International General Insurance Holdings, Inc. (IGI), a specialty commercial insurer and reinsurer, reported net income of $32.3 million in the fourth quarter of 2025, an increase of 7.7% from $30 million in the fourth quarter of 2024, driven by continued positive underwriting performance and investment income.
Full year 2025 (FY25) net profit was US$127.2 million, compared with US$135.2 million in FY24.
IGI’s combined ratio rose to 82% and 85.9% in Q4 2025 and FY25, respectively, compared with 77.8% and 79.9% in the corresponding periods in 2024.
IGI’s gross written premium (GWP) decreased to US$141.2 million in 4Q25 compared to US$174.6 million in 4Q24. The GWP for FY25 fell to US$666.7 million, while the GWP for FY24 was US$700.1 million.
IGI explains that GWP in 2025 is affected by the non-renewal of professional indemnity letters in the specialist long-tail segment, which reinsurers/insurers announced earlier in 2025.
From the perspective of market segments, professional short-tail business accounts for 60% of GWP, professional long-tail business accounts for 25%, and reinsurance business accounts for 15%.
IGI’s overall underwriting revenue declined to $46.9 million and $161.1 million in 4Q25 and FY25, respectively, compared to $48.8 million and $187.5 million in 4Q24 and FY24. IGI said this was indicative of strong underwriting performance despite higher levels of catastrophe losses and lower levels of net premium income.
The insurer’s loss ratio improved to 42.1% from 43% in 4Q25, which included catastrophe losses of 6% in 4Q24, with catastrophe losses of 11.7%. The loss rate in FY25 was 47.6%, of which catastrophe losses were 13%, while the loss rate in FY24 was 44.7%, of which catastrophe losses were 9.2%. This increase was primarily due to lower levels of net premiums earned.
Expense ratios, including net policy acquisition expenses and general and administrative expenses, were 39.9% and 38.3% for the fourth quarter of 2025 and FY25, respectively, compared with 34.8% and 35.2%, respectively, for the same periods in 2024.
By segment, IGI’s Reinsurance segment reported GWP of $2.6 million in 4Q25 compared to GWP of $4.8 million in 4Q24. In fiscal 2025, this figure increased by 20.1% to $100.2 million, compared with $83.4 million for the full year of 2024.
Reinsurance net premiums earned (NPE) were $21.5 million in Q4’25 compared to $22.4 million in the same quarter of 2024, while net premiums earned in FY25 increased $11.5 million, or 14.2%, to $92.3 million compared to $80.8 million in FY24.
Underwriting revenue for the segment was $12.9 million in 4Q25 compared to $13.5 million in 4Q24. However, premiums increased by 28.5% to US$46.0 million in FY25 compared to US$35.8 million in FY24 as a result of higher levels of net premiums earned from a larger reinsurance portfolio.
GWP for the professional long-tail segment declined to $37.0 million in 4Q25 compared to $63.6 million in 4Q24 due to non-renewal of professional indemnity letters. The global warming potential for FY25 is $167.1 million, while the global warming potential for FY24 is $204.4 million.
In this segment, NPE in 4Q25 was $28.6 million compared to NPE in 4Q24 of $35.8 million. In FY25, NPE was $122.3 million compared to $146.3 million in the same period in 2024.
Underwriting revenue for the segment declined to $10.0 million in the fourth quarter of 2025, compared to $14.3 million in the fourth quarter of 2024, primarily due to lower net premium levels in the fourth quarter of 2025.
Underwriting revenue in 2025 was $10.9 million, compared to underwriting revenue of $39.5 million in fiscal 2024, primarily due to higher levels of net losses and loss adjustment expenses for the full year of 2025 compared to the same period in 2024, as well as lower levels of net premiums earned.
Finally, IGI’s specialty short tail segment generated GWP of $101.6 million in 4Q25 compared to $106.2 million in 4Q24. The global warming potential (GWP) for FY25 was US$399.4 million, while the global warming potential (GWP) for FY24 was US$412.3 million.
NPE for this segment was $61.3 million in 4Q25 compared to $62.4 million in 4Q24. In 2025, NPE was $239.2 million compared to $256 million in fiscal 2024.
Underwriting revenue for the segment increased to $24 million in 4Q25 compared to $21 million in 4Q24 as net loss and loss adjustment expense levels were lower in 4Q25 than in the same period in 2024.
However, underwriting revenue fell to $104.2 million in fiscal 2025 compared with $112.2 million in fiscal 2024 due to lower levels of net premiums earned, partially offset by lower full-year net loss and loss adjustment expense levels in 2025 than in the same period in 2024.
On the asset side, IGI’s overall investment income increased 2.2% in 4Q25 to $14.2 million, compared to $13.9 million in 4Q24. Net investment income in the fourth quarter of ’25 was $14.6 million, an increase of 7.4% from $13.6 million in the same period in 2024.
Meanwhile, investment income increased 5.4% to $54.7 million in FY25, compared with $51.9 million in FY24, driven by a larger fixed income portfolio. Net investment income in FY25 was $60.4 million, compared to net investment income of $53.9 million in FY24.
IGI Group President and CEO Waleed Jabsheh said: “We once again delivered strong financial results in 2025. This reflects our strong execution and cycle management culture at IGI, the strength of our diversified strategy and the value we continue to deliver to our shareholders.
“Our combined ratio was 85.9% and net income was $127.2 million, resulting in an average return on equity of 18.6% for the year and a core operating return on average equity of 16.8%, well above our 10-year average. Additionally, we increased book value per share during the year to $16.91 as of December 31, 2025, while returning more than $108 million to shareholders through stock repurchases and dividends.
“We have built a level of resilience across the company with the right strategy, great people and strong execution and capital management capabilities, all of which we believe will continue to position us well in the years to come.”