Revenue has turned negative with a -0.3% year-over-year decline in Q2 2026, while the combined ratio deteriorated sharply to 85.3% from a low of 73.0% six quarters prior, indicating that a shift toward underwriting discipline is currently eroding, rather than protecting, margins.
International General Insurance Holdings Ltd. (IGIC) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Revenue | 517M | 516.7M | 525.95M | 477.08M | 394.37M | 347.01M | 308.27M | 249.94M | 207.99M | 179.48M | 184.68M | 168.2M |
| Revenue Growth % | -5.4% | -1.76% | 10.24% | 20.97% | 13.65% | 12.56% | 23.34% | 20.17% | 15.89% | -2.81% | 9.8% | - |
| Medical Costs & Claims | 260.5M | 215.8M | 295.65M | 264.06M | 227.76M | 232.66M | 222.22M | 177.43M | 144.07M | 139.87M | 0 | 0 |
| Medical Cost Ratio % | 50.39% | 41.77% | 56.21% | 55.35% | 57.75% | 67.05% | 72.08% | 70.99% | 69.27% | 77.93% | 0% | 0% |
| Gross Profit | 256.5M | 300.9M | 230.3M | 213.02M | 166.61M | 114.35M | 86.06M | 72.52M | 63.92M | 39.61M | 184.68M | 168.2M |
| Gross Margin % | 49.61% | 58.23% | 43.79% | 44.65% | 42.25% | 32.95% | 27.92% | 29.01% | 30.73% | 22.07% | 100% | 100% |
| Gross Profit Growth % | - | 30.65% | 8.11% | 27.86% | 45.7% | 32.87% | 18.68% | 13.44% | 61.39% | -78.55% | 9.8% | - |
| Operating Expenses | 149.7M | 173.7M | 98.01M | 86.97M | 74.44M | 65.72M | 56.73M | 47.26M | 38.32M | 32.59M | 152.66M | 132.4M |
| OpEx / Revenue % | 28.96% | 33.62% | 18.64% | 18.23% | 18.88% | 18.94% | 18.4% | 18.91% | 18.42% | 18.16% | 82.66% | 78.72% |
| Depreciation & Amortization | 0 | 3.58M | 3.4M | 2.55M | 3.08M | 2.77M | 2.61M | 1.96M | 1.36M | 1.49M | 582.82K | 0 |
| Combined Ratio % | 79.34% | 75.38% | 74.85% | 73.58% | 76.63% | 85.99% | 90.49% | 89.9% | 87.69% | 96.09% | 82.66% | 78.72% |
| Operating Income | 106.8M | 127.2M | 132.29M | 126.05M | 92.17M | 48.63M | 29.33M | 25.25M | 25.6M | 7.02M | 30.75M | 37.7M |
| Operating Margin % | 20.66% | 24.62% | 25.15% | 26.42% | 23.37% | 14.01% | 9.51% | 10.1% | 12.31% | 3.91% | 16.65% | 22.41% |
| Operating Income Growth % | - | -3.85% | 4.95% | 36.76% | 89.53% | 65.82% | 16.13% | -1.37% | 264.89% | -77.18% | -18.45% | - |
| EBITDA | 106.8M | 130.78M | 135.69M | 128.59M | 95.25M | 51.4M | 31.94M | 27.21M | 26.96M | 8.5M | 31.33M | 177.6M |
| EBITDA Margin % | 20.66% | 25.31% | 25.8% | 26.95% | 24.15% | 14.81% | 10.36% | 10.89% | 12.96% | 4.74% | 16.96% | 105.59% |
| Interest Expense | 0 | 0 | 0 | 0 | 132K | 358K | 325K | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 0 | 4.31M | 2.83M | -203K | -108K | 0 | 0 | -152.53M | -139.9M |
| Pretax Income | 106.8M | 127.2M | 132.29M | 126.05M | 92.17M | 48.63M | 29.33M | 25.25M | 25.6M | 7.02M | 32.02M | 35.8M |
| Pretax Margin % | 20.66% | 24.62% | 25.15% | 26.42% | 23.37% | 14.01% | 9.51% | 10.1% | 12.31% | 3.91% | 17.34% | 21.28% |
| Income Tax | -1.6M | 0 | -2.86M | 7.85M | 2.93M | 1.81M | 2.08M | 1.69M | 62K | -14.42K | -932.13K | 800K |
| Effective Tax Rate % | -1.5% | 0% | -2.16% | 6.23% | 3.18% | 3.73% | 7.08% | 6.68% | 0.24% | -0.21% | -2.91% | 2.23% |
| Net Income | 108.4M | 127.2M | 135.15M | 118.19M | 89.23M | 46.81M | 27.25M | 23.57M | 25.54M | 7.03M | 32.95M | 35M |
| Net Margin % | 20.97% | 24.62% | 25.7% | 24.77% | 22.63% | 13.49% | 8.84% | 9.43% | 12.28% | 3.92% | 17.84% | 20.81% |
| Net Income Growth % | -13.97% | -5.88% | 14.35% | 32.45% | 90.61% | 71.79% | 15.64% | -7.74% | 263.26% | -78.66% | -5.86% | - |
| EPS (Diluted) | 2.54 | 2.89 | 2.98 | 2.55 | 1.84 | 0.89 | 0.59 | 0.49 | 0.53 | 0.05 | 0.23 | 0.24 |
| EPS Growth % | -9.78% | -3.02% | 16.86% | 38.59% | 106.74% | 50.85% | 20.41% | -7.55% | 968.55% | -78.43% | -5.74% | - |
| EPS (Basic) | - | 2.89 | 3.01 | 2.58 | 1.85 | 0.89 | 0.59 | 0.49 | 0.53 | 0.05 | 0.23 | 0.24 |
| Diluted Shares Outstanding | 42.65M | 43.7M | 44.74M | 43.47M | 45.55M | 45.47M | 43.05M | 48.45M | 48.45M | 141.84M | 143.38M | 143.38M |
Quick answers to the most common questions about buying IGIC stock.
For fiscal year 2025, International General Insurance Holdings Ltd. (IGIC) reported total revenue of $516.7M. This represents a 207.2% increase compared to $168.2M in 2015.
International General Insurance Holdings Ltd. (IGIC) is profitable, generating $127.2M in net income for the fiscal year ending 2025 with a net profit margin of 24.6%.
International General Insurance Holdings Ltd. (IGIC) reported an operating income of $127.2M, resulting in an operating profit margin of 24.6%. This margin reflects the operational efficiency of the business before interest and taxes.
International General Insurance Holdings Ltd. (IGIC) generated $300.9M in gross profit for the year, representing a gross profit margin of 58.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Combined ratio deterioration from cat losses
Premium Growth Pivot to Discipline
International General Insurance's total revenue declined 0.3% year-over-year in Q2 2026, following a 7.8% contraction in the prior quarter, signaling a deliberate shift from volume growth toward underwriting quality.
The negative revenue growth in consecutive quarters, particularly the 15.5% drop in Q3 2025, suggests management is actively pruning unprofitable or softening lines rather than chasing top-line expansion. This aligns with a classic hard-market strategy where specialty insurers protect margins by walking away from inadequately priced risk. The trajectory indicates IGIC is prioritizing portfolio quality over scale, which may limit near-term revenue but could enhance long-term earnings stability if executed properly.
Combined Ratio Trend Raises Underwriting Concerns
The combined ratio deteriorated to 85.3% in Q2 2026 from a low of 73.0% in Q3 2025, with the loss ratio jumping to 67.0%, suggesting recent quarters may be absorbing higher-frequency or higher-severity claims than the prior benign period.
A loss ratio of 67.0% is elevated relative to the company's 12-quarter average and warrants scrutiny into whether this reflects one-off catastrophe activity, social inflation pressures in casualty lines, or a broader deterioration in risk selection. The operating margin of 24.6% remains solid, but the combined ratio's upward drift from the low-to-mid 70s range implies that underwriting profitability is being compressed. Investors should monitor whether this is a cyclical peak-loss quarter or the beginning of a less favorable loss environment.
Earnings Quality Masked by Reserve Releases
The net margin of 24.6% in Q2 2026 matches the operating margin exactly, but the sharp decline in EPS growth (-36.4% YoY) despite stable revenue suggests current earnings may be supported by prior-year reserve releases rather than sustainable underwriting momentum.
The disconnect between a stable net margin and a collapsing EPS growth rate implies that the prior year's earnings were artificially inflated by favorable reserve development. As those releases normalize, the underlying earnings power appears weaker than the margin suggests. This dynamic is common in specialty insurance during the transition from a soft to hard market, where initial reserve releases boost reported results before the full impact of new, higher-priced policies flows through.
Q1 2025 Marks a Earnings Trough
Q1 2025 represents the most significant inflection point, where EPS dropped 29.8% year-over-year on 10.1% revenue growth, indicating a period of severe margin compression that has not fully reversed.
The combination of accelerating revenue growth and sharply declining earnings in Q1 2025 suggests an environment of rapidly rising claims costs or significant one-off losses that outpaced premium gains. The subsequent quarters show revenue contraction but margin recovery, implying management responded by cutting unprofitable business. This inflection point defines the current strategic pivot and explains the decelerating growth signal observed today.
Cost Structure Efficiency Under Pressure
Operating income fell to $21.0M in Q2 2026 from $34.7M a year prior despite similar revenue levels, indicating that the company's cost structure—likely driven by acquisition costs and operational overhead—is not scaling down in line with revenue headwinds.
The 39.5% year-over-year decline in operating income on flat revenue points to operating deleverage. In insurance, this often manifests as fixed administrative costs and broker commissions that remain sticky even when written premium shrinks. The Jordan-based cost advantage may be partially offset if the company is paying to retain top underwriting talent in London or Dubai to navigate the hard market, squeezing the expense ratio.