IGIC · International General Insurance Holdings Ltd.

IGI’s Q1 2026 results reflect continued execution of its disciplined underwriting strategy amid elevated catastrophe exposure. The 5.3-point YoY improvement in the combined ratio to 89.1% was driven by lower net loss and loss adjustment expenses and favorable prior-year reserve development—though management explicitly noted that Q1 results included losses related to the war in the Middle East and a large energy loss, which partially offset otherwise strong underwriting performance. Underwriting income rose 35.1% YoY to $37.7 million, supporting a 25.1% increase in core operating income to $24.4 million. Annualized core ROAE improved to 14.3%, up 2.3 percentage points year-over-year, reflecting both higher income and stable capital deployment. Capital return activity was substantial: $51.5 million in dividends included a $1.15 special dividend alongside the regular $0.05 quarterly dividend, while $13.1 million in share repurchases (545,374 shares) represented 17.8% of the 5 million share authorization approved in Q4 2025. Notably, book value per share declined 7.7% to $15.60 as of March 31, 2026—likely reflecting the impact of the special dividend and market valuation adjustments—but the filing provides no explicit reconciliation. The presentation reaffirms IGI’s strategic pillars: zero financial leverage, conservative reserving, high-quality fixed-income investments, and a commitment to returning excess capital. With S&P’s recent upgrade to A (Stable) and sustained outperformance versus peers on combined ratio (a ~4-point advantage over industry benchmarks), the results underscore IGI’s resilience across market cycles and reinforce confidence in its 'underwriting first' capital allocation framework.