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International General Insurance Holdings
(NASDAQ:IGIC)
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Rating:81Outperform
Price Target:
$28.00
▲(3.24% Upside)
Action:Reiterated
Date:08/05/26
IGIC scores well primarily on fundamentals: strong profitability and ROE with extremely low leverage drive the rating, supported by attractive valuation (low P/E and high dividend yield). Technicals are moderately positive with an established uptrend but neutral momentum. The earnings call adds a modest positive tilt due to resilience and capital returns, but meaningful loss/event risk and pricing competition keep the overall score from being higher.
Positive Factors
Resilient underwriting profitability
Maintaining underwriting profitability through major adverse events demonstrates disciplined risk selection and pricing capability. A combined ratio below 100% supports recurring operating earnings, while resilience under stress strengthens confidence in IGIC’s specialty insurance model over the next several quarters.
Negative Factors
Material war-related loss exposure
The scale of war-related losses shows that IGIC remains exposed to severe geopolitical and specialty-event risk. Such losses can materially reduce earnings, pressure capital, and make results less predictable, particularly while indirect exposures remain outside the catastrophe line.
Read all positive and negative factors
Positive Factors
Negative Factors
Resilient underwriting profitability
Maintaining underwriting profitability through major adverse events demonstrates disciplined risk selection and pricing capability. A combined ratio below 100% supports recurring operating earnings, while resilience under stress strengthens confidence in IGIC’s specialty insurance model over the next several quarters.
Read all positive factors
International General Insurance Holdings Key Performance Indicators (KPIs)
Any
Underwriting Income by Segment
Reports profit or loss from core insurance operations in each line after claims and expenses, isolating how individual segments contribute to or detract from the company’s core earnings. Persistent losses in underwriting income signal pricing or reserving problems that investment returns may be masking.
Reports profit or loss from core insurance operations in each line after claims and expenses, isolating how individual segments contribute to or detract from the company’s core earnings. Persistent losses in underwriting income signal pricing or reserving problems that investment returns may be masking.
Data provided by:
The Fly
The FlyInternational General Insurance Holdings (IGIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.03B
Dividend Yield5.77%
Average Volume (3M)82.61K
Price to Earnings (P/E)9.7
Beta (1Y)0.79
Revenue Growth-1.67%
EPS GrowthN/A
CountryUS
Employees484
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)2.49
Shares Outstanding42,466,700
10 Day Avg. Volume55,422
30 Day Avg. Volume82,614
Financial Highlights & Ratios
PEG Ratio-2.18
Price to Book (P/B)1.54
Price to Sales (P/S)2.12
P/FCF Ratio10.23
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue2.15
Enterprise Value/Gross Profit4.33
Enterprise Value/Ebitda10.41
Forecast
1Y Price Target
$31.00Price Target Upside14.31% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)2.41
Revenue Forecast (FY)$479.80M
International General Insurance Holdings Business Overview & Revenue Model
Company Description
International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is invol...
How the Company Makes Money
IGIC primarily makes money through (1) underwriting income and (2) investment income generated from investing its insurance “float” (premiums collected before claims are paid).
1) Underwriting revenue (core operating revenue)
- Premiums written a...
International General Insurance Holdings Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call communicates a resilient and broadly positive message: IGI managed one of the largest loss events in its history while remaining profitable, producing healthy underwriting margins, returning meaningful capital to shareholders, and expanding geographically (India). Nonetheless, material headwinds persist — large war losses reduced year‑over‑year net income, pricing softness and competitive pressure (particularly in energy and treaty reinsurance) remain significant risks, and reserve volatility exists in pockets. Overall, the positives (resilience, profitability, capital returns, strategic expansion) modestly outweigh the negatives (loss magnitude, YoY earnings declines, market softness).Positive Updates
Resilient Profitability and Underwriting Results
Net income of $42.5M for H1 2026 (Q2: ~$21M / $0.49 per share) with underwriting income >$67M for H1 and $29.5M for Q2. H1 combined ratio 92.2% (Q2 95.1%) and core operating return on average equity ~12.5% for H1 (Q2 core ROAE 11.3%). Management emphasized that results were achieved despite significant adverse events, demonstrating earnings power and underwriting discipline.
Negative Updates
Large War‑Related Losses — Largest Event in Company History
Net war losses reported of roughly $14M in Q2 and ~ $39M for H1 (direct and indirect), described as possibly the largest net loss event in IGI history. War accounted for ~11 points of combined ratio in Q2 and ~12 points in H1; total CAT-related points were ~18.8 in Q2 and ~19 in H1.
Read all updates
Q2-2026 Updates
Positive
Negative
Resilient Profitability and Underwriting Results
Net income of $42.5M for H1 2026 (Q2: ~$21M / $0.49 per share) with underwriting income >$67M for H1 and $29.5M for Q2. H1 combined ratio 92.2% (Q2 95.1%) and core operating return on average equity ~12.5% for H1 (Q2 core ROAE 11.3%). Management emphasized that results were achieved despite significant adverse events, demonstrating earnings power and underwriting discipline.
Read all positive updates
Company Guidance
Management's guidance was cautiously optimistic: despite war-related net losses of nearly $14 million in Q2 and roughly $39 million in H1 (including about $10 million of indirect war losses outside the CAT line), IGI expects improved pricing and selective growth—the PV book was grown ~45% in Q2 and about $10 million of GWP was written in India—to help stabilize results. Key metrics they highlighted include Q2 GWP $201.7M (H1 ~ $400M), net premiums earned $125M (Q2) / $236.2M (H1), underwriting income $29.5M (Q2) / ~$67M (H1), Q2 combined ratio 95.1% (18.8 pts CAT, 11 pts war; ex-CAT AY 74.9%) and H1 combined ratio 92.2% (19 pts CAT, 12 pts war; ex-CAT AY 86.2%), net income ~$21M (Q2) / $42.5M (H1; EPS $0.49 / $0.98), ROAE ~12–12.6% (core ~11.3–12.5%), total assets ~ $2.2B with investments/cash ~ $1.3B (fixed income ~78%, yield 4.5%, duration 3.5 yrs), total equity just under $670M, total value per share $16.04, and active capital returns of ~ $73M in H1 (≈$55M dividends including a $1.15 special and $18.2M share repurchases; ~205k shares repurchased at $24.82 avg, ~3.9M shares remain under the $5M authorization). They also noted reserve actions (>$30M prior-year releases in H1, but a modest $1.7M strengthening in the long-tail, ~1.5 pts) and said they expect selective opportunities in PV, marine and specialty treaty lines, continued stabilization in long-tail renewals, and ongoing disciplined capital management (buybacks or dividends depending on valuation).International General Insurance Holdings Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 517.00M | 516.70M | 525.95M | 477.08M | 394.37M | 347.01M |
| Gross Profit | 256.50M | 300.90M | 230.30M | 213.02M | 166.61M | 114.35M |
| EBITDA | 106.80M | 130.78M | 135.69M | 128.59M | 90.94M | 48.57M |
| Net Income | 108.40M | 127.20M | 135.15M | 118.19M | 89.23M | 46.81M |
Balance Sheet | ||||||
| Total Assets | 2.18B | 2.10B | 2.04B | 1.52B | 1.56B | 1.45B |
| Cash, Cash Equivalents and Short-Term Investments | 1.24B | 380.83M | 380.58M | 297.64M | 138.00M | 670.96M |
| Total Debt | 0.00 | 0.00 | 4.24M | 2.13M | 3.07M | 3.75M |
| Total Liabilities | 1.51B | 1.39B | 1.38B | 976.37M | 1.13B | 1.05B |
| Stockholders Equity | 669.00M | 710.15M | 654.80M | 540.43M | 410.94M | 401.90M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 107.19M | 202.84M | 193.36M | -86.62M | 127.44M |
| Operating Cash Flow | 0.00 | 108.14M | 209.47M | 196.61M | -85.35M | 129.79M |
| Investing Cash Flow | 0.00 | 35.93M | -186.57M | -90.36M | -1.24M | -2.49M |
| Financing Cash Flow | 0.00 | -107.45M | -49.68M | -49.16M | -12.55M | -16.89M |
International General Insurance Holdings Technical Analysis
Negative
27.12
Price Trends
25.39
Negative
26.12
Negative
25.19
Negative
Market Momentum
-0.16
Negative
44.33
Neutral
52.88
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 27.12 is above the 20-day moving average (MA) of 24.65, above the 50-day MA of 25.39, and above the 200-day MA of 25.19, indicating a bearish trend. The MACD of -0.16 indicates Negative momentum. The RSI at 44.33 is Neutral, neither overbought nor oversold. The STOCH value of 52.88 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $5.27B | 5.03 | 21.34% | 0.05% | 20.88% | 445.91% | |
81 Outperform | $1.03B | 9.74 | 15.95% | 5.77% | -1.67% | ― | |
81 Outperform | $34.98B | 8.28 | 18.35% | 5.16% | -5.29% | 14.08% | |
77 Outperform | $1.16T | 13.61 | 11.86% | ― | 3.93% | 36.30% | |
75 Outperform | $7.41B | 7.67 | 15.84% | 1.73% | 9.43% | 35.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $41.77B | 14.50 | 7.27% | 2.38% | -4.19% | 1.09% |
* Financial Sector Average
IGIC
International General Insurance Holdings
24.26
3.52
16.97%
AIG
American International Group
79.88
3.77
4.96%
ACGL
Arch Capital Group
102.50
16.65
19.39%
AXS
Axis Capital
101.61
14.86
17.13%
WTM
White Mountains Insurance Group
2,208.58
311.45
16.42%
BRK.B
Berkshire Hathaway B
540.34
64.58
13.57%
International General Insurance Holdings Corporate Events
International General Insurance Updates U.S. Investors With Mid‑Year 2026 Financials
Sep 8, 2026
International General Insurance Holdings Ltd. filed a Form 6-K with the U.S. Securities and Exchange Commission on September 8, 2026, providing unaudited interim condensed consolidated financial statements as of June 30, 2026 and December 31, 2025...
International General Insurance Launches Bermuda Cyber Reinsurance Platform Cipher
Sep 1, 2026
On September 1, 2026, International General Insurance Holdings announced the launch of Cipher Underwriting Ltd., a Bermuda-based specialty treaty reinsurance managing general agent focused on cyber risk, pending regulatory approval from the Bermud...
International General Insurance Shareholders Approve Director and Auditor at 2026 AGM
Aug 6, 2026
International General Insurance Holdings Ltd. reported that it held its 2026 Annual General Meeting of Shareholders on August 4, 2026, with a quorum representing 78.784% of its 42.65 million eligible common shares. Shareholders considered two key ...
International General Insurance Files Q2 2026 Investor Presentation with SEC
Aug 5, 2026
International General Insurance Holdings filed a Form 6-K with the U.S. Securities and Exchange Commission for August 2026, formally furnishing its second-quarter 2026 investor presentation as an exhibit. The filing, signed on August 4, 2026 by Ch...
International General Insurance Posts Solid H1 2026 Results and Declares Dividend Despite War-Related Losses
Aug 5, 2026
International General Insurance Holdings reported on August 4, 2026, that it delivered solid results for the second quarter and first half of 2026, with gross written premiums rising to $201.7 million and $398.9 million, respectively, and underwri...
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.