International General Insurance (IGIC) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with $24.4 million core operating income, up 25.1% year-over-year, driven by higher underwriting income and disciplined execution despite global uncertainty and Middle East conflict.

• Underwriting income rose 35.1% to $37.7 million, reflecting resilience amid war losses and a large energy claim.

• Nearly $65 million was returned to shareholders via dividends and share repurchases, including an extraordinary dividend of $1.15 per share.

• Book value per share decreased 7.7% from year-end 2025 to $15.60, reflecting capital returns.

• Maintained consistent long-term performance and a diversified platform, enabling capitalization on opportunities amid market dislocation.

Financial highlights

• Gross written premiums were $197.2 million, down from $206.5 million year-over-year due to cycle management and non-renewal of two reinsurance programs.

• Underwriting income rose 35.1% to $37.7 million; combined ratio improved to 89.1% from 94.4% last year.

• Net premiums earned were $111.2 million, flat year-over-year.

• Core operating income was $24.4 million ($0.56/share), up from $19.5 million ($0.42/share) in Q1 2025.

• Book value per share was $15.60 at quarter-end, down from $16.91 at year-end 2025.

Outlook and guidance

• Market conditions remain uncertain, especially in the Middle East, but significant opportunities are emerging in political violence and specialty treaty lines.

• Focus on growth in U.S. business from London/Bermuda and continued expansion in Middle East, Asia Pacific, and North Africa.

• Expect continued improvement in renewal rates for marine liability and direct liability books through 2027.

• Anticipate ongoing reserve releases due to cautious reserving approach, though more caution is expected as market competition intensifies.

• Management remains focused on disciplined underwriting, portfolio management, and capitalizing on new opportunities.