International General Insurance (IGIC) 6-K Interim Condensed Consolidated Financial Statements

Exhibit 99.1

International General Insurance Holdings Ltd.

Interim Condensed Consolidated Financial Statements

June 30, 2024 (Unaudited)

International General Insurance Holdings Ltd.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

	June 30, 2024			December 31, 2023
(Expressed in thousands of U.S. Dollars, “USD”, except share and per share data)
ASSETS
Investments
Fixed maturity securities available-for-sale, at fair value (amortized cost: USD 880,584 – June 30, 2024, USD 789,619 – December 31, 2023, net of allowance for expected credit losses: USD 563 – June 30, 2024, USD 353 – December 31, 2023)		852,764			765,590
Equity securities, at fair value (cost: USD 23,426 – June 30, 2024, USD 24,056 – December 31, 2023)		28,809			26,208
Other investments, at fair value (cost: USD 12,117 – June 30, 2024, USD 11,302 – December 31, 2023)		12,122			11,060
Short-term investments		69,732			42,157
Term deposits		78,747			105,137
Equity-method investments measured at fair value		3,069			3,522
Fixed maturity securities held to maturity		1,994			1,994
Total investments		1,047,237			955,668
Cash and cash equivalents		167,606			177,022
Accrued investment income		16,011			11,471
Premiums receivable, net of allowance for expected credit losses (USD 12,904 – June 30, 2024, USD 11,302 – December 31, 2023)		286,466			245,217
Reinsurance recoverables, net of allowance for expected credit losses (USD 4,054 – June 30, 2024, USD 4,034 – December 31, 2023)		210,637			223,083
Ceded unearned premiums		97,853			98,013
Deferred policy acquisition costs, net of ceding commission		70,362			65,272
Deferred tax assets, net		4,137			4,157
Other assets		58,041			57,997
TOTAL ASSETS		1,958,350			1,837,900
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Reserve for unpaid loss and loss adjustment expenses		741,024			712,098
Unearned premiums		500,391			443,525
Insurance and reinsurance payables		96,436			89,704
Other liabilities		26,860			34,853
Derivative financial liability		5,430			17,290
TOTAL LIABILITIES		1,370,141			1,297,470
SHAREHOLDERS’ EQUITY
Common shares (authorized: 750,000,000 shares at USD 0.01 par value per share; issued and outstanding: 45,207,474 shares – June 30, 2024, 44,500,879 shares – December 31, 2023)		455			445
Additional paid-in capital		146,292			137,623
Treasury shares (284,044 shares –June 30, 2024, 3,800 shares – December 31, 2023)		(3,979	)		(49	)
Accumulated other comprehensive loss, net of taxes		(23,901	)		(20,638	)
Retained earnings		469,342			423,049
TOTAL SHAREHOLDERS’ EQUITY		588,209			540,430
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		1,958,350			1,837,900

See accompanying notes to the condensed consolidated financial statements

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International General Insurance Holdings Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	For the six months ended June 30,
	2024			2023
(Expressed in thousands of U.S. Dollars, “USD”, except per share data)
REVENUES:
Gross written premiums		387,197			373,534
Ceded written premiums		(93,782	)		(81,416	)
Net written premiums		293,415			292,118
Net change in unearned premiums		(57,026	)		(68,691	)
Net premiums earned		236,389			223,427
Investment income		24,934			18,433
Net realized gain on investments		98			26
Net unrealized gain on investments		3,942			7,940
Change in allowance for expected credit losses on investments		(138	)		311
Other revenues		541			1,095
Total revenues		265,766			251,232
EXPENSES:
Net loss and loss adjustment expenses		(99,238	)		(93,757	)
Net policy acquisition expenses		(39,836	)		(39,665	)
General and administrative expenses		(44,594	)		(35,851	)
Change in allowance for expected credit losses on receivables		(1,621	)		(928	)
Change in fair value of derivative financial liabilities		(3,228	)		(3,383	)
Other expenses		(2,343	)		(1,592	)
Net foreign exchange (loss) gain		(3,887	)		3,093
Total expenses		(194,747	)		(172,083	)
Income before income taxes		71,019			79,149
Income tax expense		(358	)		(4,786	)
Net income		70,661			74,363
Earnings per share
Basic earnings per share attributable to equity holders (US Dollars)		1.56			1.60
Diluted earnings per share attributable to equity holders (US Dollars)		1.55			1.59

See accompanying notes to the condensed consolidated financial statements

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International General Insurance Holdings Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

	For the six months ended June 30,
	2024			2023
	USD ’000			USD ’000
Net income		70,661			74,363
Other comprehensive income, net of taxes:
Change in unrealized gains or losses in investments		(3,287	)		4,797
Foreign currency translation adjustment		24			17
Other comprehensive (loss) income		(3,263	)		4,814
Total comprehensive income		67,398			79,177

See accompanying notes to the condensed consolidated financial statements

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International General Insurance Holdings Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)

	Common shares at par value			Additional paid-in capital			Treasury shares			Accumulated other comprehensive income (loss)			Retained earnings			Total Shareholders’ Equity
	USD ’000			USD ’000			USD ’000			USD ’000			USD ’000			USD ’000
As at December 31, 2022		460			147,893			(14	)		(44,239	)		306,839			410,939
Net Income		-			-			-			-			74,363			74,363
Other comprehensive income		-			-			-			4,814			-			4,814
Total comprehensive income		-			-			-			4,814			74,363			79,177
Issuance of common shares under share-based compensation plan		4			1,403			-			-			-			1,407
Purchase of treasury shares		-			-			(23,813	)		-			-			(23,813	)
Cancellation of treasury shares		(28	)		(23,513	)		23,541			-			-			-
Dividends paid (USD 0.02 per share)		-			-			-			-			(879	)		(879	)
As at June 30, 2023		436			125,783			(286	)		(39,425	)		380,323			466,831
As at December 31, 2023		445			137,623			(49	)		(20,638	)		423,049			540,430
Net Income		-			-			-			-			70,661			70,661
Other comprehensive loss		-			-			-			(3,263	)		-			(3,263	)
Total comprehensive income		-			-			-			(3,263	)		70,661			67,398
Issuance of common shares under share-based compensation plan		5			2,259			-			-			-			2,264
Purchase of treasury shares		-			-			(12,603	)		-			-			(12,603	)
Cancellation of treasury shares		(6	)		(8,667	)		8,673			-			-			-
Vesting of Earnout Shares		11			15,077			-			-			-			15,088
Dividends paid (USD 0.535 per share)		-			-			-			-			(24,368	)		(24,368	)
As at June 30, 2024		455			146,292			(3,979	)		(23,901	)		469,342			588,209

See accompanying notes to the condensed consolidated financial statements

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International General Insurance Holdings Ltd.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the six months ended June 30,
	2024			2023
	USD ’000			USD ’000
OPERATING ACTIVITIES:
Net cash provided by operating activities		120,732			87,816
INVESTING ACTIVITIES
Purchase of equity securities and other investments		(6,554	)		(11,924	)
Purchase of fixed maturity securities available-for-sale		(156,377	)		(133,449	)
Proceeds from maturity of fixed maturity securities held to maturity		71			21
Proceeds from sale/maturity of fixed maturity securities available-for-sale		64,399			36,426
Proceeds from sale of equity securities and other investments		7,395			10,707
Purchases of property, premises and equipment and intangible assets		(930	)		(879	)
Purchases of property and equipment and intangible assets		4			16
Change in term deposits		26,390			(4,554	)
Change in short-term investments		(27,575	)		89,463
Acquisition of a subsidiary		-			(1,101	)
Net cash used in investing activities		(93,177	)		(15,274	)
FINANCING ACTIVITIES
Dividends paid		(24,368	)		(864	)
Repurchase of common shares under share repurchase program		(12,603	)		(23,813	)
Lease liabilities payments		-			(384	)
Net cash flows used in financing activities		(36,971	)		(25,061	)
NET CHANGE IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH		(9,416	)		47,481
Net foreign exchange differences		-			2,969
Cash, cash equivalents and restricted cash at the beginning of the period		195,023			137,943
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE PERIOD		185,607			188,393
Supplemental Cash Flow Information:
Income tax paid		(271	)		(1,770	)

See accompanying notes to the condensed consolidated financial statements

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

1. DESCRIPTION OF BUSINESS

International General Insurance Holdings Ltd. (“the Company”) is an exempted company registered and incorporated in Bermuda under the Companies Act of 1981 on October 28, 2019. The Company’s registered office is at Clarendon House, 2 Church Street, Hamilton, HM11, Bermuda.

The principal activities of the Company are to primarily provide insurance and reinsurance on a worldwide basis through its principal wholly owned subsidiaries and branches, including International General Insurance Co. Ltd, International General Insurance Company (UK) Ltd, International General Insurance Company (Europe) SE, International General Insurance Company (Dubai) Ltd, IGI Nordic AS and International General Insurance Co. Ltd – Labuan Branch. The Company and its subsidiaries operate in Bermuda, the United Kingdom, Jordan, Morocco, Malaysia, Malta, Norway, the United Arab Emirates and the Cayman Islands. International General Insurance Holdings Ltd. and its subsidiaries and branches are collectively referred to hereinafter as the Company or the Group. 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, and unrealized gains and losses on transactions between Group companies are eliminated in full.

In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain adjustments necessary for a fair statement, in all material respects, of our interim condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, and our interim condensed consolidated statements of income, comprehensive income, changes in shareholders’ equity, and cashflows for the six-month periods ended June 30, 2024 and 2023. The results of operations for the six-month period ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year.

The interim condensed consolidated financial statements have been presented in United States Dollars “USD” which is also the Group’s functional currency.

The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP required management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, if any, at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

To the extent actual results differs from the assumptions used, the Group’s consolidated financial condition, results of operations and cash flows could be materially affected.

There have been no material changes in the significant accounting policies during the six months ended June 30, 2024.

Recent accounting pronouncements

Recently Issued Accounting Standards

There are no new recently issued U.S. GAAP accounting standards adopted, or to be adopted, by the Group, that have, or are expected to have, a material impact on the Group’s interim condensed consolidated financial statements.

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

3. RESTRICTED CASH

The following table reconciles cash and cash equivalents and restricted cash within the consolidated balance sheets to the total included within the consolidated statement of cash flows:

	June 30, 2024		December 31, 2023
	USD ’000		USD ’000
Cash and cash equivalents		167,606		177,022
Restricted cash (included in other assets)		18,001		18,001
Total cash, cash equivalents and restricted cash		185,607		195,023

4. RESERVES FOR UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES

The following table represents an analysis of loss and loss adjustment expenses and a reconciliation of the beginning and ending reserve for unpaid loss and loss adjustment expenses:

	June 30, 2024			December 31, 2023
	USD ’000			USD ’000
Reserve for unpaid loss and loss adjustment expenses		712,098			636,245
Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance for expected credit losses		(212,249	)		(188,800	)
Net reserve for unpaid loss and loss adjustment expenses at beginning of period / year		499,849			447,445
Loss and loss adjustment expenses incurred, net of reinsurance:
Current accident year		140,694			228,381
Previous accident years		(41,456	)		(39,294	)
Total loss and loss adjustment expenses incurred, net of reinsurance		99,238			189,087
Loss and loss adjustment expenses paid, net of reinsurance:
Current accident year		(2,435	)		(25,875	)
Prior accident years		(55,427	)		(110,844	)
Total loss and loss adjustment expenses paid, net of reinsurance		(57,862	)		(136,719	)
Change in allowance for expected credit losses on reinsurance recoverables on unpaid loss and loss adjustment expenses		-			36
Net reserve for unpaid loss and loss adjustment expenses at end of period / year		541,225			499,849
Reinsurance recoverable on unpaid loss and loss adjustment expenses, net of allowance for expected credit losses		199,799			212,249
Reserve for unpaid loss and loss adjustment expenses at end of period / year		741,024			712,098

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

4. RESERVES FOR UNPAID LOSS AND LOSS ADJUSTMENT EXPENSES (Continued)

Development on Prior Loss Reserves:

During the six months ended June 30, 2024, net ultimate losses increased by USD 140,694 thousand for accident year 2024 and decreased by USD 41,456 thousand for accident year 2023 and prior accident years. The decrease in prior years was split between USD 22,040 thousand for the short-tail business, USD 15,020 thousand for the long-tail business, and USD 4,396 thousand for the reinsurance business. The decrease in the short-tail book was primarily due to favorable catastrophe experience in the 2023 accident year. The decrease in the long-tail book was driven by favorable claims experience on the 2018 and 2020 to 2023 accident years. This was partially offset by unfavorable experience on the 2019 accident year.

During the six months ended June 30, 2023, net ultimate losses increased by USD 121,275 thousand for accident year 2023 and decreased by USD 27,518 thousand for accident year 2022 and prior accident years. The decrease in prior years was split between USD 19,556 thousand for the short-tail business, USD 4,647 thousand for the long-tail business, and USD 3,315 thousand for the reinsurance book. Assumptions for future inflation have been updated to reflect the increase in the costs of goods and some services and an anticipated knock-on change in wage related costs. The decrease in the short-tail book was primarily due to favorable catastrophe experience in the 2022 accident year. The decrease in the long-tail book was driven by favorable claims experience on the 2021 and 2022 accident years.

5. DERVIATIVE FINANCIAL LIABILITIES

Warrants

The Group issued 17,250,000 warrants, including (i) 12,750,000 warrants issued to former stockholders of Tiberius (the “Public Warrants”) and (ii) 4,500,000 warrants that were issued in exchange for 4,500,000 Tiberius warrants transferred to former shareholders of International General Insurance Holdings Limited - Dubai (the “Private Warrants”).

The Public Warrants and Private Warrants broadly had similar terms.

On July 28, 2023, the Company announced that it had commenced an offer to purchase all of its outstanding Warrants. As per the terms of the tender offer, the Company offered to purchase the Warrants (at a price of USD 0.95 per warrant) from any warrant holder who did not validly withdraw from the offer or who did not exercise their warrants by the expiration date of the tender offer (September 19, 2023). Any warrant holder who did not participate in the tender offer or who validly withdrew from the tender offer before its expiration date was given an additional 14 days after the expiration date to exercise their warrants before their warrants would be redeemed at USD 0.86 per warrant. 

As of the expiration date, 12,047,600 public warrants and 4,500,000 private warrants were validly tendered and not validly withdrawn from the offer, respectively. As of October 4, 2023 (14 days after the expiration date), the remaining 702,400 public warrants were redeemed at a price of USD 0.86 per warrant.

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

5. DERVIATIVE FINANCIAL LIABILITY (Continued)

Earnout shares classified as liability

Earnout Shares issued to former stockholders of Tiberius and former shareholders of IGI are accounted for as liability classified instruments because the earnout triggering events that determine the number of Earnout Shares to be earned include multiple settlements alternatives and events that are not solely indexed to the common stock of the Company.

The fair value of this liability is determined using a Monte Carlo simulation model. This approach takes into account the share price as at the Valuation Date, the threshold price for vesting, expected volatility (estimated using historical share price movements of comparable companies), expected dividend yield, the risk-free rate, and the earn out period up to March 17, 2028.

The Earnout Shares are subject to vesting at stock prices ranging from USD 11.50 to 15.25 per share.

On December 13, 2023, January 23, 2024 and June 10, 2024 the first, second and third vesting threshold of the Earnout Shares was achieved. Accordingly, 1,400,000, 560,800 and 550,000 shares were transferred to equity and no longer considered a liability. 

The following table summarizes the assumptions used in estimating the fair value of the Earnout Shares as of the end of each relevant period / year:

	June 30, 2024			December 31, 2023
Stock price (USD)		14.00			12.88
Expected volatility (%)		25.0	%		25.0	%
Risk free rate (%)		4.45	%		3.91	%
Expected term (in years)		3.71			4.21
Expected dividends (%)		0.29	%		0.31	%

The table below illustrates the movement on the Earnout Shares during the period / year:

	June 30, 2024			December 31, 2023
	USD ’000			USD ’000
Fair value of Earnout Shares at the beginning of the period / year		17,290			13,800
Change in fair value		3,228			20,970
Transfer of the vested Earnout Shares to equity		(15,088	)		(17,480	)
Fair value of Earnout Shares at the end of period / year		5,430			17,290

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

6. FAIR VALUE

The Group uses the fair value hierarchy discussed in note 2 of the consolidated financial statements for the year ended December 31, 2023 for determining and disclosing the fair value of financial instruments by valuation techniques.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement of the asset or liability. The Group’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and the Group considers factors specific to the asset or liability.

In order to determine if a market is active or inactive for a security, the Group considers a number of factors, including, but not limited to, the spread between what a seller is asking for a security and what a buyer is bidding for the same security, the volume of trading activity for the security in question, the price of the security compared to its par value (for fixed maturity investments), and other factors that may be indicative of market activity.

	June 30, 2024
	Level 1		Level 2		Level 3		Total Estimated Fair Value
	USD ’000		USD ’000		USD ’000		USD ’000
Assets measured at fair value:
Fixed maturity available-for sale-securities:
Foreign governments		6,219		21,532		-		27,751
Corporate bonds		430,870		394,143		-		825,013
Total		437,089		415,675		-		852,764
Equity securities		28,809		-		-		28,809
Other Investments		-		12,122		-		12,122
Fair value option:
Equity-method investments measured at fair value		-		-		3,069		3,069
		465,898		427,797		3,069		896,764
Liabilities measured at fair value:
Derivative financial liabilities (Earnout Shares)		-		-		5,430		5,430

During 2024, corporate and foreign governments bonds available-for-sale amounting to USD 58,383 thousand and USD 2,280 thousand, respectively, were transferred from level 1 to level 2 as at June 30, 2024. In addition, corporate bonds available-for-sale amounting to USD 165,250 thousand were transferred from level 2 to level 1 as at June 30, 2024. These transfers between levels 1 and 2 occur depending on the input that is significant to the fair value measurement of the financial assets.

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

6. FAIR VALUE (Continued)

	December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
	USD ’000		USD ’000		USD ’000		USD ’000
Assets measured at fair value:
Fixed maturity available-for-sale securities:
Foreign governments		2,915		9,484		-		12,399
Corporate bonds		240,716		512,475		-		753,191
Total		243,631		521,959		-		765,590
Equity securities		26,208		-		-		26,208
Other Investments		-		11,060		-		11,060
Fair value option:
Equity-method investments measured at fair value		-		-		3,522		3,522
		269,839		533,019		3,522		806,380
Liabilities measured at fair value:
Derivative financial liabilities (Earnout Shares)		-		-		17,290		17,290

The following table presents a reconciliation of the beginning and ending balances for all financial assets and liabilities measured at fair value on a recurring basis using Level 3 inputs for the six months ended June 30, 2024 and year ended December 31, 2023:

	Equity Securities			Equity- method investees			Derivative financial liabilities (Earnout Shares)
	USD ’000			USD ’000			USD ’000
Six Months Ended June 30, 2024
Balance at beginning of period		-			3,522			(17,290	)
Change in fair value included in earnings		-			(453	)		(3,228	)
Vesting of Earnout Shares		-			-			15,088
Balance at end of period		-			3,069			(5,430	)
Year Ended December 31, 2023
Balance at beginning of year		7,364			4,907			(13,800	)
Change in fair value included in earnings		(374	)		(1,385	)		(20,970	)
Vesting of Earnout Shares		-			-			17,480
Transfer in and/or out of Level 3		(6,990	)		-			-
Balance at end of year		-			3,522			(17,290	)

There are no active markets for the equity-method investments measured at fair value.

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

6. FAIR VALUE (Continued)

Financial Instruments Disclosed, But Not Carried, At Fair Value:

The Company uses various financial instruments in the normal course of its business. The carrying values of cash and cash equivalents, term deposits, short-term investments, accrued investment income, certain other assets and certain other liabilities not included herein approximated their fair values at June 30, 2024, due to their respective short maturities.

7.  TREASURY SHARES

On May 23, 2022, the Board of Directors approved a repurchase authorization of up to 5 million of its issued and outstanding common shares. This authorization, which does not have an expiration date, replaced the Group’s prior authorization of an aggregate consideration of up to USD 5,000 thousand, which was terminated. On June 7, 2024, the Board of Directors has increased the Company’s existing share repurchase authorization by 2.5 million to 7.5 million shares of its issued and outstanding common stock. The table below illustrates the movement on the treasury shares during the year:

	June 30, 2024
	Number of shares			USD ’000
Balance at December 31, 2023		3,800			49
Repurchases		927,033			12,603
Cancellation		(646,789	)		(8,673	)
Balance at June 30, 2024		284,044			3,979

8. earnings per share

Basic earnings per share represents the net income attributable to the ordinary shareholders divided by the weighted average number of common shares outstanding during the periods.

Diluted earnings per share represents the net income attributable to the ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares.

The company has 462,500 unvested earnout shares outstanding as at and for the period ended June 30, 2024. These earnout shares contain a non-forfeitable right to dividends and hence are considered as participating securities. The two-class method was applied to compute basic earnings per share attributable to common shareholders.

Unvested restricted shares awards have been included in the diluted weighted-average common shares outstanding using the treasury stock method.

The outstanding warrants have not been factored in diluted earnings per share computation for the six months ended June 30, 2023, as the average market price of ordinary shares at the end of the period does not exceed the exercise price of the warrants. In 2023, the Company repurchased all the outstanding warrants.

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International General Insurance Holdings Ltd.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

8. earnings per share (Continued)

The following table reflects the income and share data used in the basic and diluted earnings per share calculations:

	For the six months ended June 30,
	2024			2023
Net Income (USD ’000)		70,661			74,363
Less: net income attributable to the Earnout Shares (USD ’000)		(1,050	)		(4,758	)
Less: dividends attributable to the common shares under share-based compensation plan (USD ’000)		(540	)		(15	)
Net income available to common shareholders (USD ’000)		69,071			69,590
Weighted average number of shares – basic		44,179,627			43,513,654
Common shares under share-based compensation plan		278,861			242,177
Weighted average number of shares – diluted		44,458,488			43,755,831
Basic earnings per share (USD)		1.56			1.60
Diluted earnings per share (USD)		1.55			1.59

9. subsequent events

There have been no material events between June 30, 2024 and the date of this report which are required to be disclosed.

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