International General Insurance (IGIC) Q3 2026 earnings summary

Executive summary

• Q3 and 9M underwriting remained profitable despite softening markets and elevated catastrophe losses; Q3 combined ratio was 85.7%, and 9M core operating ROAE was 13.8%.

• The Middle East war drove the largest loss event in 25 years of operations, while disciplined portfolio management and diversification remained central to strategy.

Financial highlights

• Total revenue was $140.0M in Q3 vs $128.6M and $409.3M in 9M vs $390.6M.

• Gross written premiums were $119.6M in Q3 vs $131.3M and $518.5M in 9M vs $525.6M; lower Short-tail energy production drove the Q3 decline.

• Net premiums earned rose to $124.5M from $114.7M in Q3 and to $360.7M from $342.5M in 9M.

• Underwriting income was $43.0M in Q3 vs $51.4M and $110.2M in 9M vs $114.3M.

• Net income was $28.0M in Q3 vs $33.5M and $70.5M in 9M vs $94.9M; core operating income was $28.2M and $71.2M, respectively.

Outlook and guidance

• Near-term short-tail top-line pressure is expected as rates decline; underwriting and reinsurance strategies will be adjusted to manage exposure and volatility.

• Portfolio protection and selective opportunities remain priorities; the India team was expected to be mostly in place by November and fully staffed by end-January.

• Marine liability renewals are expected to remain healthy in 2027; upgrade-related opportunities could become more meaningful from 2027 onward.