IGI reports 7.7% rise in net income for Q4’25

Core Insights - International General Insurance Holdings Ltd. (IGI) reported a net income of $32.3 million for Q4'25, a 7.7% increase from $30 million in Q4'24, attributed to positive underwriting results and investment income [1][3] - For the full year 2025, net income was $127.2 million, down from $135.2 million in FY'24, with a combined ratio of 85.9% for FY'25 compared to 79.9% in FY'24 [3][18] Financial Performance - IGI's gross written premiums (GWP) decreased to $141.2 million in Q4'25 from $174.6 million in Q4'24, and for FY'25, GWP fell to $666.7 million from $700.1 million in FY'24 [3][4] - Underwriting income for Q4'25 was $46.9 million, down from $48.8 million in Q4'24, and for FY'25, it decreased to $161.1 million from $187.5 million in FY'24 [5][12] - The loss ratio improved to 42.1% for Q4'25 from 43% in Q4'24, while for FY'25, it was 47.6% compared to 44.7% in FY'24 [6] - The expense ratio increased to 39.9% for Q4'25 and 38.3% for FY'25, compared to 34.8% and 35.2% in the same periods of 2024 [7] Segment Analysis - The specialty short-tail segment accounted for 60% of GWP, the specialty long-tail segment contributed 25%, and the reinsurance unit contributed 15% [4] - The reinsurance unit's GWP for Q4'25 was $2.6 million, down from $4.8 million in Q4'24, but increased by 20.1% for FY'25 to $100.2 million [7] - The specialty long-tail segment saw GWP decline to $37 million in Q4'25 from $63.6 million in Q4'24, and for FY'25, GWP was $167.1 million compared to $204.4 million in FY'24 [10] Investment Income - Overall investment income increased by 2.2% to $14.2 million in Q4'25 from $13.9 million in Q4'24, with net investment income rising by 7.4% to $14.6 million [15] - For FY'25, investment income grew by 5.4% to $54.7 million compared to $51.9 million in FY'24, driven by a larger fixed income portfolio [16] Management Commentary - The President & CEO of IGI highlighted the strong financial results in 2025, emphasizing the effectiveness of the company's execution and cycle management culture [17] - The company achieved a return on average equity of 18.6% and a core operating return of 16.8% for FY'25, exceeding the 10-year average [18]