International General Insurance Holdings Ltd. (IGIC) reported fourth‑quarter and full‑year 2025 results on February 24, 2026. Net income for the quarter was $32.3 million and $127.2 million for the year, while earnings per share were $0.76 for the quarter and $2.89 for the year. The company posted a combined ratio of 82.0 % in Q4 and 85.9 % for the full year, indicating a modest decline in underwriting profitability compared with the prior year.
IGIC declared an ordinary common‑share dividend of $0.05 per share for the quarter ended December 31, 2025, payable on March 31, 2026 to shareholders of record on March 13, 2026. No special dividend was announced.
"We produced another set of excellent financial results in 2025. This demonstrates the strong execution and cycle management culture we have at IGI, the benefits of our diversification strategy, and the value that we continue to deliver to our shareholders," said CEO Waleed Jabsheh. Jabsheh added, "Our combined ratio of 85.9 % and net income of $127.2 million resulted in a return on average equity of 18.6 % and a core operating return on average equity of 16.8 % for the current year, well above our 10‑year average. In addition, we grew our book value per share during the year to $16.91 at December 31, 2025, while returning over $108 million to shareholders in share repurchases and dividends." Executive Chairman Wasef Jabsheh emphasized, "Our ability to do this really shows how our confidence in the strength of our balance sheet and our capital position is."
The company’s revenue of $126.4 million fell short of the consensus estimate of $138.2 million, a miss of $11.8 million. The shortfall was largely driven by the non‑renewal of a large professional indemnity binder that reduced gross premiums by $33.4 million, or 19 % of the quarter’s premium volume. In addition, higher catastrophe losses and adverse foreign‑exchange movements weighed on underwriting income, contributing to the revenue miss and the rise in the combined ratio.
Core operating income declined to $34.1 million in Q4, down from $40.9 million in the same period a year earlier, reflecting the impact of the binder non‑renewal and higher loss costs. Net investment income rose to $14.6 million, a 21 % increase from the prior year, offsetting some of the underwriting pressure and supporting the company’s overall profitability. The combined ratio increase to 85.9 % for the year reflects a 6.1‑percentage‑point deterioration from 79.9 % in 2024, driven by higher loss ratios and increased expense ratios.
Book value per share climbed to $16.91 at year‑end, up from $14.85, underscoring a solid balance‑sheet position. IGIC returned more than $108 million to shareholders through share repurchases and dividends, reinforcing its commitment to shareholder value.
No forward guidance was provided in the earnings release, but management’s comments suggest confidence in maintaining profitability through disciplined underwriting and capital allocation, while acknowledging the headwinds from premium contraction and catastrophe exposure.
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