International General Insurance (IGIC) Q1 2025 earnings summary

Executive summary

• Achieved a solid start to 2025 with a combined ratio of 94.4%, reflecting resilience despite elevated catastrophe losses, macroeconomic uncertainty, and volatility.

• Gross written premiums rose 13.7% year-over-year to $206.5 million, mainly driven by reinsurance segment growth.

• Net income for Q1 2025 was $27.3 million, down from $37.9 million in Q1 2024, due to higher loss activity and reinstatement premiums.

• Returned $43.5 million to shareholders in Q1 through dividends and share repurchases, including a special dividend of $0.85 per share.

• Maintained a disciplined, long-term approach to underwriting, capital allocation, and risk selection.

Financial highlights

• Gross written premium (GWP) grew 13.7% to $206.5 million, driven by specialty treaty reinsurance.

• Net earned premium was $112.8 million, impacted by $7.3 million in reinstatement premiums.

• Net income was $27.3 million ($0.59/share), down from $37.9 million ($0.84/share) in Q1 2024.

• Core operating income was $19.5 million ($0.42/share) versus $40 million ($0.89/share) in Q1 2024.

• Book value per share was $14.65 at March 31, 2025.

Outlook and guidance

• Confident in ability to find new business opportunities across many lines, while remaining cautious in areas with margin pressure.

• Expects continued growth in US and international markets, focusing on specialty treaty and short-tail lines.

• Reinsurance segment growth in Q1 should not be extrapolated for the full year.

• Plans to capitalize on market opportunities through dynamic cycle management and diversification.