的貓風險承受範圍內。

In Europe, we wrote over $80 million in GWP in 2023 versus about $62 million in '22. And we expect to see more opportunities to show growth in the coming year ahead, especially given our newly opened platform in Oslo and Norway.

在歐洲，我們 2023 年的全球升溫潛勢超過 8,000 萬美元，而 22 年約為 6,200 萬美元。我們預計未來一年將有更多機會展示成長，特別是考慮到我們在奧斯陸和挪威新開設的平台。

In January this year, we added two new team members in our Oslo platform, focusing on professional financial lines. And as we've said before, this is in line with our expansion of relationships and product offerings in the Nordic market.

今年1月，我們在奧斯陸平台新增了兩位團隊成員，專注於專業金融業務。正如我們之前所說，這與我們在北歐市場擴大關係和產品供應是一致的。

In the Middle East, which makes them about under 10 -- just under 10% of our overall GWP, conditions are quite mixed, with evidence of increasing competitive pressures in certain lines of business. But no doubt, there are still pockets of opportunity, particularly in engineering and construction, across the GCC countries.

在中東，情況非常複雜，有證據顯示某些業務領域的競爭壓力不斷增加，占我們總全球升溫潛勢值的 10% 以下（略低於 10%）。但毫無疑問，海灣合作委員會國家仍然存在大量機會，特別是在工程和建築領域。

In summary, again, '23 was an exceptional year for IGI, really, a year in which it really felt like we hit our stride. We're gaining recognition from our various audiences, and all the feedback we've received has been quite positive. But we know that our work is not done and we continue to keep our heads down.

總而言之，23 年對 IGI 來說是非凡的一年，確實是我們大步前進的一年。我們正在獲得各種受眾的認可，並且我們收到的所有回饋都非常積極。但我們知道我們的工作尚未完成，我們將繼續保持低調。

We keep our sleeves rolled up, and we remain steadfastly focused on the task at hand. That is to continue to grow a strong, diversified, and profitable portfolio while actively managing the cyclicality and inherent volatility of our business, focusing on those lines and markets with the strongest margins, as we always said; and very importantly, pulling back when and where the conditions just aren't right for us.

我們捲起袖子，堅定地專注於手邊的任務。也就是說，正如我們常說的那樣，繼續發展強大、多元化和盈利的投資組合，同時積極管理業務的周期性和固有波動性，重點關注利潤率最高的業務和市場；非常重要的是，在條件不適合我們的時間和地點撤退。

We can't control what's driving change in our markets and in the broader world around us. Conditions are constantly shifting, and we're seeing more of that lately. Our success lies and our ability to understand and anticipate these dynamics, and obviously, to respond quickly and decisively and allocate our capital accordingly, which, I think, we're very good at.

我們無法控制推動市場和周圍更廣闊世界變化的因素。情況不斷變化，最近我們看到了更多這樣的變化。我們的成功在於我們有能力理解和預測這些動態，顯然，我們有能力快速、果斷地做出反應並相應地分配我們的資本，我認為，我們非常擅長這一點。

As we did throughout the last 12 months, we're going to continue to explore the best and most efficient uses of our capital so that we continue to deliver on our promise of maximizing value for our shareholders. We are very optimistic about our future, our ability to continue to deliver on that promise through consistently solid execution and prudent and active capital management, underpinned by strong cooperation and collaboration from all of us at IGI. This is what is driving our success and our strong and successful track record.

正如我們過去 12 個月所做的那樣，我們將繼續探索資本的最佳和最有效的利用方式，以便我們繼續兌現為股東實現價值最大化的承諾。我們對我們的未來非常樂觀，我們有能力透過始終如一的紮實執行和審慎積極的資本管理，在 IGI 所有人的強有力合作和協作的支持下，繼續兌現這一承諾。這就是推動我們成功以及我們強大而成功的記錄的動力。

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.

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。

We will now begin the question-and-answer session. (Operator Instructions) Scott Heleniak, RBC Capital Markets.

我們現在開始問答環節。（操作員說明）Scott Heleniak，RBC 資本市場。

Yes, good morning. Just a couple quick questions on a few of the areas and across your business. First, just the growth trends you're seeing in US, ENS, and Europe for short tail. It sounds like that's pretty promising.

是的，早安。只是關於幾個領域和整個業務的幾個簡單問題。首先，您在美國、ENS 和歐洲看到的短尾成長趨勢。聽起來這很有希望。

I'm wondering if you can talk about just what runway for growth you have there and whether you're seeing anything new on the competitive front. I know you mentioned some more challenging conditions in some of the -- in the long tail, but anything new there to talk about on the competitive front? And then do you expect to see continued strong growth in that in the years ahead?

我想知道您是否可以談談您在那裡的增長跑道以及您是否在競爭方面看到了任何新的東西。我知道你提到了一些更具挑戰性的條件——在長尾方面，但是在競爭方面有什麼新的東西可以談論嗎？那麼您預計未來幾年該領域會持續強勁成長嗎？

Yeah, Scott. Thanks for the questions. I mean, listen, there's no doubt that we're coming probably up to the tip of that hard market in a lot of these lines within the short tail segments. We're not getting the rate increases we got in '22 and '21 and '20. There are signs of more hungry competition in the market.

是的，斯科特。感謝您的提問。我的意思是，聽著，毫無疑問，在短尾部分的許多產品線中，我們可能已經到達了硬市場的頂端。我們沒有得到 22 年、21 年和 20 年的升息。有跡象顯示市場競爭更加激烈。

The good sign is that it's not necessarily all new. It's largely existing capacity that is getting hungrier rather than new capacity coming in, which tends to be the driver behind severe competition. So in '24, we don't expect to get the rate or achieve the rate increases in short tail that, necessarily, we've achieved in previous years.

好跡像是它不一定是全新的。很大程度上是現有產能變得更加飢餓，而不是新產能的進入，這往往是激烈競爭背後的驅動力。因此，在 24 年，我們預計不會像前幾年那樣獲得短尾利率或實現利率成長。

But again, it's all about rating adequacy rather than just rate movement. And I think we continue to see -- we will continue to see healthy opportunities throughout the year. I think growth in long tail will definitely be challenged. Growth in short tail will also be more challenging, but the opportunities definitely will be there.

但同樣，這一切都與評級充足性有關，而不僅僅是利率變動。我認為我們將繼續看到全年都將繼續看到健康的機會。我認為長尾的成長肯定會受到挑戰。短尾的成長也將更具挑戰性，但機會肯定是存在的。

For US and Europe specifically, our books are relatively young. So the runway for growth in those areas for us, I would say is more promising than the more established players in those markets. As we said, we're relatively underweight in Europe. Although we are growing, we are investing, so we continue to expect continued growth for us in the US and Europe. So I hope that answers your question.

特別是對於美國和歐洲，我們的書籍相對年輕。因此，我想說，對我們來說，這些領域的成長之路比這些市場中更成熟的參與者更有希望。正如我們所說，我們在歐洲的比重相對較低。儘管我們在成長，但我們也在投資，因此我們繼續期望我們在美國和歐洲的持續成長。所以我希望這能回答你的問題。

Yeah. That's helpful. I wanted to follow up just real quick, too, on the long tail, where you sound like you're pulling back a little bit and the pricing isn't quite as good. It's maybe down a little bit. Was there any particular area that you want to call out? Any areas or any lines that are specifically weaker? Or is it just kind of general a little bit weaker across the board? Or is anything kind of dragging that down more than any other line?

是的。這很有幫助。我也想快速跟進長尾，聽起來你正在退縮，而且定價也不太好。可能是有點下降了。有什麼特別想要指出的領域嗎？有哪些區域或線路特別薄弱？還是只是整體有點弱？或者有什麼比其他任何一條線更能拖累這條線？

I mean, definitely, there's more competition on the financial institutions and DNO lines. The PI is a lot more flat, really -- or was a lot more flat throughout 2023 than we saw in the FI and DNO lines. PI is definitely holding up better, which makes up the vast majority of our long tail book. So that's positive.

我的意思是，金融機構和 DNO 線路上的競爭肯定會更加激烈。PI 確實要平坦得多，或者說整個 2023 年比我們在 FI 和 DNO 線中看到的要平坦得多。PI 肯定表現得更好，它構成了我們長尾書的絕大多數。所以這是積極的。

But the trends -- as we said throughout 2023, the trends on the PI side are in the same direction. So we will take a cautious approach. We've always said when terms are -- when conditions are healthy, we'll put our foot on the gas. And when they're -- when they start to get more challenging, then we'll take the necessary steps and scale back if we have to.

但正如我們所說，整個 2023 年，PI 方面的趨勢是相同的。因此我們將採取謹慎的態度。我們總是說，當條件成熟時，我們就會全力以赴。當它們開始變得更具挑戰性時，我們將採取必要的措施，並在必要時縮減規模。

I don't think we're necessarily quite there, per se. I would also say that our renewable book is not necessarily a reflection of the market because there is a lot of business that we push away that is much more aggressively sought after that obviously does not get captured within our rate increases. So the rate increases we've mentioned are specifically to our portfolio and not necessarily a reflection of the market conditions themselves.

我認為我們本身並不一定已經做到了這一點。我還想說，我們的再生能源帳簿不一定反映市場，因為我們放棄了許多業務，而這些業務受到更積極的追捧，但顯然沒有在我們的升息中得到體現。因此，我們提到的升息是專門針對我們的投資組合的，並不一定反映市場狀況本身。

Yeah, okay. That's great. Just wanted to ask, too, about the -- I know you don't write US casually, but can you just talk about what drove the accident year loss ratio improvement in the quarter year over year? I know probably some of that's mix driven just because you're writing more short tail. But anything to comment on there, specifically on the lost trend front across your book?

好的。那太棒了。我也想問一下——我知道你不會隨便寫“美國”，但你能談談是什麼推動了本季度事故年損失率同比改善嗎？我知道其中一些可能是混合驅動的，只是因為您正在編寫更多的短尾內容。但有什麼可以評論的嗎，特別是關於你書中失去的趨勢前沿？

No, honestly. I mean, as you said, I mean, there's nothing specific that sticks out. I think we're just following it. We've always said we'll shift focus towards the areas where we believe margins are going to be highest. And reinsurance was definitely one of them this year. By and large, it was a more benign loss year as a market as well. So we got benefit of that in line with other players.

不，老實說。我的意思是，正如你所說，我的意思是，沒有什麼具體的突出之處。我想我們只是在追隨它。我們一直說我們將把重點轉向我們認為利潤率最高的領域。再保險無疑是今年的其中之一。總的來說，對於市場來說，今年也是一個較為溫和的虧損年。所以我們和其他玩家一樣從中受益。

That's great. And then just one final one just on the special dividend. That was a nice surprise, not something new for you guys. I wonder if you could talk about just some of the factors that you guys considered that led you to the special dividend versus other areas of capital return or growth. And I know you mentioned excess capital, but just anything more you can kind of comment on that, how you were thinking about that in terms of ultimately declaring special dividend?

那太棒了。最後一項就是特別股息。這真是個驚喜，對你們來說不是什麼新鮮事。我想知道你們是否可以談談你們認為導致你們獲得特別股息與其他資本回報或成長領域的因素。我知道您提到了過剩資本，但您可以對此發表更多評論，您在最終宣布特別股息方面是如何考慮的？

As you know, I mean, a couple of years ago we announced a new capital management strategy, where we had announced a new ordinary dividend. We saw the opportunities in the market, Scott. And as we've said, it's underwriting first for us -- first and foremost.

如你所知，我的意思是，幾年前我們宣布了一項新的資本管理策略，我們宣布了新的普通股息。我們看到了市場上的機會，斯科特。正如我們所說，對我們來說，它首先是承保——首先也是最重要的。

We went towards growing the portfolio when the opportunities were there, which we have done. We announced the share buy program, which we felt would be most beneficial to shareholders and adding and creating value. We use those funds to buy back the warrants last year.

當機會出現時，我們就開始擴大投資組合，而我們已經做到了。我們宣布了股票購買計劃，我們認為這對股東最有利，並增加和創造價值。我們去年用這些資金回購認股權證。

But in all honesty, the returns that we've achieved over the last couple of years have exceeded our expectations. And the returns we've made are extremely healthy, some of the best in the market, allowing us with the financial flexibility to be able to declare dividend on top of all the actions that we took in 2023 and the recognition of the support that our shareholders have given us and the rewards they deserve.

但老實說，過去幾年我們取得的回報超出了我們的預期。我們取得的回報非常健康，屬於市場上最好的回報，這使我們能夠具有財務靈活性，能夠在我們 2023 年採取的所有行動以及對我們的支持的認可之上宣布股息。他們應得的回報。

So capital wise, we remain very adequate. And with this dividend, we are confident we've got the runway and the capital to -- for us to continue on that runway of growth.

因此，就資本而言，我們仍然非常充足。有了這筆股息，我們相信我們已經擁有了繼續成長的跑道和資本。

Great. Appreciate all the answers, Waleed. Thanks.

偉大的。感謝所有的答案，瓦利德。謝謝。

Thank you, Scott.

謝謝你，斯科特。

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 you have any additional questions, please contact Robin, and she will be happy to assist. We look forward to speaking to you on next quarter's call. Have a good day everyone. 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。我們期待在下個季度的電話會議上與您交談。祝大家有美好的一天。謝謝。

The conference is 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。