IGI profit slips, combined ratio rises after portfolio reset

Bermuda-based International General Insurance (IGI) reported weaker full-year 2025 results, with profit dipping and the combined ratio rising following a strategic non-renewal of parts of its specialty long-tail portfolio, as management emphasised the resilience of the reshaped book.

Net income rose steadily in the final quarter of 2025 to $32 million, up from $30 million in Q4 2024, but that wasn’t enough to level the scales with full year ending shy of 2024’s $135 million at $127 million.

Gross written premiums shrank to $141 million at the end of Q4, 2025, compared to $175 million in the same period a year prior. This was felt in the year-end results, with 2025 finishing at $667 million compared to $700 million in 2024.

The combined ratio rose from 77.8% in quarter four 2024 to 82.0%, and full-year results reflecting a similar fate with a rise from 79.9% at year-end 2024 to 85.8% at full-year 2025. 

The fall in numbers reflects the impact of the non-renewal of professional indemnity binders in the speciality long-tail segment, a segment that represents 25% of the company’s gross written premiums, as well as a higher level of catastrophe losses and a lower level of net premiums earned.

Waleed Jabsheh, IGI group president and CEO, said: “We produced another set of excellent financial results in 2025. This demonstrates the strong execution and cycle management culture we have at IGI, the benefits of our diversification strategy, and the value that we continue to deliver to our shareholders.

“Our combined ratio of 85.9% and net income of $127.2 million resulted in a return on average equity of 18.6% and a core operating return on average equity of 16.8% for the current year, well above our 10- year average. In addition, we grew our book value per share during the year to $16.91 at December 31, 2025, while returning over $108 million to shareholders in share repurchases and dividends.

“We have built a level of resilience across our company with the right strategy, exceptional talent and strong execution and capital management capabilities, all of which we believe will continue to hold us in good stead for the years ahead.”

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