International General Insurance (IGIC) Q4 2024 earnings summary

Executive summary

• Achieved record net income of $135.2M for 2024, up 14.4% year-over-year, with strong underwriting and investment results.

• Book value per share grew 19.8% to $14.85; return on average equity was 22.6% for the year.

• Five-year public track record includes doubling the underwriting portfolio, entering new markets, and maintaining a high-performance culture.

• Maintains a strong balance sheet, conservative investment strategy, and significant insider ownership (35.2%).

• Operates across key global markets with underwriting hubs in Bermuda, UK, Europe, MENA, and Asia Pacific.

Financial highlights

• Gross written premiums rose 1.7% to $700.1M for 2024; net premiums earned increased 8% to $483.1M.

• Q4 combined ratio of 77.8%, full-year combined ratio 79.9%; record core operating income of $144.8M and core operating ROE of 24.2%.

• Underwriting income reached $187.5M, up from $183.1M in 2023; net investment income was $53.9M, up 7.4%.

• Book value per share at year-end was $14.85, up nearly 20% YoY.

• Total assets increased almost 11% to over $2B; investments and cash portfolio grew by more than 14%.

Outlook and guidance

• Focus on expanding US and European business, with $120.9M in US and $86.7M in Europe GWP in 2024.

• 2025 has started with elevated loss activity, particularly in short-tail and reinsurance lines.

• Plans to shift capital to lines and markets with best risk-adjusted returns.

• Prepared for macroeconomic and geopolitical headwinds, with a strong foundation for continued value creation.

• Ongoing buildout of reinsurance treaty business in Bermuda and presence at Lloyd's to access new opportunities.