IGI Reports $28.0 Million in Net Income and Declares $0.075 Per-Share Cash Dividend
Key Facts
International General Insurance Holdings reported net income of $28.0 million for the third quarter ended September 30, 2026, compared with $33.5 million in the corresponding period of 2025, according to financial results announced by the company on November 3. The figures showed diluted earnings per share fell to $0.66 from $0.75 a year earlier. The combined ratio, which measures insurance claims and expenses against premiums, also rose to 85.7% from 76.5%. The company said underwriting income across its segments was $43.0 million for the quarter, versus $51.4 million in the third quarter of 2025. The board declared an ordinary cash dividend of $0.075 per share on November 2 for the quarter ended in September.
The decline in net income reflects weaker earnings metrics compared with the prior year, although the company continued to generate underwriting income across its segments. In a statement accompanying the results, Chief Executive Waleed Jabsheh said the company delivered "strong underwriting profitability" in the third quarter. He pointed to a combined ratio of 85.7% and an annualized core operating return on average equity of 16.9%. That compares with a combined ratio of 76.5% in the third quarter of 2025, meaning the ratio rose year over year. For the first nine months of 2026, the annualized core operating return on average equity was 13.8%, Jabsheh said.
Gross premiums written fell to $119.6 million in the third quarter of 2026 from $131.3 million in the year-earlier period. The company attributed the decline to lower gross premium production in the short-tail insurance segment, particularly in the energy line. By contrast, net premiums earned rose to $124.5 million from $114.7 million a year earlier. The figures show diverging movements between business written during the period and premiums earned net by the company. The increase in premiums earned did not change the direction of total underwriting income, which fell to $43.0 million from $51.4 million.
Catastrophe losses related to the Middle East war were the main driver of higher loss activity during the first nine months of 2026, according to the company's statement. The loss ratio for the period was 51.2%, compared with 49.3% in the first nine months of 2025. Jabsheh said the war losses were the largest single loss event in the company's 25-year history. Over the same period, net income was $70.5 million, versus $94.9 million a year earlier, and diluted earnings per share fell to $1.65 from $2.14. The combined ratio for the nine months was 90.1%, compared with 87.1% in the corresponding period.
Despite the decline in net income over the nine months, Jabsheh said the company returned approximately $80 million to shareholders through cash dividends and share repurchases. The amount covers the first nine months of 2026, according to his statement in the results release. In one segment, reinsurance underwriting income rose to $12.7 million in the third quarter from $10.4 million in the corresponding period of 2025. The company attributed the increase mainly to higher net premiums earned. The result highlights differing performance across the company's business lines, alongside a year-over-year decline in total underwriting income.
The declared dividend of $0.075 per share will be paid on December 2, 2026, to shareholders of record at the close of business on November 17. The company had set November 3, after the close of U.S. markets, as the date for releasing its third-quarter and nine-month results. It is scheduled to hold an investor call on November 4 at 9 a.m. Eastern time, including a question-and-answer session. IGIC shares closed at $25.02 in the November 3 session, according to EL7 data. The available session data did not include the stock's opening, high or low prices.