International General Insurance Holdings Ltd. ((IGIC)) has held its Q3 earnings call. Read on for the main highlights of the call.
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International General Insurance Holdings Ltd. (IGI) recently held its earnings call, presenting a mixed outlook for the company. While IGI reported strong net income growth and impressive shareholder returns, challenges such as declining gross premiums and currency revaluation impacts were noted. A significant highlight was the S&P upgrade, which underscores the company’s disciplined approach to market conditions.
Net Income Growth
IGI reported a robust net income of $33.5 million for the third quarter and $94.9 million for the first nine months of 2025. This performance translated into an annualized return on average equity of 20% for the third quarter and 19% for the first nine months, showcasing the company’s strong financial health.
Book Value and Shareholder Returns
The company successfully increased its book value per share by almost 10%, reaching $16.23 per share in the first nine months of the year. Additionally, IGI returned close to $100 million to shareholders through dividends and share repurchases, reflecting its commitment to delivering value to its investors.
S&P Financial Grade Upgrade
A noteworthy achievement for IGI was receiving an S&P financial grade upgrade to A with a stable outlook. This upgrade highlights the company’s strong track record and solid foundation, which is expected to enhance business opportunities moving forward.
Decline in Gross Premiums Written
Despite the positive financial metrics, IGI faced a 5% decrease in gross premiums written in Q3, attributed to a lower volume in the reinsurance and long-tail segments. This decline poses a challenge for the company as it navigates market conditions.
Impact of Currency Revaluation
The company’s combined ratio for the first nine months of 2025 was negatively impacted by about 7.5 points due to currency revaluation. This impact underscores the external challenges IGI faces in maintaining its financial performance.
Decreased Underwriting Income
Underwriting income saw a decline of 14.7% in Q3 compared to the same period last year, primarily due to lower net premiums earned. This decrease highlights the competitive pressures in the market affecting IGI’s core operations.
Forward-Looking Guidance
Looking ahead, IGI remains focused on maintaining underwriting discipline amidst increasing market competition, especially as they approach the January 1, 2026, renewals. The company anticipates that the recent S&P upgrade will enhance business opportunities, supporting their strategic focus.
In conclusion, International General Insurance Holdings Ltd. presented a mixed sentiment during its earnings call. While the company demonstrated strong net income growth and shareholder returns, challenges such as declining gross premiums and currency impacts were evident. The S&P upgrade stands out as a positive development, reinforcing IGI’s disciplined market approach and strategic focus for future growth.