International General Insurance (IGIC) Q4 2025 earnings summary

Executive summary

• Achieved net income of $127.2 million for FY2025, with Q4 net income at $32.3 million, reflecting strong underwriting and investment results despite a 5.9% year-over-year decrease due to lower underwriting income and earned premiums.

• Book value per share increased 13.9% to $16.91 at year-end 2025.

• Returned over $108 million to shareholders via dividends and share repurchases, including a special dividend for the third consecutive year.

• Combined ratio for FY2025 was 85.9%, above the 10-year average, impacted by higher catastrophe losses and lower net premiums earned.

• Maintained a disciplined, profitability-driven culture and strategic cycle management, supporting long-term value creation.

Financial highlights

• Gross written premiums for FY2025 were $666.7 million, down from $700.1 million in FY2024, mainly due to non-renewal in the Specialty Long-tail segment.

• Net premiums earned for FY2025 were $453.8 million, down from $483.1 million in 2024.

• Net investment income rose 12% year-over-year to $60.4 million for FY2025.

• Diluted EPS was $2.89 for FY2025, compared to $2.98 in 2024.

• Core operating income was $114.9 million for FY2025, down from $144.8 million in 2024.

Outlook and guidance

• Expect some contraction in top line in areas where profitability targets are not met, but remain focused on maintaining margins and disciplined underwriting.

• Focus on growth in U.S. business from London/Bermuda, especially specialty treaty reinsurance and short-tail lines, and continued expansion in Asia Pacific and MENA regions.

• Cautiously optimistic for improvement or stabilization in long tail segment in 2026.

• Continued focus on organic growth, with no significant M&A planned.

• Prudent capital management prioritizing profitable underwriting and returning excess capital to shareholders.