International General Insurance Holdings Ltd. (IGI Group) has reported a hike in gross written premiums (GWP) for both the second quarter and half-year 2026 to USD 201.7 million and USD 398.9 million, respectively, from USD 187.8 million and USD 394.3 million last year.
IGI attributes the quarter’s higher GWP to growth in the short-tail and reinsurance segments, which we break down later in this article.
Group-wide net premiums earned (NPE) for Q2’26 and H1’26 rose to USD 125 million and USD 236.2 million, respectively, from USD 115 million and USD 227.8 million last year.
Despite these increases, underwriting income came down for Q2’26 to USD 29.5 million from USD 35 million, but increased for H1’26 to USD 67.2 million, from USD 63 million in H1’25, despite elevated catastrophe losses.
IGI reported a loss ratio of 57.9%, which includes cat losses of 18.8% for Q2’26, compared to 53.2% with losses of 9% in Q2’25. For H1’26, the loss ratio was 53.8%, including cat losses of 19%, compared to 54.3% and cat losses of 16.9% in H1’25. The insurer’s cat losses were related to the war in the Middle East for both time periods in 2026.
IGI’s reinsurance segment represented 20% of the firm’s GWP for H1’26, generating GWP of USD 24.7 million for Q2’26, compared to USD 16.3 million in Q2’25, driven by new business written in India following registration approval received to operate in GIFT City during the second quarter. Meanwhile, NPE were USD 25.4 million, compared to USD 24 million in Q2’25, as underwriting income decreased to USD 8 million from USD 12.3 million in Q2’25, primarily due to higher net loss and loss adjustment expenses.
For H1’26, the segment’s GWP were USD 80.3 million compared to USD 86.3 million in H1’25, with the decrease attributed to the non-renewal of two reinsurance programmes in Q1’26. NPE were USD 41.8 million, compared to USD 48.9 million in H1’25. Underwriting income was USD 19.1 million, compared to USD 22.7 million in H1’25, driven by lower levels of NPE.
IGI’s specialty long-tail segment represented 23% of the overall GWP for H1’26, generating GWPs of USD 42.7 million in Q2’26, compared to USD 45.9 million in Q2’25. NPE in Q2’26 were USD 41.2 million compared to USD 30.8 million in Q2’25. The segment underwriting income for Q2’26 was USD 5.5 million, compared to an underwriting loss of USD 2.9 million in Q2’25, largely the result of a higher level of NPE in Q2’26.
For H1’26, the segment reported GWPs of USD 92.1 million, compared to USD 86.4 million in H1’25. NPE were USD 72.1 million compared to USD 61.4 million in H1’25, with an underwriting income of USD 22.9 million, compared to an underwriting loss of USD 10.3 million in H1’25, driven by higher NPE and lower net loss and loss adjustment expenses.
The largest contributor to GWP was the specialty short-tail segment, representing 57% of the total for H1’26, generating GWP of USD 134.3 million for Q2’26, compared to USD 125.6 million for Q2’25. NPE were USD 58.4 million for Q2’26, compared to USD 60.2 million for Q2’25. The quarter’s underwriting income was USD 16 million compared to USD 25.6 million for Q2’25. The decrease was driven by the war in the Middle East, which contributed to a higher level of net loss and loss adjustment expenses for Q2’26 compared to Q2’25, explained the firm.
For H1’26, GWP were USD 226.5 million compared to USD 221.6 million for H1’25, while NPE were USD 122.3 million compared to USD 117.5 million in H1’25. For the six month time period, underwriting income was USD 25.2 million, compared to USD 50.6 million for H1’25, for the aforementioned reasons.
Group-wide, IGI’s net income decreased for both time periods, with Q2’26 at USD 20.9 million from USD 34.1 million in Q2’25, and USD 42.5 million in H1’26 from USD 61.4 million in H1’25.
Further, core operating income, a non-GAAP financial measure, was USD 18.7 million for Q2’26, compared to USD 22.8 million for Q2’25, due to lower underwriting income on a comparative basis. For H1’26, the same was USD 43.1 million, compared to USD 42.2 million for H1’25, supported by higher underwriting income despite elevated cat losses.
The expense ratio was 37.2% and 38.4% for the second quarter and first six months of 2026, respectively, compared to 37.3% and 38.1%, respectively, for the same periods of 2025.
IGI’s combined ratios were 95.1% and 92.2% for Q2 and H1’26, respectively, compared to 90.5% and 92.4%, respectively, for the same periods of 2025.
For Q2’26, investment income increased by 4.3% to USD 14.5 million, compared to USD 13.9 million in Q2’25. Meanwhile, net investment income for Q2’26 was USD 17.5 million, compared to USD 17.1 million in Q2’25, driven by a higher positive mark-to-market movement in the equity portfolio in the second quarter of 2026.
For H1’26, investment income increased by 4% to USD 28.6 million, compared to USD 27.5 million in H1’25. Net investment income was $31 million for H1’26, compared to USD 32.6 million for H1’25.
Waleed Jabsheh, President and Chief Executive Officer, IGI Group, commented, “We delivered excellent underlying results in both the second quarter and first half of 2026 and continued to generate significant returns for shareholders, highlighted by annualised returns on average equity of 12.6% and 12.3% for the second quarter and first six months of 2026, respectively.
“These results were delivered against a backdrop of significant loss activity, mostly stemming from war in the Middle East, which in aggregate represents one of the largest single event losses in IGI’s almost 25-year history. Our results clearly show the resilience and strength that we have built in IGI.
“To be able to absorb this level of loss in the first six months of 2026 while posting net income of $42.5 million, a combined ratio of 92.2%, and returning $72.9 million to shareholders, demonstrates that our strategy is not only working very well, but also as it was designed to work.”
