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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
$935.44M
Dividend Yield4.45%
Average Volume (3M)80.94K
Price to Earnings (P/E)7.7
Beta (1Y)0.85
Revenue Growth0.76%
EPS GrowthN/A
CountryUS
Employees401
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.75
Shares Outstanding43,958,733
10 Day Avg. Volume95,463
30 Day Avg. Volume80,937
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 Cap1.10
Enterprise Value/Revenue1.88
Enterprise Value/Gross Profit2.76
Enterprise Value/Ebitda8.26
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook. While IGI reported strong net income growth and shareholder returns, challenges such as declining gross premiums and currency revaluation impacts were noted. The S&P upgrade is a significant achievement, and the company maintains a disciplined approach to market conditions.Q3-2025 Updates
Positive Updates
Net Income Growth
IGI generated net income of $33.5 million for the third quarter and $94.9 million for the first nine months of 2025, resulting in an annualized return on average equity of 20% for the third quarter and 19% for the first nine months.
Book Value and Shareholder Returns
The company grew book value per share by almost 10% to $16.23 per share in the first nine months of the year and returned close to $100 million to shareholders in dividends and share repurchases.
S&P Financial Grade Upgrade
IGI received an S&P financial grade upgrade to A with a stable outlook, highlighting the company's strong track record and foundation.
Negative Updates
Decline in Gross Premiums Written
Gross premiums written in Q3 decreased by about 5% due to a lower volume in the reinsurance and long-tail segments.
Impact of Currency Revaluation
The combined ratio for the first 9 months of 2025 was negatively impacted by about 7.5 points of currency revaluation.
Decreased Underwriting Income
Underwriting income was down 14.7% in Q3 compared to the same period last year, largely due to lower net premiums earned.
Company Guidance
During the International General Insurance Holdings Third Quarter and Nine-Month 2025 Financial Results Conference Call, the company reported strong financial performance with a net income of $33.5 million for Q3 and $94.9 million for the first nine months of 2025. This performance translated into an annualized return on average equity of 20% for Q3 and 19% for the first nine months. The company's book value per share grew by nearly 10% to $16.23, and they returned approximately $100 million to shareholders through dividends and share repurchases. Gross premiums written in Q3 were $131 million, reflecting a 5% decrease, while net premiums earned were just under $115 million. The combined ratio stood at 76.5% for Q3, aided by currency revaluation benefits, and 87% for the first nine months. The company also reported a favorable prior year development of $10.5 million for Q3. IGI recently received an S&P financial grade upgrade to A with a stable outlook, which is expected to enhance their business opportunities. The conference also outlined their strategic focus on maintaining underwriting discipline amidst increasing market competition, especially as they approach the January 1, 2026, renewals.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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 548.91M | 525.95M | 471.96M | 394.37M | 350.38M | 308.27M |
| Gross Profit | 372.80M | 539.01M | 471.60M | 393.22M | 350.38M | 86.06M |
| EBITDA | 124.69M | 135.69M | 0.00 | 90.94M | 48.57M | 30.02M |
| Net Income | 125.95M | 135.15M | 118.19M | 89.23M | 46.81M | 27.25M |
Balance Sheet | ||||||
| Total Assets | 2.12B | 2.04B | 1.52B | 1.56B | 1.45B | 1.28B |
| Cash, Cash Equivalents and Short-Term Investments | 1.22B | 380.58M | 297.64M | 138.00M | 670.96M | 133.40M |
| Total Debt | 0.00 | 4.24M | 2.13M | 3.07M | 3.75M | 2.95M |
| Total Liabilities | 1.46B | 1.38B | 976.37M | 1.13B | 1.05B | 884.60M |
| Stockholders Equity | 662.32M | 654.80M | 540.43M | 410.94M | 401.90M | 381.01M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 202.84M | 193.36M | -86.62M | 127.44M | -92.48M |
| Operating Cash Flow | 0.00 | 209.47M | 196.61M | -85.35M | 129.79M | -90.57M |
| Investing Cash Flow | 0.00 | -186.57M | -90.36M | -1.24M | -2.49M | -1.91M |
| Financing Cash Flow | 0.00 | -49.68M | -49.16M | -12.55M | -16.89M | 35.66M |
International General Insurance Holdings Technical Analysis
Neutral
22.32
Price Trends
23.13
Negative
23.45
Negative
23.82
Negative
Market Momentum
-0.36
Negative
48.46
Neutral
44.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IGIC, the sentiment is Neutral. The current price of 22.32 is above the 20-day moving average (MA) of 22.17, below the 50-day MA of 23.13, and below the 200-day MA of 23.82, indicating a neutral trend. The MACD of -0.36 indicates Negative momentum. The RSI at 48.46 is Neutral, neither overbought nor oversold. The STOCH value of 44.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $935.44M | 7.69 | 18.68% | 4.45% | 0.76% | ― | |
77 Outperform | $10.07B | 12.24 | 12.96% | 7.71% | 7.08% | -4.36% | |
69 Neutral | $1.01B | 2.55 | ― | ― | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.89B | ― | -1.83% | 2.42% | 20.42% | -110.82% | |
63 Neutral | $603.98M | 10.13 | 9.11% | 2.89% | 9.50% | 69.82% | |
59 Neutral | $2.46B | 58.69 | ― | ― | 24.81% | 55.93% |
* Financial Sector Average
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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.