IGIC · International General Insurance Holdings Ltd.

International General Insurance Holdings Ltd. (IGIC) reported FY 2025 results showing revenue of $516.9 million, a 4.1% decline from $539.0 million in FY 2024. This contraction was primarily due to the decline in new business because of the Company’s cautious and selective approach driven by the softness in the market for this segment, as noted in Management's Discussion and Analysis. This disciplined strategy prioritizes underwriting quality over volume in a competitive environment, safeguarding long-term profitability.

Operating cash flow totaled $108.1 million, a significant decrease from $209.5 million, attributable to the timing of claim payments and working capital movements common in the cycle. This volatility demonstrates the capital-intensive nature of the business, where an increase in reserves could cause reductions in profitability and capital. IGIC's broad industry knowledge enables servicing diverse clients in construction, exploration & production, operating, contracting, and decommissioning sectors, providing a stable base amid fluctuations.

Management emphasizes linkages between business strategy, planning, and risk management processes. An expanded supply of reinsurance capital may lower costs and enable competitive pricing, supporting future positioning. Regulatory capital requirements are expected to become more stringent, reinforcing the need for disciplined capital allocation. Overall, these dynamics affirm IGIC's focus on sustainable returns in a softening market, with core metrics reflecting prudent navigation of loss pressures and business selectivity.