| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 83 | 10.4x | 17.8x | Top tier | |
Growth | 14 | -5.4% | 7.1% | Bottom tier | |
Quality | 87 | — | — | Top tier | |
Safety | 38 | — | — | Bottom tier | |
Capital Return | 71 | 4.15% | 2.12% | Top tier | |
Momentum | 67 | 14.8% | 2.9% | Top tier | |
Sentiment | 24 | 1 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
International General Insurance Holdings Ltd. (IGIC) operates in specialty insurance and reinsurance, relying on technical underwriting and the management of pricing cycles and capital across a diversified portfolio that includes short-tail, long-tail, and reinsurance business. Its earnings come primarily from underwriting income, with a contribution from its investment and cash portfolio, which approached $1.3 billion at the end of Q2 FY2026, approximately 78% of which was in fixed-income securities yielding 4.5%.
In FY2025, IGIC reported revenue of $516.9 million, net income of $127.2 million, and earnings per share of $2.89, compared with revenue of $539.0 million, net income of $135.2 million, and earnings per share of $2.98 in FY2024. This represents a year-over-year decline of approximately 4.1% in revenue and approximately 5.9% in net income, after the company had generated revenue of $499.2 million and net income of $118.2 million in FY2023.
In Q2 FY2026, gross written premiums reached $201.7 million, up 7.4%, and net earned premiums reached $125 million, up 8.7%. The company reported underwriting income of $29.5 million and net income of just under $21 million, or $0.49 per share, compared with $34.1 million and $0.77 per share in the corresponding period, while the combined ratio was 95.1%. By segment, gross written premiums in short-tail business increased by approximately 7%, the long-tail segment swung to underwriting income of $5.5 million from a loss of just under $3 million, while the reinsurance segment benefited from new Indian business despite intensifying competition.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target for IGIC shares is approximately $30, matching both the highest and lowest targets, with a consensus Buy rating; however, identical targets also mean there is no diverse range of estimates to rely on. The target is only approximately 1.4% above the 52-week range high of $29.585, while the range low is $20.82, placing the target valuation near the historical upper bound rather than indicating a broad re-rating. The positive outlook needs to balance strong net income and capital returns against lower FY2025 revenue, competitive pressure, and the war losses recorded in the first half of FY2026.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
Gross written premiums reached $201.7 million, up 7.4% from the corresponding period, and net earned premiums increased 8.7% to $125 million. The company reported underwriting income of $29.5 million and net income of just under $21 million, or $0.49 per share. The combined ratio was 95.1%, including 18.8 points of catastrophe losses, of which 11 points were related to war.
IGIC recorded net war losses of approximately $14 million in Q2 FY2026 and approximately $39 million in the first half. Direct and indirect losses were concentrated primarily in the political violence risk portfolio, with exposures in the UAE, Saudi Arabia, Bahrain, and, to a lesser extent, Oman. Despite this, the company generated net income of $42.5 million and a combined ratio of 92.2% during the first half.
In June 2026, the company received approval to register a branch in GIFT City, India's operational international financial center. It has already written approximately $10 million in gross written premiums from new Indian business, most of it concentrated in treaty reinsurance. Targeted areas include specialties such as cyber insurance and surety, expanding the company's geographic reach and increasing portfolio diversification.
The long-tail segment was the most notable source of improvement, with its net earned premiums increasing by more than 33% from the corresponding period. The segment generated underwriting income of $5.5 million, compared with a loss of just under $3 million in Q2 FY2025. In the first half of FY2026, the segment's underwriting income increased to just under $23 million, compared with a loss of just over $10 million in the corresponding period.
The company returned approximately $73 million to shareholders in the first half of FY2026. This included nearly $55 million in cash dividends, including a special dividend of $1.15 per share announced in March 2026, in addition to $18.2 million in share repurchases. In Q2 FY2026, it repurchased just over 205 thousand shares at an average of $24.82 per share.
Growth opportunities include new Indian business, an approximately 45% increase in the political violence risk portfolio in Q2 FY2026, and improved demand in marine liability following the Baltimore bridge loss. Conversely, the company faces declining prices and increasing competition in treaty reinsurance, energy, and some property business, along with the possibility of renewed war losses. Management also noted the postponement and cancellation of some Middle East projects and strengthened long-tail reserves by $1.7 million during the quarter.
