The company has achieved significant underwriting efficiency, with the combined ratio improving from 87.0% in 2023Q3 to a low of 69.8% in 2024Q1, signaling strong risk selection despite volatile quarterly revenue growth.
| Revenue | 516.7M | 525.95M | 477.08M | 394.37M | 347.01M | 308.27M | 249.94M | 207.99M | 179.48M | 184.68M | 168.2M |
| Revenue Growth % | -1.76% | 10.24% | 20.97% | 13.65% | 12.56% | 23.34% | 20.17% | 15.89% | -2.81% | 9.8% | - |
| Medical Costs & Claims | 215.8M | 295.65M | 264.06M | 227.76M | 232.66M | 222.22M | 177.43M | 144.07M | 139.87M | 0 | 0 |
| Medical Cost Ratio % | 41.77% | 56.21% | 55.35% | 57.75% | 67.05% | 72.08% | 70.99% | 69.27% | 77.93% | 0% | 0% |
| Gross Profit | 300.9M | 230.3M | 213.02M | 166.61M | 114.35M | 86.06M | 72.52M | 63.92M | 39.61M | 184.68M | 168.2M |
| Gross Margin % | 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 | 173.7M | 98.01M | 86.97M | 74.44M | 65.72M | 56.73M | 47.26M | 38.32M | 32.59M | 152.66M | 132.4M |
| OpEx / Revenue % | 33.62% | 18.64% | 18.23% | 18.88% | 18.94% | 18.4% | 18.91% | 18.42% | 18.16% | 82.66% | 78.72% |
| Depreciation & Amortization | 3.58M | 3.4M | 2.55M | 3.08M | 2.77M | 2.61M | 1.96M | 1.36M | 1.49M | 582.82K | 0 |
| Combined Ratio % | 75.38% | 74.85% | 73.58% | 76.63% | 85.99% | 90.49% | 89.9% | 87.69% | 96.09% | 82.66% | 78.72% |
| Operating Income | 127.2M | 132.29M | 126.05M | 92.17M | 48.63M | 29.33M | 25.25M | 25.6M | 7.02M | 30.75M | 37.7M |
| Operating Margin % | 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 | 130.78M | 135.69M | 128.59M | 95.25M | 51.4M | 31.94M | 27.21M | 26.96M | 8.5M | 31.33M | 177.6M |
| EBITDA Margin % | 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 | 132K | 358K | 325K | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | 0 | 0 | 0 | 4.31M | 2.83M | -203K | -108K | 0 | 0 | -152.53M | -139.9M |
| Pretax Income | 127.2M | 132.29M | 126.05M | 92.17M | 48.63M | 29.33M | 25.25M | 25.6M | 7.02M | 32.02M | 35.8M |
| Pretax Margin % | 24.62% | 25.15% | 26.42% | 23.37% | 14.01% | 9.51% | 10.1% | 12.31% | 3.91% | 17.34% | 21.28% |
| Income Tax | 0 | -2.86M | 7.85M | 2.93M | 1.81M | 2.08M | 1.69M | 62K | -14.42K | -932.13K | 800K |
| Effective Tax Rate % | 0% | -2.16% | 6.23% | 3.18% | 3.73% | 7.08% | 6.68% | 0.24% | -0.21% | -2.91% | 2.23% |
| Net Income | 127.2M | 135.15M | 118.19M | 89.23M | 46.81M | 27.25M | 23.57M | 25.54M | 7.03M | 32.95M | 35M |
| Net Margin % | 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 % | -5.88% | 14.35% | 32.45% | 90.61% | 71.79% | 15.64% | -7.74% | 263.26% | -78.66% | -5.86% | - |
| EPS (Diluted) | 2.89 | 2.98 | 2.55 | 1.84 | 0.89 | 0.59 | 0.49 | 0.53 | 0.05 | 0.23 | 0.24 |
| EPS Growth % | -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 | 43.7M | 44.74M | 43.47M | 45.55M | 45.47M | 43.05M | 48.45M | 48.45M | 141.84M | 143.38M | 143.38M |
Geopolitical and Catastrophe Exposure
As indicated by the quarterly financial data, IGIC's revenue growth has exhibited significant volatility, swinging from a 53.0% surge in 2024Q3 to a 15.5% contraction in 2025Q3, suggesting a strategic pivot toward underwriting discipline rather than a pursuit of top-line volume in softening market conditions.
The inconsistent revenue trajectory appears to reflect a management team prioritizing rate adequacy over market share expansion. Investors should monitor whether this cyclicality is a deliberate response to shifting pricing power in specialty lines or an indication of competitive pressure in the firm's core MENA and UK markets.
Based on reported figures, IGIC has maintained a robust underwriting profile, evidenced by a combined ratio that reached a low of 69.8% in 2024Q1 and remained consistently below the 80% threshold, signaling exceptional risk selection and operational efficiency relative to broader diversified insurance peers.
The company's ability to sustain a combined ratio well under 100% suggests that its niche focus on hard-to-place risks is successfully generating underwriting profit. This margin performance appears to be bolstered by the structural cost advantages of its Jordanian operational hub, which likely provides a competitive edge in expense management.
According to the historical income statement data, the transition from 2023Q3's 87.0% combined ratio to the more profitable sub-80% levels observed throughout 2024 and 2025 marks a critical inflection point, demonstrating the company's improved capacity to absorb claims volatility while maintaining core profitability.
This shift suggests that the firm has successfully navigated the transition into a harder pricing environment for specialty risks. The improvement in loss ratios from the 60% range down to the mid-30s in recent periods warrants further investigation into whether this reflects a permanent change in risk appetite or merely a favorable period of low catastrophe activity.
While current earnings appear strong, the reliance on subjective IBNR reserve estimates, as noted in financial disclosures, suggests that reported net income may be sensitive to future reserve strengthening if long-tail casualty claims exceed initial actuarial expectations in the current inflationary environment.
Investors should remain cautious regarding the sustainability of these margins, as any adverse development in prior-year reserves could rapidly erode the reported underwriting profit. The lack of explicit investment income disclosure in the provided data also complicates a full assessment of the company's total earnings quality and its sensitivity to interest rate fluctuations.
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.