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International General Insurance Holdings Ltd. (IGIC)
:IGIC
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International General Insurance Holdings
(NASDAQ:IGIC)
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Rating:79Outperform
Price Target:―
IGIC's overall stock score is strong at 78.6, driven primarily by its solid financial performance, robust valuation, and positive earnings call insights. The company's effective cost management, zero debt, strong equity growth, and strategic market expansion underline its resilience in a competitive and challenging market environment. However, the absence of current cash flow data presents a minor limitation. Technical indicators suggest a stable to slightly positive trend, further supporting the stock's attractiveness.
International General Insurance Holdings (IGIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.08B
Dividend Yield4.17%
Average Volume (3M)71.56K
Price to Earnings (P/E)8.7
Beta (1Y)0.78
Revenue Growth9.52%
EPS GrowthN/A
CountryUS
Employees401
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.77
Shares Outstanding45,108,936
10 Day Avg. Volume81,122
30 Day Avg. Volume71,557
Financial Highlights & Ratios
PEG Ratio0.47
Price to Book (P/B)1.61
Price to Sales (P/S)2.00
P/FCF Ratio5.18
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue1.99
Enterprise Value/Gross Profit1.99
Enterprise Value/Ebitda36.44
Forecast
1Y Price Target
$32.00Price Target Upside35.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering0
International General Insurance Holdings Business Overview & Revenue Model
Company DescriptionInternational General Insurance Holdings (IGIC) is a global specialty insurance and reinsurance company that provides a diverse range of insurance products and services. The company operates across various sectors including energy, property, construction, engineering, and marine, offering tailored risk management solutions to its clients. IGIC is known for its expertise in underwriting complex and specialized risks, providing customized insurance coverage that meets the unique needs of its diverse client base.
How the Company Makes MoneyInternational General Insurance Holdings makes money primarily through underwriting insurance policies and collecting premiums from clients. The company's revenue model is based on assessing and underwriting various types of risks, setting premium prices accordingly, and investing the premiums collected. Key revenue streams include premiums from direct insurance and reinsurance operations across sectors like energy, property, and marine. The company also generates investment income from the premiums collected, which are invested in a diverse portfolio to earn returns. Significant partnerships with brokers and agents enhance its market reach, contributing to its earnings by expanding its client base and distributing its products more effectively.
International General Insurance Holdings Earnings Call Summary
Earnings Call Date:Aug 05, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with strong financial performance and shareholder returns being offset by challenges such as competitive pressures, currency impacts, and specific segment struggles. While IGI demonstrated resilience and strategic discipline, the issues in certain segments and the impact of currency movements were significant.Q2-2025 Updates
Positive Updates
Strong Financial Performance
IGI reported a net income of $34.1 million for Q2 2025 and $61.4 million for the first half of 2025, translating to an annualized return on average equity of 20.8% and 18.6% respectively.
Shareholder Returns
IGI grew book value per share by 3.4% to $15.36 in the first half of 2025 and returned a total of $77 million to shareholders through dividends and share repurchases.
Reinsurance Segment Growth
Gross premiums in the Reinsurance segment grew by 33% in the first half of 2025 compared to the same period in 2024, driven by strong renewals and new business.
Investment Income Increase
Investment income increased by more than 10% to $27.5 million for the first half of 2025, with an average annualized yield of 4.4%.
Negative Updates
Gross Premiums Decline
Gross premiums decreased by 8.7% in Q2 2025, reflecting competitive pressures in both short-tail and long-tail segments.
Impact of Currency Movements
Currency revaluation of non-U.S. dollar reserves negatively impacted the underwriting results by approximately 21 points in Q2 and 15 points in the first half of 2025.
Long-Tail Segment Challenges
The long-tail segment recorded an underwriting loss of about $3 million for Q2 2025, primarily due to currency impacts and a higher level of losses in professional indemnity.
Professional Indemnity Portfolio Non-Renewal
Decision made to not renew a poorly performing area of the professional indemnity portfolio, resulting in a decline in gross premium of about $60 million.
Company Guidance
In the second quarter and first half of 2025, International General Insurance Holdings Limited reported strong financial performance, with net income of $34.1 million and $61.4 million, respectively. This resulted in an annualized return on average equity of 20.8% for Q2 and 18.6% for the first half. Despite facing competitive pressures, the company managed a 3.4% increase in book value per share to $15.36 and returned $77 million to shareholders through dividends and share repurchases. Gross premiums for Q2 were just under $190 million, representing an 8.7% decrease, although they grew by nearly 2% to $395 million for the first half, driven by the reinsurance segment's growth. The combined ratio stood at 90.5% for Q2 and 92.4% for the first half, impacted by foreign currency movements. The company's core operating income for Q2 was $22.8 million, with a notable influence from currency revaluation on non-U.S. dollar-denominated loss reserves.International General Insurance Holdings Financial Statement Overview
Summary
International General Insurance Holdings showcases strong financial performance with significant revenue growth and robust profitability margins. The balance sheet reflects financial stability with zero debt and solid equity growth, enhancing investor confidence. However, the lack of current cash flow data limits a full evaluation of liquidity and cash management capabilities. Overall, IGIC remains well-positioned in the insurance industry, but increased transparency in cash flow reporting would strengthen its financial narrative.Income Statement
International General Insurance Holdings (IGIC) has demonstrated strong revenue growth with a notable increase from $471.96 million in 2023 to $539 million in 2024, indicating a robust revenue growth rate of approximately 14.2%. The gross profit margin remains high at 100%, showing effective cost management. The net profit margin improved to 25.1% in 2024 from 25.0% in 2023, reflecting stability in profitability. The EBIT margin also increased significantly to 83.0% in 2024, showcasing enhanced operational efficiency. However, the absence of reported EBITDA margins is a minor limitation.85
Very Positive
Balance Sheet
The balance sheet shows a strong equity position with an equity ratio improving to 32.1% in 2024 from 35.6% in 2023, indicating stability in capitalization. The absence of total debt in 2024 is a positive sign of financial health, reducing leverage risks. Return on equity (ROE) remains impressive at 20.6%, emphasizing efficient use of shareholders' equity to generate profits. The improvement in stockholders' equity from $540.43 million in 2023 to $654.8 million in 2024 suggests a strong financial foundation. However, the decline in cash and cash equivalents poses a potential liquidity concern.78
Positive
Cash Flow
The cash flow statement reveals challenges with operating cash flow not reported in 2024, diminishing insight into cash generation capabilities. The free cash flow to net income ratio for 2023 was strong, but the absence of current free cash flow data limits the analysis. Positive free cash flow in previous years highlights effective cash management, yet the lack of recent data hinders a comprehensive assessment. The trend of no capital expenditures in 2024 suggests cost containment, but it may also imply limited reinvestment for growth.60
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 525.95M | 471.96M | 386.60M | 357.10M | 296.00M |
| Gross Profit | 230.30M | 471.60M | 386.60M | 357.10M | 296.00M |
| EBITDA | 135.69M | 0.00 | 90.94M | 47.06M | 30.02M |
| Net Income | 135.15M | 118.19M | 89.23M | 46.81M | 27.25M |
Balance Sheet | |||||
| Total Assets | 2.04B | 1.52B | 1.56B | 1.45B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 380.58M | 297.64M | 138.00M | 242.10M | 133.40M |
| Total Debt | 0.00 | 2.13M | 3.07M | 3.75M | 2.95M |
| Total Liabilities | 1.38B | 976.37M | 1.13B | 1.05B | 884.60M |
| Stockholders Equity | 654.80M | 540.43M | 429.80M | 401.90M | 394.60M |
Cash Flow | |||||
| Free Cash Flow | 202.84M | 193.36M | -86.62M | 127.44M | -92.48M |
| Operating Cash Flow | 209.47M | 196.61M | -85.35M | 129.79M | -90.57M |
| Investing Cash Flow | -186.57M | -90.36M | -1.24M | -2.49M | -1.91M |
| Financing Cash Flow | -49.68M | -49.16M | -14.25M | -16.89M | 35.66M |
International General Insurance Holdings Technical Analysis
Negative
23.65
Price Trends
23.99
Negative
23.71
Negative
23.93
Negative
Market Momentum
-0.05
Positive
43.86
Neutral
24.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IGIC, the sentiment is Negative. The current price of 23.65 is below the 20-day moving average (MA) of 24.09, below the 50-day MA of 23.99, and below the 200-day MA of 23.93, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 43.86 is Neutral, neither overbought nor oversold. The STOCH value of 24.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IGIC.
International General Insurance Holdings Risk Analysis
International General Insurance Holdings disclosed 77 risk factors in its most recent earnings report. International General Insurance Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
International General Insurance Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.08B | 8.69 | 20.11% | 4.17% | 9.52% | ― | |
78 Outperform | 32.85B | 9.14 | 16.21% | ― | 23.79% | -32.09% | |
77 Outperform | 5.04B | 10.80 | 9.46% | ― | 10.70% | -39.16% | |
70 Outperform | 42.40B | 14.18 | 7.71% | 2.22% | -33.87% | -5.72% | |
66 Neutral | 1.84B | -41.54 | 4.63% | 2.60% | 20.42% | -110.82% | |
63 Neutral | 2.98B | 67.67 | -38.05% | ― | 23.49% | 60.38% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
Performance Comparison
IGIC
International General Insurance Holdings
23.65
5.49
30.23%
ORI
Old Republic International
41.08
8.81
27.30%
GSHD
GooseHead Insurance
77.37
-5.73
-6.90%
WDH
Waterdrop
1.92
0.85
79.44%
FIHL
Fidelis Insurance Holdings Ltd.
17.34
-0.27
-1.53%
YB
Yuanbao, Inc. Unsponsored ADR
21.67
6.67
44.47%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.