International General Insurance (IGI) has reported net income of US$127.2 million for the full year ended December 31, 2025, down from US$135.2 million in 2024, as a deliberate decision to exit an underperforming long-tail book weighed on premium volume.
IGI posted a combined ratio of 85.9% and a return on average equity of 18.6%.
The company's specialty long-tail segment, which accounted for 25% of gross written premiums, saw full-year underwriting income fall to US$10.9 million from US$39.5 million in 2024.
Much of the decline stemmed from IGI's decision, first disclosed in mid-2025, not to renew a professional indemnity binder worth roughly US$50 million in gross written premiums.
IGI group president and CEO Waleed Jabsheh (pictured above) had previously said the account's profitability profile was "simply not meeting our requirements" and was unlikely to improve in the near term.
Management noted the most significant top-line impact of approximately US$25 million would land in the fourth quarter of 2025, with the remainder expected to phase through the first half of 2026.
Full-year gross written premiums fell to US$666.7 million from US$700.1 million, while the expense ratio rose to 38.3% from 35.2%, driven by higher human resource and IT costs against a lower premium base.
The reinsurance segment provided a counterweight, with gross written premiums rising 20.1% to US$100.2 million and underwriting income climbing 28.5% to US$46.0 million. The specialty short-tail segment, the company's largest at 60% of premiums, contributed US$104.2 million in underwriting income.
Catastrophe losses pushed the full-year loss ratio to 47.6%, including CAT losses of 13.0%, up from 9.2% in 2024. International General Insurance returned over US$108 million to shareholders through buybacks and dividends, while book value per share grew to US$16.91.
The results place IGI comfortably ahead of the broader market. Swiss Re's sigma research estimates the US property and casualty industry combined ratio at roughly 98.5% for 2025, with returns on equity of around 10%. S&P Global Market Intelligence projects an all-lines combined ratio of 96.2.
Jabsheh said International General Insurance had "built a level of resilience" through disciplined strategy and capital management that would serve the company well in the years ahead.
