International General Insurance (IGIC) Q2 2026 earnings summary

Executive summary

• Delivered strong underwriting and financial results in Q2 and H1 2026 despite significant war-related losses in the Middle East, which represent the largest net loss event in company history; net income for Q2 2026 was $20.9M, down from $34.1M in Q2 2025, and $42.5M for H1 2026, down from $61.4M year-over-year.

• Maintained resilience and stability, demonstrating the effectiveness of a diversified portfolio and disciplined risk management.

• Combined ratio rose to 95.1% in Q2 and 92.2% in H1 2026, reflecting significant catastrophe losses and some unfavorable prior year reserve development.

• Continued to support clients and grow in key regions, including a new operational launch in India.

Financial highlights

• Gross written premiums (GWP) reached $201.7M in Q2 and $398.9M in H1 2026, up 7.4% and 1.2% year-over-year, respectively.

• Underwriting income was $29.5M for Q2 and $67.2M for H1 2026, a 6.7% increase over H1 2025.

• Net income was $20.9M ($0.49/share) for Q2 and $42.5M ($0.98/share) for H1, both down year-over-year.

• Returned $72.9M to shareholders in H1 through $54.7M in dividends and $18.2M in share repurchases.

• Book value per share at $16.04 at Q2 end, down from $16.91 at year-end 2025.

Outlook and guidance

• Expect continued market volatility and competitive pressures, especially in energy and property lines.

• Optimistic about improved pricing and new business opportunities in the Middle East and India.

• Ongoing buildout of treaty reinsurance business and expansion in India via GIFT City license.

• Management highlighted resilience and strategy effectiveness, noting the ability to absorb significant losses while maintaining profitability and shareholder returns.