International General Insurance Holdings Ltd (IGIC) 2024 Q2 法說會逐字稿

Good day, and welcome to the International General Insurance Holdings Limited second quarter earnings 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第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

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

現在，我想將會議交給投資者關係主管 Robin Sidders。請繼續。

Thank you, Alison, and good morning. Welcome to today's conference call. Today we'll be discussing our second quarter and half year 2024 financial results. You will have seen our results press release which we issued after the market closed yesterday, but if you'd like a copy of the press release, you can find it on our website in the investors section at www.iginsure.com.

謝謝你，艾莉森，早安。歡迎參加今天的電話會議。今天我們將討論 2024 年第二季和半年的財務表現。您將會看到我們昨天收盤後發布的業績新聞稿，但如果您想要新聞稿的副本，您可以在我們網站 www.iginsure.com 的投資者部分找到它。

We've posted a supplementary financial -- supplementary investor presentation as well, which can also be found on our website under the presentations page. On today's call our Executive Chairman of IGI, Wasef Jabsheh; President and CEO, Waleed Jabsheh; and Chief Financial Officer, Pervez Rizvi.

我們也發布了補充財務-補充投資者演示文稿，也可以在我們網站的簡報頁面下找到。在今天的電話會議上，我們的 IGI 執行主席 Wasef Jabsheh 表示：總裁兼執行長 Waleed Jabsheh；和財務長 Pervez Rizvi。

As always, Wasef will begin the call with the high level comments and then hand the call over to Waleed to talk through the key drivers of our results for the second quarter and first half and finish up with our views on market conditions and our outlook for the remainder of 2024. At that point, we'll open the call up for Q&A.

像往常一樣，Wasef 將以高層評論開始電話會議，然後將電話交給 Waleed，討論我們第二季度和上半年業績的關鍵驅動因素，最後介紹我們對市場狀況的看法以及我們的前景。時間。屆時，我們將開啟問答徵集。

I'll begin with some customary Safe Harbor language. Our speakers' remarks today may contain forward-looking statements. Some of these 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 the future plan, estimate or expectations contemplated by us will in fact be achieved.

我將從一些習慣性的安全港語言開始。我們今天發言者的言論可能包含前瞻性陳述。其中一些陳述可以透過使用前瞻性詞語來識別。我們提醒您，此類前瞻性聲明不應被視為我們代表我們預期的未來計劃、估計或期望實際上將會實現。

These 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 Form 20-F for the year ended December 31, '23.

這些陳述涉及風險、不確定性和假設。由於多種因素，包括本公司截至 2023 年 12 月 31 日的 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有重大差異。

The company's reports on Form 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.

該公司向 SEC 提交的 6-K 表格和其他文件的報告以及我們昨天晚上發布的業績新聞稿。我們沒有義務公開更新或修改任何僅截至其發布之日的前瞻性聲明。

During this call, we'll use certain non-GAAP financial measures. For a reconciliation of these measures to the nearest GAAP measure, please see our earnings release, which has now been filed with the SEC and is available also on our website.

在本次電話會議中，我們將使用某些非公認會計準則財務指標。有關這些措施與最接近的 GAAP 措施的對照，請參閱我們的收益報告，該報告現已向 SEC 備案，也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 few short remarks before handing the call over to Waleed. I'm pleased to report that IGI once again delivered excellent results in the second quarter, leading to a very strong first half of 2024.

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。我很高興地報告，IGI 在第二季度再次取得了出色的業績，為 2024 年上半年帶來了非常強勁的業績。

We reported annualized return on average equity of 22.9% for the quarter and 25.1% for the half year. These are impressive numbers especially given that our average equity increased by almost [30%] in the year to June 30.

我們公佈的季度平均股本年化報酬率為 22.9%，半年為 25.1%。這些數字令人印象深刻，特別是考慮到我們的平均股本在截至 6 月 30 日的一年中增長了近 [30%]。

So far in '24 -- 2024, we have grown our book value per share, which is our most important measure by 7.3% and this is after paying regular quarterly dividends and an extraordinary cash dividend of $0.50 per share. I would also note that this is on the back of book value per share growth of more than 36% in 2023.

到目前為止，從 2024 年到 2024 年，我們的每股帳面價值（這是我們最重要的衡量標準）增長了 7.3%，這是在支付定期季度股息和每股 0.50 美元的特別現金股息之後。我還想指出的是，這是在 2023 年每股帳面價值成長超過 36% 的基礎上實現的。

Our promise to shareholders is to generate consistent and sustainable value over the long-term. We do that first through our underwriting, where we believe we can generate the greatest returns. In the past five years, we have more than doubled our underwriting portfolio, significantly improving our diversification along with the strength of our growing balance sheet, where we have double the size of our investment portfolio.

我們對股東的承諾是長期創造一致且可持續的價值。我們首先透過承保來做到這一點，我們相信我們可以產生最大的回報。在過去五年中，我們的承保投資組合增加了一倍多，顯著改善了我們的多元化，同時我們的資產負債表不斷增長，投資組合的規模擴大了一倍。

We are more resilient than ever and that is showing in our results. Our value at IGI is in our ability to generate consistently high quality results in any stage of the market cycle. So that we continue to reward our shareholders who have put their trust in us and supported us.

我們比以往任何時候都更有彈性，這在我們的業績中得到了體現。IGI 的價值在於我們能夠在市場週期的任何階段持續產生高品質的結果。以便我們不斷回饋信任我們、支持我們的股東。

I will now hand over to Waleed who will discuss the second quarter results in more detail and overall market conditions and our outlook for the remainder of 2024. I will remain on the call for any questions at the end.

我現在將交給 Waleed，他將更詳細地討論第二季業績、整體市場狀況以及我們對 2024 年剩餘時間的展望。最後我將繼續回答任何問題。

Good morning, everyone. Thank you, Wasef and thank you all for joining us today. As Wasef said, we're in a great position as we continue through the second half of 2024. We've had another excellent quarter and a strong first half with very solid results.

大家早安。謝謝瓦瑟夫，也謝謝大家今天加入我們。正如 Wasef 所說，我們在 2024 年下半年繼續處於有利地位。我們又經歷了一個出色的季度和強勁的上半場，取得了非常紮實的成果。

We're continuing to see relatively healthy conditions across much of our portfolio and pursuing opportunities to enhance our distribution capabilities that will ultimately generate additional value. That is our primary goal and our promise to create opportunities that will generate consistent and sustainable value for the long term. And as we've demonstrated over the past two decades, we do this throughout market cycles.

我們繼續看到我們的大部分投資組合都處於相對健康的狀況，並尋求機會來增強我們的分銷能力，最終將產生額外的價值。這是我們的首要目標，也是我們創造機會、長期產生一致和永續價值的承諾。正如我們在過去二十年所證明的那樣，我們在整個市場週期中都這樣做。

In 2024, while conditions remain generally healthy, there are areas of our portfolio which continue to be a little bit more challenging. Overall, market conditions for our short-tail and reinsurance lines are the strongest, with a little more variation on the short tail side.

到 2024 年，雖然情勢整體保持健康，但我們投資組合的某些領域仍面臨更大的挑戰。整體而言，我們的短尾和再保險產品線的市場狀況最為強勁，短尾方面的變化稍大一些。

In our longer tail lines, conditions are a little tougher, but I'd say that the market's behaving in an orderly manner and there are some areas where the pace of breaking decline is actually slow. Broadly speaking, there's definitely a more pressure environment where many players in the market and by that, I mean predominantly existing capacity they're pushing for increased market share. And I'll talk about that a little more later in the call.

在我們較長的尾線中，情況有點困難，但我想說，市場表現有序，而且在某些領域，突破下跌的步伐實際上很慢。從廣義上講，市場上的許多參與者肯定面臨著更大的壓力環境，我的意思是，他們主要利用現有產能來爭取增加市場份額。我稍後會在電話中進一步討論這一點。

So far this year, we've seen a more active loss environment overall. Notably natural events like the earthquake in Taiwan, flooding in Oman and in the UAE, as well as some offshore energy losses and you see the impact of these in our results.

今年到目前為止，我們總體上看到了更活躍的損失環境。特別是台灣地震、阿曼和阿聯酋洪水等自然事件，以及一些海上能源損失，您可以在我們的結果中看到這些影響。

I'll give a quick recap of the results for the second quarter and half year, and then I'll talk more about what we're seeing in our markets and our outlook for the remainder of the year. Gross written premium growth in the second quarter of 2024 was 3% and 3.7% for the first half, driven by growth in the short tail and reinsurance segments.

我將快速回顧第二季和半年的業績，然後我將更多地談論我們在市場上看到的情況以及我們對今年剩餘時間的展望。在短尾和再保險領域成長的推動下，2024 年第二季的毛保費成長率為 3%，上半年的毛保費成長率為 3.7%。

This is a little more disappointing than I would have expected, but to be clear, it's not that the business and the opportunities aren't there, it's that the underlying profitability of the business isn't meeting our requirements.

這比我預期的要令人失望一些，但要明確的是，並不是業務和機會不存在，而是業務的基本盈利能力沒有滿足我們的要求。

This goes back to the point I made a moment ago on the increasing competitive pressures. If the profitability doesn't meet our requirements, we simply won't write it, it's as simple as that. We said in last quarter's call that we expect gross premium growth would be in the high single-digits to low double-digits for the year, but I think it's now more likely to be mid to possibly high single-digits.

這又回到了我剛才提到的關於競爭壓力日益增加的觀點。如果獲利能力達不到我們的要求，我們就乾脆不寫，就這麼簡單。我們在上個季度的電話會議中表示，我們預計今年毛保費成長將在高個位數到低兩位數之間，但我認為現在更有可能是中等到高個位數。

I'll talk more about this in a few moments, and as I said earlier, the second quarter was also a more active last quarter. Specifically, in the short tail segment we're seeing good opportunities for new business, particularly on the engineering and onshore energy sides but also contingency marine cargo and property.

我稍後會詳細討論這一點，正如我之前所說，第二季度也是上一個季度更加活躍的季度。具體來說，在短尾領域，我們看到了新業務的良好機會，特別是在工程和陸上能源方面，以及緊急海運貨物和財產方面。

Gross premiums in the second quarter were up 8.5% and up 6.1% for the first half, earned premium however, was up 6.3% and 11.9% for the second quarter and first half, respectively. The reinsurance segment continues to perform well, with gross premiums up 57.7% for the second quarter and 28.4% for the first half. Net premiums earned up almost 35% and just under 25% -- 29% respectively for the same period.

第二季毛保費成長8.5%，上半年成長6.1%，而賺取保費則分別成長6.3%及上半年11.9%。再保險業務持續表現良好，第二季毛保費成長57.7%，上半年成長28.4%。同期淨保費收入分別成長近 35% 和略低於 25% 至 29%。

The long tail segment continued to see some contraction in gross premium volume in the second quarter and first half as rates and conditions in some lines have reached levels where we are choosing to [non-reimbursement] our business.

由於某些險種的費率和條件已達到我們選擇[非報銷]業務的水平，第二季度和上半年長尾業務的毛保費量繼續出現一些收縮。

That's not to say that there aren't opportunities to write new business. There are and our enhanced distribution capabilities, which I'll talk about a little bit more in a moment are helping. I would note the pace of rating decline appears to be slowing in some lines, such as D&O, just providing some context on our long-tail portfolio.

這並不是說沒有機會開展新業務。我們增強的分銷能力（我稍後會詳細討論）正在發揮作用。我要指出的是，某些類別的評級下降速度似乎正在放緩，例如 D&O，這只是為我們的長尾投資組合提供了一些背景資訊。

This is an international portfolio of D&O financial institutions, professional indemnity, legal expenses with a little bit of third-party liability business only written in the Middle East and Africa. Our long tail portfolio is broadly written on claims made basis. We don't write US long-tail business in this portfolio, so the tail on our book is relatively shorter and averages around 47 years.

這是一個由 D&O 金融機構、專業賠償、法律費用以及少量第三方責任業務組成的國際投資組合，僅在中東和非洲撰寫。我們的長尾投資組合廣泛地基於索賠的基礎上編寫。我們在這個投資組合中不寫美國長尾業務，所以我們帳上的長尾相對較短，平均在47年左右。

We've grown this portfolio significantly in recent years, taking advantage of the strong conditions, market conditions and the healthy rating environment, as well as to add to the diversification of our portfolio. But I expect for the foreseeable future as we've seen several quarters of rating decline now, albeit from very high levels.

近年來，我們利用強勁的條件、市場條件和健康的評級環境，大幅擴大了這項投資組合，並增加了我們投資組合的多元化。但我預計在可預見的未來，我們已經看到評級下降了幾個季度，儘管評級是從非常高的水平下降的。

We'll continue to take a more cautious view here. And that is all part and parcel of our sound and prudent cycle management. One final note on growth expectations and I continue to say this, we are not a top line company. Our focus is on the profitability of the business and creating value.

我們將繼續對此採取更謹慎的看法。這是我們健全、審慎的周期管理的重要組成部分。關於成長預期的最後一點，我繼續說，我們不是一家頂級公司。我們的重點是業務的獲利能力和創造價值。

Specifically, on the second quarter losses I mentioned a moment ago, I mean our share of these losses was very manageable and illustrates the resilience we've created in a larger and more diversified portfolio. Our combined ratios of 81.2% and 77.7% for the second quarter and first half are well below our long-term averages is an excellent result.

具體來說，關於我剛才提到的第二季虧損，我的意思是我們在這些虧損中所佔的份額是非常可控的，這說明了我們在更大、更多元化的投資組合中創造的彈性。我們第二季和上半年的綜合成本率為 81.2% 和 77.7%，遠低於我們的長期平均水平，這是一個出色的結果。

Investment income showed significant improvement in Q2 and in H1 of 2024, resulting in a [0.6 point] improvement in the annualized investment yield to 4.6% for the first half. Specifically, in our fixed income portfolio, we maintained the overall average credit rating of A and the average duration of 3.2 years.

2024年第二季及上半年投資收益顯著改善，上半年年化投資報酬率提高[0.6個百分點]至4.6%。具體來說，在我們的固定收益投資組合中，我們維持整體平均信用評級為A，平均久期為3.2年。

Net income for Q2 was $32.8 million and $70.7 million for the first half, which is down slightly from the prior year, largely as a result of the greater loss activity we've seen in 2024, but certainly solid results.

第二季淨利為 3,280 萬美元，上半年淨利為 7,070 萬美元，比去年略有下降，主要是由於我們在 2024 年看到了更大的虧損活動，但結果肯定是穩健的。

Core operating income, which we believe is a truer measure of fundamental performance was just over $33 million in Q2 and just over $73 million in the first half. For the six months to June 30, core operating income is up 8.6% from the first half of last year, which itself was an exceptional year for us.

我們認為核心營業收入是衡量基本績效的更真實指標，第二季略高於 3,300 萬美元，上半年略高於 7,300 萬美元。截至 6 月 30 日的六個月，核心營業收入比去年上半年成長了 8.6%，這對我們來說是不平凡的一年。

Turning to the balance sheet, total assets increased just under 7% to $1.96 billion and total equity increased just under 9% to $588.2 million at the end of June. On the capital management front as you know, we increased our common share repurchase authorization 7.5 million shares.

資產負債表方面，截至 6 月底，總資產成長近 7%，達到 19.6 億美元，總股本成長近 9%，達到 5.882 億美元。如您所知，在資本管理方面，我們增加了 750 萬股普通股回購授權。

We repurchased a little over 650,000 shares in the second quarter and just a little less than 1 million shares in the first half of the year, leaving approximately 2.8 million shares remaining at the end of June. We also announced an increase to our quarterly dividend to $0.025 per share per quarter, up from $0.01 per share per quarter.

我們在第二季回購了略多於 65 萬股的股票，在上半年回購了略低於 100 萬股的股票，到 6 月底還剩下約 280 萬股。我們也宣布將季度股息從每季每股 0.01 美元增加到每季每股 0.025 美元。

And as you recall, as Wasef mentioned, we paid a special cash dividend of $0.50 share in April this year. Ultimately, we recorded a core operating ROE of 23.2% for Q2 and 26% for the first half of 2024. Lastly, and most importantly, we grew our book value per share by 7.3% to $13.31 at the end of June. So all in another excellent quarter and half year.

正如您所記得的，正如 Wasef 所提到的，我們在今年 4 月支付了 0.50 美元的特別現金股息。最終，我們第二季的核心營運 ROE 為 23.2%，2024 年上半年為 26%。最後，也是最重要的是，截至 6 月底，我們的每股帳面價值成長了 7.3%，達到 13.31 美元。這一切都發生在另一個出色的季度和半年。

Moving on to our markets and our outlook for the remainder of the year. We're seeing a continuation of the trends that we've been talking about now for the last several quarters. Although, I would note that they are a little more pronounced.

繼續我們的市場和今年剩餘時間的展望。我們看到過去幾個季度我們一直在談論的趨勢的延續。不過，我會注意到它們更明顯一些。

With increased capacity across the board, we're seeing more competition in virtually all our markets as some players continue to want to show growth and are pushing for increased market share and expanding their risk appetite.

隨著產能全面增加，我們看到幾乎所有市場的競爭都更加激烈，因為一些參與者繼續希望表現出成長，並正在努力增加市場份額並擴大他們的風險偏好。

So what does this mean for IGI? Broadly speaking, we're still seeing some good opportunities. We're pulling levers across our portfolio that are generating some excellent new business. Specifically, in underwriting, we've bolstered our talent across the group to give us more direct access in targeting new business. We've hired people in specific regions or moved existing people between regions to take advantage of specific opportunities.

那麼這對 IGI 意味著什麼？總的來說，我們仍然看到了一些很好的機會。我們正在我們的投資組合中發揮槓桿作用，創造一些優秀的新業務。具體來說，在承保方面，我們增強了整個集團的人才，使我們能夠更直接地瞄準新業務。我們在特定區域僱用了人員，或在區域之間調動了現有人員，以利用特定的機會。

As an example, we've added engineering construction underwriting capabilities in our Kuala Lumpur office, specifically target opportunities out there we've added financial professional license devices in our Oslo, Norway office to build out those capabilities and the Nordic and European markets.

例如，我們在吉隆坡辦事處增加了工程建設承保能力，專門針對那裡的機會，我們在挪威奧斯陸辦事處增加了金融專業許可設備，以增強這些能力以及北歐和歐洲市場。

You'll recall our announcement that we've established a presence of Lloyd's with the company box. We're already seeing tangible benefits in accessing business that we may not see otherwise. And these are the types of actions that we can and do take quickly and decisively to maximize our opportunities for profitable growth.

您一定還記得我們曾宣布，我們已在公司包廂內設立了勞合社 (Lloyd's) 的辦事處。我們已經看到了獲得業務帶來的實實在在的好處，而這些好處是我們在其他情況下可能看不到的。這些是我們能夠而且確實迅速而果斷地採取的行動，以最大限度地提高我們的獲利成長機會。

What's changed over the past three months since we last spoke to you is that there is increased capacity across the market, some coming from new capital and new entrants like MGAs, but predominantly it's from existing players wanting a bigger piece of the pie and we're seeing that intensifying.

自從我們上次與您交談以來，過去三個月發生的變化是，整個市場的容量有所增加，其中一些來自新資本和MGA 等新進入者，但主要來自想要分得更大份額的現有參與者，我們」我們看到這種情況正在加劇。

We're hearing this in the commentary from other insurers and reinsurers, there's a scramble to continue to show growth while rates remain strong in some areas, we're seeing greater competitive pressures in domestic markets across the board.

我們從其他保險公司和再保險公司的評論中聽到了這一點，在某些地區的利率仍然強勁的情況下，人們競相繼續顯示增長，我們看到國內市場全面面臨更大的競爭壓力。

This isn't necessarily a good thing, and as I continue to say, our primary objective is the bottom line in creating value and not showing growth just for the sake of it. We're focused on the profitability of the business we take on, no matter where we are in the cycle.

這不一定是一件好事，正如我繼續說的，我們的主要目標是創造價值的底線，而不是僅僅為了成長而顯示成長。無論我們處於週期的哪個階段，我們都專注於我們所從事業務的獲利能力。

And we will not write business that doesn't meet our profitability targets and generate value for our shareholders. And this should not be seen as a negative. Our business is and has always been cyclical, where different lines and markets move at different times, at different paces.

我們不會編寫不符合我們獲利目標並為股東創造價值的業務。這不應被視為負面影響。我們的業務始終是週期性的，不同的產品線和市場在不同的時間、以不同的速度變化。

This is nothing new to us we've been doing this for over two decades, during which we've been through many market cycles and consistently produced results -- strong results and solid returns for our shareholders

這對我們來說並不是什麼新鮮事，我們已經這樣做了二十多年，在此期間我們經歷了許多市場週期並持續產生成果——為股東帶來強勁的業績和豐厚的回報

One of the hallmarks of IGI is deep technical underwriting talent. People who understand the dynamics of their business, who have experience and strong relationships, and who can anticipate shifting ties in their markets and respond accordingly.

IGI 的標誌之一是深厚的核保技術人才。這些人了解自己的業務動態，擁有豐富的經驗和牢固的關係，能夠預測市場關係的變化並做出相應的反應。

What's most important at any stage of any cycle is that we maintain our discipline, execute consistently and move our capital to those areas with the strongest rate momentum and the highest margins. All while working within our well defined risk appetite and tolerances.

在任何週期的任何階段，最重要的是我們保持紀律，始終如一地執行，並將資金轉移到利率勢頭最強和利潤率最高的領域。始終在我們明確的風險偏好和承受範圍內開展工作。

Throughout our history, we've clearly demonstrated our ability to do this, producing high-quality results and ultimately protecting shareholder capital. That is where we are today, everything about technical underwriting, discipline, intelligent risk selection.

縱觀我們的歷史，我們已經清楚地證明了我們有能力做到這一點，產生高品質的成果並最終保護股東資本。這就是我們今天所處的位置，涉及技術承保、紀律、智慧風險選擇的一切。

Looking at specific lines and markets, the headlines are similar to the last few quarters. Price spots continue to be reinsurance and some of the short tail lines, while growth is increasingly challenging in other short tail lines and pretty much across our long tail portfolio.

從具體的線路和市場來看，頭條新聞與過去幾季相似。價格熱點仍然是再保險和一些短尾產品線，而其他短尾產品線以及幾乎整個長尾產品組合的成長面臨越來越大的挑戰。

Not to say that opportunities for growth are not there, they are. They're just relatively harder to come by at rates terms that are acceptable to us. Specifically, in our short tail segment rate momentum remains broadly steady with what we saw in the first quarter, with lots of variation by line and geography.

並不是說成長機會不存在，而是存在。只是相對難以以我們可以接受的費率條件獲得它們。具體來說，在我們的短尾部分，利率動能與我們在第一季看到的情況大致保持穩定，但不同線路和地區存在很大差異。

We're seeing the most positive rate momentum and opportunity in parts of our marine portfolio for some terminals, cargo, marine trades, as well as in the marine liability profile. In other lines and where rates are coming down closely in an orderly fashion. There continue to be some good opportunities in engineering, contingency and property but then you've got other lines that are more challenging.

我們在一些碼頭、貨運、海運貿易以及海運責任的海運投資組合中看到了最積極的利率動能和機會。在其他行業，利率正在以有序的方式密切下降。在工程、緊急和財產方面仍然有一些很好的機會，但你也有其他更具挑戰性的領域。

Engineering construction continues to be a bright spot for us in many of our markets and we will continue to focus on those most attractive regions, the Middle East and Asia, as I said earlier as well as the US where we're building our presence and relationships in business life.

工程建設仍然是我們許多市場的亮點，我們將繼續關注那些最具吸引力的地區，如我之前所說的中東和亞洲，以及我們正在建立業務和發展的美國。

In our treaty reinsurance segment, we continue to see positive rate movement on the back of upwards of 25% increases we saw last year. This continues to be the most attractive area of our portfolio right now, and we expect to continue to see opportunities to write new business.

在我們的條約再保險領域，繼去年 25% 以上的增幅之後，我們繼續看到積極的利率變動。這仍然是我們目前投資組合中最具吸引力的領域，我們預計將繼續看到新業務的機會。

The growth that we've shown in our treaty book over the past 18 months is a good example of our ability to move our capital quickly and decisively to those lines, those areas with the highest margins.

我們在過去 18 個月的條約書中所顯示的成長是一個很好的例子，說明我們有能力快速而果斷地將資本轉移到那些利潤率最高的領域。

So as I mentioned earlier, it's all about pulling the right levers at the right time, so we maximize profitability and generate the most value. In the long tail segment story is fairly similar to prior quarters net rates overall remain broadly adequate, but continue to be pressured. We shouldn't expect to see any growth in this segment in 2024, although the build out of our Oslo office and our presence at Lloyd's is producing positive results

正如我之前提到的，關鍵在於在正確的時間拉動正確的槓桿，以便我們最大限度地提高盈利能力並創造最大的價值。長尾部分的情況與前幾季相當相似，淨利率總體上仍然基本充足，但繼續面臨壓力。儘管我們奧斯陸辦事處的建設和勞合社的業務正在產生積極的成果，但我們不應期望 2024 年該領域會出現任何成長

Looking at our geographic markets, the US continues to be growth area for us and we've increased our US gross premiums by over 47% in the first six months of the year compared to same period last year. But this is also where we're seeing rising competitive pressures, mostly coming from existing players and domestic markets, as I mentioned previously.

從我們的地域市場來看，美國仍然是我們的成長區域，今年前六個月我們的美國毛保費與去年同期相比增加了 47% 以上。但這也是我們看到競爭壓力不斷上升的地方，主要來自現有參與者和國內市場，正如我之前提到的。

We're a relative newcomer to the US, when we started writing business there in 2020, as you know, we're only writing short deadlines there and earlier this year entered the engineering construction space, writing small to medium-sized projects.

我們在美國是一個相對較新的人，當我們2020 年開始在美國開展業務時，如您所知，我們只在那裡寫短期的截止日期，今年早些時候進入工程建設領域，編寫中小型項目。

We continue to focus on property, energy, political violence, contingency, cargo business and reinsurance. And to date, we've written just over $73 million of premium in the US, 55% of which is E&S business.

我們持續關注房地產、能源、政治暴力、突發事件、貨運業務和再保險。迄今為止，我們在美國的保費已超過 7,300 萬美元，其中 55% 是 E&S 業務。

In Europe, we rolled around $17 million in the second quarter and around just under $40 million in the first six months. We expect to see further opportunities for growth throughout the year as we continue as I mentioned earlier, we focus our efforts in the Nordic and mainland Europe with our platforms there.

在歐洲，我們第二季的營收約為 1,700 萬美元，前六個月的營收約為 4,000 萬美元。正如我之前提到的，我們預計全年將看到進一步的成長機會，我們將重點放在北歐和歐洲大陸，並在那裡建立我們的平台。

In the MENA region in Asia, we continue to add talent on the ground across various lines of business opportunities still there and looking to capitalize on those. So in conclusion we continue to do what we're doing.

在亞洲的中東和北非地區，我們繼續在仍然存在的各種商業機會領域中增加人才，並尋求利用這些機會。所以總而言之，我們將繼續做我們正在做的事情。

We keep our focus sharply on our core principles of selective and disciplined underwriting, dynamic cycle management and conservative reserving with the ultimate goal of protecting the profitability profile of our company and the capital that is entrusted to us.

我們高度關注選擇性和紀律承保、動態週期管理和保守儲備的核心原則，最終目標是保護我們公司的獲利狀況和委託給我們的資本。

We continue to generate excellent returns that will serve us well in the quarters and years ahead, as we've done throughout our history and allow us to continue to deliver on our promise to reward our shareholders by ultimately building consistent and sustainable value.

我們將繼續創造卓越的回報，這將在未來幾個季度和幾年為我們帶來良好的回報，就像我們在歷史上所做的那樣，並使我們能夠繼續兌現我們的承諾，透過最終建立一致且可持續的價值來回報股東。

So I'll pause there and we'll turn it over to questions. Operator, we're ready to take the first question, please.

我將在此暫停，然後我們將其轉為問題。接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作員說明）

Scott Heleniak, RBC.

斯科特·海倫尼克，加拿大皇家銀行。

Yes. Hello, hope everyone's doing well. Just a quick question here on the growth outlook that you provided, the mid to high single digits. Sounds like most of the growth is going to continue to come from the reinsurance and the short tail.

是的。你好，希望每個人都一切順利。關於您提供的成長前景，我想問一個簡單的問題，即中高個位數。聽起來大部分成長將繼續來自再保險和短尾。

But and you mentioned some of the opportunities. But anything you can touch on there, as well as the areas of long-tail that are challenging, in particular, where you're pulling back from that maybe are different than a few quarters ago. It sounds like that'll continue, but anything you can talk about in terms of, just kind of give more detail on the growth outlook by segment and what you expect to see.

但是你提到了一些機會。但你可以觸及的任何事情，以及具有挑戰性的長尾領域，特別是你正在從中撤退的領域，可能與幾個季度前有所不同。聽起來這種情況會繼續下去，但你可以談論的任何事情，只是提供有關按細分市場的成長前景以及你期望看到的更多細節。

Thanks, Scott. Thanks for the question. Yeah, sure. I think what we're saying -- what we've been saying today is in line with what we've been saying for quite a few quarters now. If we look at the long tail segment, we announced earlier last year that we would move from the inherent defects class.

謝謝，斯科特。謝謝你的提問。是的，當然。我認為我們今天所說的內容與我們幾個季度以來所說的內容是一致的。如果我們看一下長尾部分，我們去年早些時候宣布我們將從固有缺陷類別中轉移出來。

So we're seeing that impact the overall numbers and that was a pure underwriting profitability decision. But in terms of market conditions, you're seeing pretty much across all our subclasses or business lines within the segment come under pressure.

因此，我們看到這對總體數字產生了影響，而這純粹是承保獲利能力的決定。但就市場狀況而言，您會發現該細分市場內的所有子類別或業務線幾乎都面臨壓力。

The most pressure is probably on the D&O side and the financial institution side, but you're starting to see more of that creep into the professional identity as well. So as I said earlier, this is not about volume for us, this is about profitability.

最大的壓力可能是在 D&O 方面和金融機構方面，但你也開始看到更多的壓力也滲透到了職業認同。正如我之前所說，這對我們來說不是銷量的問題，而是獲利能力的問題。

And so we will continue to take the measures that we believe are necessary to protect that profitability and to continue to be able to generate results in line with what we've been delivering for the last many quarters.

因此，我們將繼續採取我們認為必要的措施來保護獲利能力，並繼續能夠產生與我們過去幾季所交付的結果相符的結果。

Reinsurance is definitely the brightest spot and this is the area where we're putting a lot of focus on. We want to grow it more and we are working on ways to take bigger advantage of this. Definitely, the healthiest segment within our overall portfolio.

再保險絕對是最亮點，也是我們重點關注的領域。我們希望進一步發展它，並且正在研究如何更好地利用這一點。毫無疑問，這是我們整體投資組合中最健康的部分。

And as long as that remains the case, we will continue to push as hard as we can in this area. Short tail segment is mixed bag, I mentioned the business lines on the call the engineering, the contingency, the cargo, the marine elements of the marine portfolio.

只要這種情況仍然存在，我們將繼續在這一領域竭盡全力。短尾部分是魚龍混雜，我提到了關於工程、緊急、貨物、海洋組合的海洋元素的業務線。

Those are still behaving very well and by and large property continues to be good, it was a nice modest growth for us on property side. Onshore energy is driving good opportunities and still healthy conditions. On the flip side, aviation is extremely challenging and that's an area where our book has reduced quite significantly.

這些仍然表現良好，總的來說，房地產仍然表現良好，這對我們來說在房地產方面是一個不錯的適度增長。陸上能源正在帶來良好的機會和仍然健康的條件。另一方面，航空業極具挑戰性，我們的書大幅減少了這個領域。

And upstream energy, despite the losses in the market, doesn't seem to be reacting the way we would want the market to react. Other markets flattish so that's why you saw most of the short tail lines are either relatively stable the way they are or pushing up with a couple coming down.

而上游能源，儘管市場出現了損失，但似乎並沒有按照我們希望市場的反應方式做出反應。其他市場持平，因此您會看到大多數短尾線要么相對穩定，要么上漲，但有幾條下跌。

That's why you're seeing overall growth in that segment. Reinsurance is reinsurance and long tail, we're seeing pressure across practically everything within. So looking forward, I don't think that's going to change, not in the near-term, not for the rest of this year. The long tail will continue to be under pressure and we'll push as much as we can taking advantage of the conditions within reinsurance and within the attractive short tail.

這就是為什麼您會看到該細分市場的整體成長。再保險是再保險和長尾，我們幾乎看到了內部所有方面的壓力。因此，展望未來，我認為這種情況不會改變，短期內不會改變，今年剩餘時間也不會改變。長尾將繼續面臨壓力，我們將利用再保險和有吸引力的短尾的條件，盡可能地推動。

All right, that's great detailment. And then, just switching over a little bit on the US business gross written premiums you mentioned were up 47%. So it sounds like you're seeing a lot of opportunity there. But within the property market in the US, some people are talking about rates coming down a little bit and a little less opportunity.

好吧，這很詳細。然後，稍微調整一下，您提到的美國企業總保費增加了 47%。聽起來你在那裡看到了很多機會。但在美國房地產市場，有些人正在談論利率下降一點，機會少一點。

Just curious, the growth that you're seeing this year, is it -- how much of that is coming from some of the other lines you mentioned versus property and how you're viewing that relative to the rest of that US book?

只是好奇，你今年看到的成長是——其中有多少來自你提到的與房地產相關的其他一些領域，以及相對於那本美國書的其他部分，你如何看待這一點？

As you know, we've expanded our product suite, adding engineering and construction. So that's delivering good opportunities growth, because our portfolio is relatively infant, I mean yes, it's four years old, but we always said whenever we enter a new market, we take it step by step, cautious and try to -- what do you call it, to grow the book, grow our portfolios in a controllable and measured fashion.

如您所知，我們擴展了我們的產品套件，增加了工程和施工。因此，這提供了良好的成長機會，因為我們的投資組合相對來說還處於起步階段，我的意思是，是的，它已經有四年了，但我們總是說，每當我們進入一個新市場時，我們都會一步一步、謹慎並嘗試——你會怎麼做？ 稱之為，以可控和可衡量的方式增加書籍，增加我們的投資組合。

For us, achieving that growth is not -- we are seeing the pressures. Now the pressures are that the market is probably stabilized, which means that the rating environment is still adequate, still healthy. You are seeing, as I mentioned on the call, players wanting a bigger piece of the pie, wanting a bigger market share and some players out there are a lot more aggressive than others.

對我們來說，實現這種成長並不是——我們看到了壓力。現在的壓力是市場可能企穩，這意味著評級環境仍然充足、仍然健康。正如我在電話會議上提到的，你會看到，玩家想要分得更大的份額，想要更大的市場份額，而且有些玩家比其他玩家更具侵略性。

But by and large, we were able to cut deals for ourselves that remain attractive. We are able to cut deals on new business for ourselves that are attractive, allowing us to continue to grow. We've grown the property book, we've grown the onshore energy book, we've grown the contingency, the treaty. It's across the board where we've been able to capitalize on opportunities.

但總的來說，我們能夠為自己達成仍然有吸引力的交易。我們能夠為自己達成有吸引力的新業務交易，使我們能夠繼續發展。我們已經增加了財產簿，我們已經增加了陸上能源簿，我們已經增加了意外事件和條約。我們能夠全面利用機會。

And in the US underwriting season is pretty much over for us. It's all gets underwritten in the first six months, seven months of the year. It'll be interesting to see whether the forecasters are right about this year's win season and what impact that may have on the market going forward.

在美國，我們的承保季節已經基本結束。每年的前六個月、前七個月都會被承保。看看預測者對今年勝利季節的預測是否正確以及這可能對未來市場產生什麼影響將會很有趣。

Got it. And then just moving over to reserve development. Your favorable reserve development has run at really high level for the company for a while now. Just a little more detail on that kind of where that's coming from by segment. If there's any particular line that stands out, whether it's new year’s or occupancy years. Just any context on why that's coming in so much better than expected would be helpful.

知道了。然後就轉向儲備開發。一段時間以來，你們有利的儲備開發一直在公司的高水準上運作。只是按細分市場詳細介紹一下這種情況的來源。如果有任何特別的線條引人注目，無論是新年還是入住年份。任何關於為什麼會比預期好得多的背景都會有所幫助。

I think similar to what we've said in previous calls, we take a very cautious approach to reserving. We would rather conservatively reserve to begin with rather than find ourselves in situations where we have to actually put more reserves in.

我認為與我們在之前的電話中所說的類似，我們對預訂採取非常謹慎的態度。我們寧願一開始就保守地儲備，而不是發現自己陷入必須實際投入更多儲備的情況。

In terms of the releases, there isn't a specific year that these releases are allocated to. It varies across it goes back to many years, especially within the -- obviously the long-tail lines. The short-tail lines will be more on the '23 and '22 occupancy years.

就版本而言，這些版本沒有分配到特定的年份。它的變化可以追溯到很多年前，特別是在——顯然是長尾線內。短尾線路將更集中在「23」和「22」入住年份。

But the releases were more on the long tail segment in this quarter as opposed to Q1. But there were releases across the board within short tail, long tail and reinsurance. And that is a trend that, given our reserving philosophy is something that we would expect to see. And given the healthy rates that we've been achieving and putting on our books over the last several years, ultimately your margins -- what do you call it would expectancy here.

但本季的發布更多是針對長尾細分市場，而不是第一季。但短尾、長尾和再保險領域都有全面釋放。鑑於我們的保留理念，這種趨勢是我們期望看到的。考慮到過去幾年我們一直在實現並記入帳簿的健康利率，最終您的利潤率——您所說的預期將是這裡的預期。

Okay, that's helpful. I just had one last one. You mentioned in the press release some offshore energy losses in the quarter. Anything -- any further detail you can provide on that? Was it multiple losses and any kind of total that you can quantify of that? That would be helpful. I'm assuming that's in CAT losses, right? The CAT loss total but anything more you can share on that?

好的，這很有幫助。我剛剛吃了最後一粒。您在新聞稿中提到了本季的一些海上能源損失。有什麼事情嗎—您能提供更多細節嗎？是多次損失還是可以量化的總損失？那會有幫助的。我假設這是 CAT 損失，對嗎？CAT 損失總計，但您還有什麼可以分享的嗎？

No, the upstream losses were all risk losses. It wasn't a particular loss it was a multitude of losses. I mean, we've just noticed an increase in the frequency of losses in that business line. We're not out there on our own others will the whole market will have been exposed to this.

不，上游損失都是風險損失。這不是一個特定的損失，而是大量的損失。我的意思是，我們剛剛注意到該業務線的損失頻率增加。我們不能獨自一人，否則整個市場都會受到影響。

And they've predominantly been on the offshore construction side, not as much on the operation. The operational book, whilst rates are under pressure and challenging, continues to perform well. It's the challenges on the offshore construction side where we've seen that increased frequency in Los Angeles.

他們主要從事海上建設方面的工作，而不是營運方面的工作。儘管利率面臨壓力和挑戰，但操作帳簿仍然表現良好。這是海上施工方面的挑戰，我們看到洛杉磯的施工頻率增加。

Right. Thanks a lot for the answers.

正確的。非常感謝您的回答。

Thanks, Scott.

謝謝，斯科特。

Ladies and gentlemen, at this time, we will conclude our question and answer session. I would like to turn the conference back over to management for any closing remarks.

女士們、先生們，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, Alison, and thank you all for joining us today and thank you for your continued support of IGI. If you have any additional questions, please get in touch with Robin and she'll be happy to assist and we look forward to speaking to you on next quarter's call. Have a good day, everybody. Thank you.

謝謝艾莉森，感謝大家今天加入我們，並感謝大家對 IGI 的持續支持。如果您還有任何其他問題，請與 Robin 聯繫，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。

Conference has now concluded. Thank you for attending today presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。