International General Insurance Holdings (IGI) has reported its financial results for the second quarter and first half of 2025.
Net income for the quarter ended June 30 was $34.1 million, up 3.9 % from $32.8 million in the same period of 2024. For the first six months of the year, net income totaled $61.4 million, down from $70.7 million a year earlier.
The annualized return on average equity was 20.8 % for the quarter, compared to 22.9 % in 2024, and 18.6 % for the first half of 2025, compared to 25.0 % a year earlier.
Core operating income stood at $22.8 million in the second quarter, down from $33.2 million in the prior‑year period, with an annualized core operating return on average equity of 13.9 %, compared to 23.2 % in 2024.
For the first six months, core operating income was $42.2 million, down from $73.3 million a year earlier, with the return on average equity at 12.8 % versus 26.0 % in 2024. The company said the decline reflected reduced underwriting income and currency revaluation effects.
In the first quarter of 2025 IGI reported net income of $27.3 million – a decline from $37.9 million in Q1 2024 – while core operating income fell to $19.5 million from $40.0 million.
Gross written premiums rose 13.7 % to $206.5 million, largely due to expansion in its reinsurance segment, though underwriting income declined significantly to $27.9 million owing to elevated large‑loss and catastrophe activity. The loss ratio for Q1 reached 55.5 %, compared to 38.7 % a year earlier.
Context for full‑year 2024 shows IGI realized gross written premiums of $700.1 million, up 1.7 % from $688.7 million in 2023. Underwriting income reached $187.5 million, compared to $183.1 million previously, and net income increased by 14.4 % to $135.2 million. The company delivered a combined ratio of 79.9 % and a core operating income of $144.8 million.
According to group president and CEO Waleed Jabsheh (pictured above), the quarter’s results reflected strong underwriting and investment portfolio performance.
“Current market conditions are generally healthy though becoming more competitive in some areas of our portfolio, both by line of business and by geography. Our strategy, expertise and footprint are specifically geared towards managing the cyclicality and volatility of our business, where lines and markets behave largely independent of each other,” Jabsheh said.
Gross written premiums in the second quarter reached $187.8 million, down from $205.6 million in 2024. For the first half, gross written premiums increased 1.9 % to $394.3 million from $387.2 million, driven by growth in reinsurance, partly offset by lower volumes in long‑tail and short‑tail segments.
Underwriting income was $35.0 million for the quarter, compared to $45.3 million in 2024, and $63.0 million for the first half, down from $97.3 million. The loss ratio rose to 53.2 % from 45.1 % in the quarter, and to 54.3 % from 42.0 % for the half‑year, affected by currency revaluation of non‑US dollar loss reserves and catastrophe losses of $38.6 million in the first half.
The net policy acquisition expense ratio fell to 16.3 % from 17.7 % in the quarter but rose to 18.0 % from 16.8 % for the half‑year, which the company attributed to $9.9 million in reinstatement premiums. General and administrative expenses increased, with the ratio at 21.0 % for the quarter versus 18.4 % a year earlier, and 20.1 % for the half‑year compared to 18.9 % in 2024.
The combined ratio stood at 90.5 % for the quarter, up from 81.2 % in the prior year, and 92.4 % for the first half, compared to 77.7 % in 2024, with both periods affected by currency revaluation movements.
What are your thoughts on this story? Please feel free to share your comments below.
