International General Insurance Holdings Ltd.

Q2 net income was just under $21 million, or $0.49 per share, versus $34.1 million, or $0.77 per share, in Q2 2025. H1 net income was $42.5 million, or $0.98 per share, versus $61.4 million, or $1.36 per share, in H1 2025. Gross written premiums were $201.7 million in Q2 and just under $400 million in H1, up 7.4% and 1.2% year over year; net premiums earned were $125 million and $236.2 million, up 8.7% and 3.7%. Underwriting income was $29.5 million in Q2 and just over $67 million in H1. The combined ratio was 95.1% in Q2 and 92.2% in H1, with CAT losses of 18.8 points and 19 points respectively; ex-CAT accident year combined ratios were 74.9% and 86.2%. Return on average equity was 12.6% in Q2 and 12.3% in H1; core operating ROAE was 11.3% and 12.5%. Total value per share was $16.04 at quarter-end. Total assets were just under $2.2 billion, total investments and cash were just under $1.3 billion, fixed-income investments were 78% of that portfolio, investment income was $14.5 million in Q2 and $28.6 million in H1, yield was 4.5%, and duration was 3.5 years. Total equity was just below $670 million, down from about $710 million at the end of 2025, after about $73 million returned to shareholders in H1, consisting of almost $55 million of dividends and $18.2 million of buybacks. Management did not give formal next-quarter or full-year financial guidance on the call.

Wasef Jabsheh emphasized that IGI delivered excellent underwriting and underlying results despite war and conflict in the Middle East, global uncertainty, and a softening market. He framed the first-half war losses as one of the largest net loss events in company history, but said the company’s ability to absorb them while still producing profit demonstrates the resilience of its model, discipline, and culture. His tone was confident and long-term focused, stressing risk-adjusted returns, active cycle management, and diversification.

Pervez Rizvi highlighted the financial impact of the war losses and the company’s ability to offset them with underwriting discipline. He said Q2 included almost $14 million of net war losses and H1 roughly $39 million, with about 4.5 points of combined ratio impact from indirect war losses not recorded in CAT. He also cited $1.7 million of reserve strengthening in Q2 tied to the long-tail portfolio, more than $30 million of prior-year reserve releases in H1, $14.5 million of Q2 investment income, a 4.5% yield, 3.5-year duration, and about $73 million returned to shareholders in H1.

Analysts focused on whether the Middle East pricing response had been sufficient, whether CAT losses would continue at the recent level, and how the company would approach capital returns. Management said pricing in exposed Middle East lines has reacted strongly, with some rate increases described as being in the thousands of percent, though it is not consistent across the market; they also said other lines such as property and construction were not materially affected by the war. On losses, they said they were not aware of additional large third-quarter losses and that the severe losses were concentrated in March and April. On capital returns, management said buybacks remain authorized, but the mix between buybacks and dividends will depend on performance and valuation.