International General Insurance (IGIC) Q3 2025 earnings summary

Executive summary

• Q3 2025 net income was $33.5 million, with nine-month net income of $94.9 million and annualized ROAE of 19.9%-20%.

• Book value per share rose to $16.23, up 9.3% YTD and nearly 10% from 2024 year-end.

• S&P Global Ratings upgraded the financial strength rating to A with a stable outlook.

• Nearly $100 million was returned to shareholders in nine months via dividends and buybacks.

• Maintains zero financial leverage and a conservative investment strategy, with a $1.316 billion investment portfolio as of September 30, 2025.

Financial highlights

• Q3 2025 gross written premiums were $131.3 million, down 5% year-over-year; net premiums earned were $114.7 million, down from $126.1 million YoY.

• Q3 2025 underwriting income rose 24.2% year-over-year to $51.4 million, aided by lower losses and positive FX revaluation.

• Combined ratio improved to 76.5% in Q3 2025 (vs. 86% last year), with a nine-month combined ratio of 87.1% (vs. 80.5%).

• Q3 2025 net income per share was $0.75, flat year-over-year; nine-month net income per share was $2.14, down from $2.31.

• Core operating income in Q3 2025 was $38.6 million ($0.87/share), up from $30.7 million ($0.67/share) last year.

Outlook and guidance

• Competitive pressures are rising, but market conditions remain generally favorable and disciplined; some contraction in top line expected where profitability targets are not met.

• S&P rating upgrade expected to open new business opportunities and enhance market position.

• Focus remains on underwriting profitability, risk-adjusted returns, and flexibility to shift portfolio focus as needed.

• Ongoing evaluation of opportunities to diversify and expand product lines within risk appetite.

• Growth targeted in U.S. business, regional expansion in Asia Pacific and MENA, and steady reinsurance growth.