International General Insurance Holdings Ltd. (IGI Group) has reported a net income of $28 million and $70.5 million for the third quarter and nine months of 2026, respectively, down from $33.5 million and $94.9 million in Q3’25 and 9M’25, respectively.
The insurer explained that these results “reflected profitable underwriting results across all segments and positive net investment income for the quarter and nine months ended September 30, 2026 compared to the same periods in 2025.”
Group-wide, net premiums earned (NPE) for Q3’26 and 9M’26 rose to $124.5 million and $360.7 million, respectively, from $114.7 million and $342.5 million, for the comparative period.
Gross written premiums (GWP) were down for Q3’26 and 9M’26 to $119.6 million and $518.5 million, respectively, from $131.3 million in Q3’25 and $525.6 million for 9M’25. The quarter’s lower GWP were attributed to lower gross premium production in IGI’s short-tail segment, specifically in the energy line.
Underwriting income across all segments for Q3’26 was $43 million and $110.2 million for 9M’26, down from $51.4 million and $114.3 million in Q3 and 9M’25, respectively.
For Q3’26, IGI’s loss ratio was 46.1%, which included 6.9 points of catastrophe (CAT) losses and 7.1 points of prior years’ favourable reserve development, compared to 39.3% in Q3’25, which included 6.3 points of CAT losses and 9.1 points of prior years’ favourable development.
For 9M’26, the loss ratio was 51.2%, including 14.8 points of CAT losses and 10.9 points of prior years’ favourable reserve development, compared to 49.3%, which included 13.4 points of CAT losses and 8.8 points of prior years’ favourable reserve development in 9M’25.
IGI explained that the catastrophe losses related to the war in the Middle East were the primary driver of elevated loss activity during the first nine months of 2026.
The insurer’s reinsurance segment, representing 18% of the total GWP for 9M’26, generated GWP of $12.1 million for Q3’26, compared to $11.3 million for Q3’25. For 9M’26, GWP were $92.4 million, compared to $97.6 million for 9M’25, the decrease was attributed to the non-renewal of two reinsurance programmes in the first quarter of 2026.
In the segment, NPE for Q3’26 rose to $25.3 million, compared to $21.9 million in Q3’25, and for 9M’26, NPE was down to $67.1 million, compared to $70.8 million for 9M’25.
The reinsurance segment produced underwriting income of $12.7 million for Q3’26, up from $10.4 million in Q3’25, due to higher net premiums earned. For 9M’26, underwriting income was down to $31.8 million, compared to $33.1 million for 9M’25.
IGI’s specialty long-tail segment, represented 26% of the total GWP for 9M’26, generated GWP of $43.7 million for Q3’26, compared to $43.8 million in Q3’25. For 9M’26, GWP was up to $135.8 million, compared to $130.2 million for 9M’25. NPE for Q3’26 were up to $37.1 million compared to $32.4 million for Q3’25, while NPE for 9M’26 was up to $109.2 million compared to $93.8 million in 9M’25.
This segment recorded underwriting income of $10 million for Q3’26, down from $11.4 million in Q3’25, while the underwriting income for 9M’26 rose to $32.9 million, compared to $1 million for 9M’25, largely driven by higher net premiums earned and lower net loss and loss adjustment expenses.
IGI’s specialty short-tail segment was the largest contributor to the total GWP, representing 56%, and generated GWP of $63.8 million for Q3’26, compared to $76.2 million in Q3’25. For 9M’26, GWP were down to $290.3 million, compared to $297.8 million in 9M’25. NPE increased to $62.1 million for Q3’26, from $60.4 million in Q3’25, while NPE for 9M’26 were up to $184.4 million compared to $177.9 million for 9M’25.
The segment reported a decrease in underwriting income to $20.3 million for Q3’26, compared to $29.6 million for Q3’25, due to a higher level of net loss and loss adjustment expenses in this quarter. Meanwhile, underwriting income for 9M’26 was $45.5 million, compared to $80.2 million for 9M’25, again due to a higher level of net loss and loss adjustment expenses primarily related to the war in the Middle East.
The insurer’s core operating income for Q3’26 was $28.2 million compared to $38.6 million for Q3’25, reflecting lower underwriting income on a comparative basis. For 9M’26, core operating income was $71.2 million versus $80.8 million for 9M’25, driven by lower underwriting income and higher general and administrative costs, primarily related to employee and IT costs.
The insurer’s expense ratio was 39.6% and 38.9% for Q3’26 and 9M’26, compared to 37.2% and 37.8%, respectively, for the same periods of 2025.
IGI’s combined ratio was 85.7% and 90.1% for Q3’26 and 9M’26, respectively, compared to 76.5% and 87.1%, respectively, for the same periods in 2025.
On the asset side, investment income increased by 8.4% to $14.2 million in Q3’26, compared to $13.1 million in Q3’25. Net investment income was $14.5 million in Q3’26, compared to $13.1 million in Q3’25.
For 9M’26, investment income increased by 5.4% to $42.8 million, compared to $40.6 million for 9M’25. Net investment income for 9M’26 was $45.5 million, compared to $45.8 million in 9M’25.
Waleed Jabsheh, Group President and Chief Executive Officer, IGI, commented, “We delivered strong underwriting profitability in the third quarter demonstrated by a combined ratio of 85.7%, culminating in an annualized core operating return on average equity of 16.9%. We remain focused on disciplined portfolio management. The investments we have made in recent years to expand and diversify our capabilities – including our specialty reinsurance business, and the establishment of our new platform in India – are generating profitable new opportunities, even as market conditions become more challenging.”
He continued, “As always, we continue to demonstrate our ability to perform at a high level, delivering high-quality, risk-adjusted returns and creating long-term shareholder value. For the first nine months of 2026, we generated an annualized core operating return on average equity of 13.8%, while absorbing the single largest loss event (Middle East war) in IGI’s 25-year history, and returned almost $80 million in shareholder capital through dividends and share repurchases.”
