International General Insurance (IGIC) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $34.1 million (up 4% year-over-year), while H1 net income was $61.4 million, down from $70.7 million last year due to currency revaluation and higher losses.

• Book value per share increased 3.4% to $15.36 at June 30, 2025; up 4.8% from March 2025 and 3.4% from December 2024.

• $77 million returned to shareholders in H1 2025 via dividends (including a $0.85 extraordinary dividend) and share repurchases.

• Maintains zero financial leverage and a conservative investment strategy with an average bond portfolio credit quality of A.

• Strong performance attributed to disciplined underwriting, capital management, and diversified portfolio, despite challenging market and macroeconomic conditions.

Financial highlights

• Gross written premiums for Q2 2025 were $187.8 million to $205.6 million; H1 2025 gross premiums were $387.2 million to $395 million, with reinsurance segment growth.

• Net earned premium for Q2 2025 was $115 million to $118 million; H1 2025 net earned premium was $227.8 million.

• Combined ratio for Q2 2025 was 90.5% (impacted by 20.7–21 points from FX revaluation); H1 2025 combined ratio was 92.4%.

• Investment income for Q2 2025 was $14 million to $17.1 million (up 5–26.7% YoY); H1 2025 was $27.5 million to $32.6 million, with an average annualized yield of 4.4–4.5%.

• Underwriting income for Q2 2025 was $35 million, impacted by $20 million FX revaluation; H1 2025 was $63 million.

Outlook and guidance

• Focus on profitable growth in specialty treaty reinsurance and short-tail lines, with no US liability business exposure.

• Continued expansion in Asia Pacific and MENA regions, leveraging local expertise and diversified teams.

• Expect continued contraction in top line in certain areas due to profitability focus; reinsurance and select short-tail lines remain healthy.

• Long-tail segment outlook remains challenging; non-renewal of underperforming professional indemnity portfolio expected to improve profitability.

• Management remains optimistic about long-term value creation and resilience through market cycles.