International General Insurance Holdings Ltd. (IGI), a specialist commercial insurer and reinsurer, reported an improved combined ratio of 76.5% in the third quarter of 2025, compared to 86.0% in the same period last year, alongside underwriting income of $51.4 million, up 24.2% from $41.4 million.
The company noted that the improvement in loss ratio was driven by a lower level of large loss activity as well as the currency devaluation of non-U.S. dollar loss reserves, due to the strengthening of the U.S. dollar against IGI’s major transactional currencies.
Gross written premiums (GWP) totalled $131.3 million, down 5.1% from $138.3 million, net written premiums stood at $72.5 million, down 6.5% from $77.5 million, while net premiums earned were $114.7 million, down 9.0% from $126.1 million.
For the quarter, net income amounted to $33.5 million, slightly lower than $34.5 million a year earlier.
Core operating income was $38.6 million, an increase of 25.7% from $30.7 million.
Net investment income rose 13.9% to $13.1 million, compared to $11.5 million in the same period of 2024.
By segment, IGI’s reinsurance arm recorded GWP of $11.3 million, down from $13.5 million. Net premiums earned were $21.9 million, up marginally from $21.8 million, and underwriting income increased 35.1% to $10.4 million from $7.7 million, primarily due to lower loss and loss adjustment expenses.
The Specialty Short-tail segment posted GWP of $76.2 million, up from $74.7 million. Net premiums earned were $60.4 million, down from $67.4 million, while underwriting income declined to $29.6 million from $34.7 million.
The Specialty Long-tail segment generated GWP of $43.8 million, compared to $50.1 million. Net premiums earned were $32.4 million, down from $36.9 million, and underwriting income was $11.4 million, compared to a loss of $1.0 million in Q3’24.
Waleed Jabsheh, Group President & CEO of IGI, said, “We had another quarter of strong profitability with solid underwriting results and investment income. For the third quarter of 2025, we delivered a combined ratio of 76.5%, underwriting income of $51.4 million, and net income of $33.5 million. This resulted in an annualized return on average equity of 19.9% and an annualized core operating return on average equity of 22.9%. These results illustrate the strong cycle management culture we have at IGI.
“Current market conditions remain generally favorable across our markets but are showing significant variation by line of business and geographical territory. Our strategy, technical expertise and disciplined execution are specifically aimed at managing the inherent cyclicality and volatility of our business.
“For the first nine months of 2025, we grew our book value per share by 9.3%, and in total during this period, we returned $98 million to shareholders in the form of dividends and share repurchases. At IGI, we have consistently demonstrated our ability to perform at a high level, generating long-term value for our shareholders, and this is reflected in our recent financial strength ratings upgrade to “A” with a stable outlook by S&P Global Ratings. We have built a strong foundation and a level of resilience in our business that we believe will continue to drive value through all stages of the cycle.”
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