International General Insurance Holdings Ltd. Q3 FY2025 earnings call

• Wasef Jabsheh highlighted excellent results for Q3 and first nine months of 2025, net income of $33.5M and $94.9M respectively, annualized return on average equity of 20% and 19%, S&P financial grade upgrade to A with stable outlook, and book value per share growth of almost 10% with $100M returned to shareholders in dividends and repurchases. - Waleed Jabsheh discussed Q3 and 9-month results: gross premiums written in Q3 over $131M (down 5%), first nine months over EUR 525M (up marginally). Net premiums earned Q3 just under $115M, first nine months $342.5M. Combined ratio Q3 76.5%, first nine months just over 87%. Net income $33.5M per share in Q3 vs $34.5M in 2024, $0.75 per share for both quarters. First nine months net income just under $95M or $2.14 per share. Core operating income $38.6M or $0.87 per share in Q3. Segment details: short-tail, reinsurance, long-tail performances. Balance sheet: total assets up over 4% to $2.12B, investment income, share repurchases, and equity details. Market conditions outlook including reinsurance, short-tail portfolios, and long-tail segment rate decline slowing.

Short-tail segment: Gross premiums up 2% in Q3, down 2.7% for first 9 months of 2025. Net premiums earned down about 10.4% in Q3 and 8.1% for the first nine months. Underwriting income down 14.7% in Q3 versus the same period last year, and down 12% for the first nine months. Reinsurance segment: Gross written premiums in Q3 were just over $11 million, slightly below the same period last year. First nine months saw gross written premium growth of almost 25% to just under $98 million. Underwriting income was up 35% in Q3 and almost 50% for the first nine months of 2025. Long-tail segment: Gross premiums down 12.6% in Q3 and 7.5% for the first nine months. Underwriting income was $11.5 million in Q3 versus an underwriting loss of $1 million for the same quarter last year. For the first nine months, underwriting income was $1 million versus just over $25 million for the same period in 2024.

• Board authorized a new $5 million common share repurchase authorization as the prior program of 7.5 million shares was exhausted. - Outlook on market conditions with competitive pressures, focus on underwriting profitability, and discipline in walking away from business not meeting profitability targets. - Emphasis on diversified strategy, reinsurance segment growth, and adding talent to various teams.

• Competitive pressures in certain segments like long-tail and parts of short-tail. - Market cycle uncertainties affecting top-line growth. - Currency revaluation impacts on financial results. - Potential contraction in top line in certain areas where business doesn't meet profitability targets.

Q: Michael Phillips from Oppenheimer asked about the long-tail segment's rate decline and if there are other accounts not meeting threshold to walk away from.

A: Waleed Jabsheh said the book walked away from was unique, and outside of that, nothing is being contemplated to walk away from; instead, identifying other segments of the PI market.

Q: Michael Phillips asked about reinsurance segment and 1/1 renewals, and U.S. large account property.

A: Waleed Jabsheh said reinsurance segment isn't traditional large reinsurance, no indication of large account property bottoming out, and hunger will continue at 1/1 with focus on underwriting profitability.