$IGIC

International General Insurance Holdings Ltd.

CIK:0001794338|SEC Filings

Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
REVENUES:
Gross written premiums	$ 666,709	$ 700,146	$ 688,678
Ceded written premiums	(209,106)	(210,597)	(191,465)
Net written premiums	457,603	489,549	497,213
Net change in unearned premiums	(3,797)	(6,419)	(50,061)
Net premiums earned	453,806	483,130	447,152
Investment income	54,744	51,883	40,460
Net realized gain on investments	2,252	589	6,723
Net unrealized gain on investments	3,170	1,390	2,684
Change in allowance for expected credit losses on investments	187	29	368
Other revenues	2,720	1,988	1,862
Total revenues	516,879	539,009	499,249
EXPENSES:
Net loss and loss adjustment expenses	(215,782)	(216,112)	(189,087)
Net policy acquisition expenses	(76,870)	(79,535)	(74,976)
General and administrative expenses	(97,047)	(90,362)	(78,927)
Change in allowance for expected credit losses on receivables	(856)	(1,482)	(2,452)
Change in fair value of derivative financial liabilities	0	(4,928)	(27,289)
Other expenses	(7,263)	(6,169)	(5,594)
Net foreign exchange gain (loss)	8,079	(8,130)	5,124
Total expenses	(389,739)	(406,718)	(373,201)
Income before income taxes	127,140	132,291	126,048
Income tax credit (expense)	10	2,860	(7,854)
Net Income	$ 127,150	$ 135,151	$ 118,194
Earnings Per Share [Abstract]
Basic earnings per share attributable to equity holders (in USD per share)	$ 2.92	$ 3.01	$ 2.58
Diluted earnings per share attributable to equity holders (in Dollars per share)	$ 2.89	$ 2.98	$ 2.55

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES:
Net income	$ 127,150	$ 135,151	$ 118,194
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	3,580	3,404	2,546
Deferred tax expense (benefit)	2,121	(2,702)	1,441
Gain on disposal of property and equipment	(47)	(29)	(89)
Net realized gain on investments	(2,252)	(589)	(6,723)
Net unrealized gain on investments	(3,170)	(1,390)	(2,684)
Change in allowance for expected credit losses on investments	(187)	(29)	(368)
Change in fair value of derivative financial liabilities	0	4,928	27,289
Share-based compensation expense	6,795	4,628	3,249
Leases expenses	1,918	3,083	771
Amortization of net premium on investments	2,949	2,156	2,083
Non cash adjustment for differences in tax basis	(2,308)	(312)	(1,949)
Change in:
Premiums receivable	(18,262)	(10,833)	(34,815)
Reinsurance recoverables	(7,953)	(2,614)	(28,671)
Ceded unearned premiums	(856)	(15,300)	(3,604)
Deferred policy acquisition costs, net of ceding commission	(3,568)	(1,783)	(7,331)
Accrued investment income	(125)	(3,422)	(4,909)
Other assets	(2,503)	(4,697)	(1,809)
Reserve for unpaid loss and loss adjustment expenses	4,096	82,145	75,853
Unearned premiums	4,653	21,719	53,665
Insurance and reinsurance payables	5,820	345	(650)
Operating lease liabilities payments	(3,079)	(2,706)	(913)
Other liabilities	(6,634)	(1,683)	6,032
Net cash provided by operating activities	108,138	209,470	196,608
INVESTING ACTIVITIES
Purchase of equity securities and other investments	(8,480)	(14,495)	(17,368)
Purchase of fixed maturity securities available-for-sale	(221,148)	(338,946)	(313,002)
Proceeds from fixed maturity securities held to maturity	11	85	526
Proceeds from sale/maturity of fixed maturity securities available-for-sale	187,535	102,178	59,031
Proceeds from sale of equity securities and other investments	19,931	14,064	34,976
Purchases of property and equipment and Intangible assets	(944)	(6,628)	(3,248)
Proceeds from sale of property and equipment	47	29	89
Change in term deposits	670	104,467	(73,802)
Change in short-term investments	58,308	(47,321)	223,534
Acquisition of a subsidiary	0	0	(1,101)
Net cash from (used in) investing activities	35,930	(186,567)	(90,365)
FINANCING ACTIVITIES
Dividends paid	(46,197)	(26,527)	(1,749)
Repurchase of common shares under share repurchase program	(61,922)	(23,153)	(31,090)
Warrants redemption	0	0	(16,324)
Proceeds from issuance of common stock under Employee Stock Purchase Plan	664	0	0
Net cash flows used in financing activities	(107,455)	(49,680)	(49,163)
NET CHANGE IN CASH, AND CASH EQUIVALENTS AND RESTRICTED CASH	36,613	(26,777)	57,080
Cash, cash equivalents and restricted cash at the beginning of the year	168,246	195,023	137,943
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE YEAR	204,859	168,246	195,023
Supplemental Cash Flow Information:
Income tax paid	$ (321)	$ (4,620)	$ (6,635)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investments
Fixed maturity securities available-for-sale, at fair value (amortized cost: $1,054,347 – 2025, $1,023,866 – 2024, net of allowance for expected credit losses: $233 – 2025, $409 – 2024)	$ 1,064,267	$ 1,002,103
Equity securities, at fair value (cost: $16,086 – 2025, $25,334 – 2024)	20,936	28,973
Other investments, at fair value (cost: $12,028 – 2025, $12,500 – 2024)	13,710	12,289
Short-term investments	31,170	89,478
Term deposits	0	670
Equity-method investments measured at fair value	2,408	1,955
Fixed maturity securities held to maturity	1,994	1,994
Total investments	1,134,485	1,137,462
Cash and cash equivalents	186,183	155,245
Accrued investment income	15,328	15,295
Premiums receivable, net of allowance for expected credit losses ($13,595 – 2025, $12,756 – 2024)	274,312	256,050
Reinsurance recoverable, net of allowance for expected credit losses ($900 – 2025, $885 – 2024)	233,650	225,697
Ceded unearned premiums	114,169	113,313
Deferred policy acquisition costs, net of ceding commission	70,623	67,055
Deferred tax assets, net	4,890	6,951
Other assets	67,149	60,470
TOTAL ASSETS	2,100,789	2,037,538
LIABILITIES
Reserve for unpaid loss and loss adjustment expenses	798,339	794,243
Unearned premiums	469,897	465,244
Insurance and reinsurance payables	95,869	90,049
Other liabilities	26,536	33,170
TOTAL LIABILITIES	1,390,641	1,382,706
COMMITMENT AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY
Common shares (authorized: 750,000,000 shares at $0.01 par value per share; issued and outstanding: 42,842,216 shares – 2025, 45,108,936 shares – 2024)	428	453
Additional paid-in capital	86,856	144,936
Treasury shares, at cost (1,407 shares – 2025, 154,011 shares – 2024)	(35)	(3,677)
Accumulated other comprehensive income (loss), net of taxes	10,273	(18,553)
Retained earnings	612,626	531,673
TOTAL SHAREHOLDERS’ EQUITY	710,148	654,832
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,100,789	$ 2,037,538