International General Insurance Holdings Ltd. (IGI), a specialist commercial insurer and reinsurer, has generated a net income of $32.3 million, an increase of 7.7% for the fourth quarter of 2025, compared to $30 million in Q4’24, driven by continued positive underwriting results and investment income.
Net income for the full year 2025 (FY’25) was $127.2 million compared to $135.2 million in FY’24.
IGI’s combined ratio rose to 82% and 85.9% for Q4’25 and FY’25, respectively, compared to 77.8% and 79.9% for the respective time periods in 2024.
For Q4’25, IGI’s gross written premiums (GWP) went down to $141.2 million, compared to $174.6 million in Q4’24. FY’25 GWP dipped to $666.7 million, compared to $700.1 million for FY’24.
IGI explained that GWP in 2025 was impacted by the non-renewal of a professional indemnity binder in the specialty long-tail segment, which the re/insurer announced earlier in 2025.
Segment-wise, specialty short-tail segment represented 60% of the GWP, specialty long-tail segment contributed 25%, while the reinsurance unit contributed 15%.
IGI’s overall underwriting income for Q4’25 and FY’25 decreased to $46.9 million and $161.1 million, respectively, compared to $48.8 million and $187.5 million in Q4’24 and FY’24, respectively. IGI stated that this demonstrates its strong underwriting performance despite a higher level of catastrophe losses and a lower level of net premiums earned.
The insurer’s loss ratio improved to 42.1%, including cat losses of 11.7%, for Q4’25 from 43%, which included cat losses of 6% for Q4’24. For FY’25, the loss ratio was 47.6%, including cat losses of 13%, compared to 44.7% with cat losses of 9.2% for FY’24. The increase is primarily due to the lower level of net premiums earned.
The expense ratio (which includes net policy acquisition expenses, and general and administrative expenses) was 39.9% and 38.3% for Q4’25 and FY’25, respectively, compared to 34.8% and 35.2%, respectively, for the same periods in 2024.
By segment, IGI’s reinsurance unit reported GWP of $2.6 million for Q4’25, compared to $4.8 million in Q4’24. For FY’25, the same rose by 20.1% to $100.2 million, compared to $83.4 million for the full year 2024.
For Q4’25, reinsurance net premiums earned (NPE) were $21.5 million, compared to $22.4 million for the same quarter in 2024, while for FY’25 the same rose by $11.5 million or 14.2% to $92.3 million, compared to $80.8 million for FY’ 24.
The segment’s underwriting income was $12.9 million for Q4’25, compared to $13.5 million in Q4’24. However, the same increased by 28.5% to $46 million for FY’25, compared to $35.8 million for FY’24, due to a higher level of net premiums earned on a larger reinsurance portfolio.
The specialty long-tail segment saw a dip in GWP to $37 million for Q4’25, compared to $63.6 million in Q4’24, due to non-renewal of a professional indemnity binder. For FY’25, GWP were $167.1 million, compared to $204.4 million for FY’24.
In this segment, NPE for Q4’25 were $28.6 million compared to $35.8 million for Q4’24. For FY’25, NPE were $122.3 million compared to $146.3 million for the same period of 2024.
The segment’s underwriting income decreased to $10 million for Q4’25, compared to $14.3 million in Q4’24, largely due to the lower level of net premiums earned in the fourth quarter of 2025.
For 2025, the underwriting income was $10.9 million, compared to $39.5 million for FY’24, largely due to a higher level of net loss and loss adjustment expenses and a lower level of net premiums earned for the full year 2025, compared to the same period in 2024.
Lastly, IGI’s specialty short-tail segment generated GWP of $101.6 million for Q4’25, compared to $106.2 million in Q4’24. For FY’25, GWP were $399.4 million compared to $412.3 million for FY’24.
The segment’s NPE were $61.3 million for Q4’25, compared to $62.4 million in Q4’24. For 2025, NPE were $239.2 million compared to $256 million for FY’24.
This segment’s underwriting income rose to $24 million for Q4’25 compared to $21 million in Q4’24, driven by a lower level of net loss and loss adjustment expenses for Q4’25 compared to the same period in 2024.
But FY’25 underwriting income dipped to $104.2 million, compared to $112.2 million in FY’24, due to a lower level of net premiums earned, partially offset by a lower level of net loss and loss adjustment expenses for the full year 2025 compared to the same period in 2024.
Taking a look at the asset side, IGI’s overall investment income increased by 2.2% to $14.2 million in Q4’25, compared to $13.9 million in Q4’24. The net investment income for Q4’25 was $14.6 million, an increase of 7.4% compared to $13.6 million for the corresponding period of 2024.
Meanwhile, investment income increased by 5.4% to $54.7 million for FY’25, compared to $51.9 million for FY’24, driven by a larger fixed income portfolio. For FY’25, net investment income was $60.4 million, compared to $53.9 million for FY’24.
Waleed Jabsheh, President & CEO, IGI Group, said, “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.
“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.
“We have built a level of resilience across our Company with the right strategy, exceptional talent and strong execution and capital management capabilities, all of which we believe will continue to hold us in good stead for the years ahead.”
