International General Insurance (IGI) has released its financial results for the third quarter and first nine months of 2025, showing a mixed performance influenced by currency fluctuations.
For the quarter ending September 30, IGI posted net income of US$33.5 million, a slight decrease from US$34.5 million in the same period last year. Over the first nine months, net income totalled US$94.9 million, down from US$105.1 million in 2024.
The annualised return on average equity (ROAE) for Q3 stood at 19.9%, compared to 22.3% in the same period last year. For the nine-month period, the annualised ROAE was 18.9%, a decrease from 23.5% in 2024.
Core operating income, which excludes certain non-recurring items, increased to US$38.6 million in Q3, up from US$30.7 million in 2024. The core operating return on average equity (annualised) for the third quarter was 22.9%, compared to 19.8% last year. However, core operating income for the nine months fell to US$80.8 million, compared with US$103.9 million in the same period of 2024, with the core operating ROAE dropping to 16.1% from 23.2%.
The decline in core operating income for the nine months was largely attributed to a reduction in underwriting income, driven by a fall in net premiums earned and the impact of US dollar fluctuations against major transactional currencies.
Despite the challenges, IGI’s financial performance in Q3 follows a solid second quarter, during which the company reported a 3.9% increase in net income to US$34.1 million. For the first half of 2025, net income stood at US$61.4 million, a decline from US$70.7 million the previous year. The annualised ROAE for Q2 was 20.8%, and for the first half of the year, it was 18.6%, both lower than in 2024.
Waleed Jabsheh, President and CEO of IGI, commented, “We had another quarter of strong profitability with solid underwriting results and investment income. While market conditions remain generally favourable, there is significant variation across different lines of business and geographical regions.”
Performance Details for the First Nine Months of 2025
Gross written premiums for Q3 amounted to US$131.3 million, down from US$138.3 million in the same period of 2024. For the first nine months of the year, gross written premiums remained relatively unchanged at US$525.6 million, compared to US$525.5 million in 2024.
Underwriting income for Q3 reached US$51.4 million, a rise from US$41.4 million in 2024. However, underwriting income for the first nine months fell to US$114.3 million, compared to US$138.7 million in 2024. The company noted that underwriting income for both periods had been impacted by lower net premiums earned and currency revaluation effects.
The loss ratio for Q3 improved to 39.3%, down from 51.5% in the same period last year. This improvement was attributed to a reduction in large loss activity and the devaluation of non-US dollar loss reserves. However, for the first nine months, the loss ratio increased to 49.3%, compared to 45.3% in 2024, reflecting catastrophe losses of US$45.8 million and currency revaluation movements.
The net policy acquisition expense ratio for Q3 stood at 15.9%, slightly up from 15.6% in 2024. For the first nine months of 2025, this ratio rose to 17.3%, compared to 16.4% in the previous year, mainly due to US$11.1 million of reinstatement premiums related to loss-affected business.
General and administrative expense ratios were 21.3% for Q3 and 20.5% for the first nine months, compared to 18.9% and 18.8% in 2024, respectively. The increase was attributed to lower net earned premiums.
IGI’s combined ratio for Q3 was 76.5%, an improvement from 86.0% in the same quarter of 2024. However, the combined ratio for the first nine months rose to 87.1%, compared to 80.5% last year, with both periods impacted by currency revaluation movements.