International General Insurance Q3 profit falls 16.4%
IGIC attributed higher nine-month net losses primarily to the war in the Middle East and reported $79.8 million returned to shareholders.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
International General Insurance Holdings Ltd. (IGIC) reported lower year-over-year net income for Q3 and the first nine months of 2026. Q3 net income was $28.0 million, down 16.4% from Q3 2025; nine-month net income was $70.5 million, down 25.7% from the comparable 2025 period.
Underwriting income was $43.0 million in Q3, down 16.3%, and $110.2 million for nine months, down 3.6%. Higher net losses, primarily related to the war in the Middle East, drove the nine-month net income decline; Q3 higher net losses were primarily in the Short-tail Segment. The combined ratio was 85.7% in Q3, with 6.9 points of catastrophe losses offset by 7.1 points of favourable prior years reserve development. For nine months, the ratio was 90.1%, including 14.8 points of catastrophe losses, primarily related to the war, partially offset by 10.9 points of favourable prior years reserve development.
IGIC returned $79.8 million to shareholders through September 30, 2026: $57.9 million in dividends and $21.9 million in share repurchases. Book value per share was $15.99, down 5.4% from December 31, 2025. The presentation also reported a negative $44.0 million mark-to-market movement in the fixed-income portfolio during the first nine months.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointNine-month net income fell 25.7% to $70.5 million.
- Minor pointQ3 net income fell 16.4% to $28.0 million.
Key Figures
Key Terms
Combined Ratio financial
favourable prior years reserve development financial
Core Operating Income financial
Net IBNR financial
FAQ
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How much net income did IGIC report in Q3 2026?
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-39255
International General Insurance Holdings Ltd.
(Translation of Registrant’s name into English)
74 Abdel Hamid Sharaf Street, P.O. Box 941428, Amman 11194, Jordan
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXHIBIT
| Exhibit Number |
Exhibit Description | |
| 99.1 | IGI Investor Presentation Q3 2026 (November 2026) |
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| INTERNATIONAL GENERAL INSURANCE HOLDINGS LTD. | |||
| Date: November 3, 2026 | By: | /s/ Pervez Rizvi | |
| Name: | Pervez Rizvi | ||
| Title: | Chief Financial Officer | ||
2
Exhibit 99.1
Investor Presentation Third Quarter 2026 November 2026
This presentation contains "forward-looking statements" within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as "ability," "aim," "focus," "impact," "seek," "strategy," "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predict," "potential," "continue," "commitment," "able," "success" and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this presentation may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI's services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably, and IGI's ability to retain its key employees; (3) changes in applicable laws or regulations; (4) risks related to fluctuations in global currencies including the UK Pound Sterling, the Euro, and the U.S. Dollar; (5) the outcome of any legal proceedings that may be instituted against the Company; (6) the effects of the hostilities between Russia and Ukraine, and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the effects of military conflicts in the Middle East, including disruptions in the Strait of Hormuz and the Persian Gulf and the potential disruption of Red Sea international shipping routes; (8) the impact of the tariffs that have been imposed or may be imposed by the U.S. administration; (9) the potential impact of artificial intelligence technologies on the insurance industry and the ability of IGI to effectively deploy AI technologies; (10) the inability to maintain the listing of the Company's common shares on Nasdaq; and (11) other risks and uncertainties indicated in IGI's filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI's financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based except to the extent that it is required by law. 2 FORWARD-LOOKING STATEMENTS
IGI is a Bermuda-domiciled international specialist insurance and reinsurance group with a demonstrated track record of maximizing shareholder value IGI AT A GLANCE ~25 $667 million Total Assets $2.1 billion(2) A A Stable Outlook Financial Strength Ratings lines of business Global Presence, Local Knowledge gross written premium(1) 9 486 offices worldwide employees(2) NASDAQ: IGIC Diversified Portfolio 20+ years of success Stable Outlook 10-Year Average Core ROE (3) 14.5% 10-Year Average Combined Ratio(3) 87.1% (1) Full year 2025 (2) At September 30, 2026 (3) 2016-2025 3
❖ Capital held to meet most stringent regulatory / rating agency requirements ❖ Robust and continual assessment of capital position ❖ Maintain optimal level of capital for "underwriting first" strategy ❖ Return excess capital to shareholders in share repurchases and dividends 4 STRATEGY TO GENERATE SHAREHOLDER VALUE ACROSS MARKET CYCLES Balance Sheet Strength & Stability Consistent Execution of Underwriting Strategy Dynamic Capital Management ❖ Individual risk underwriting strategy facilitates tighter risk control ❖ Deep technical capabilities, specialized experience with local expertise in regional markets ❖ Dynamic cycle and portfolio management focused on strongest margins and rate momentum ❖ Prudent use of reinsurance to mitigate volatility and manage catastrophe exposure ❖ Zero financial leverage ❖ Prudent reserving philosophy ❖ Conservative investment strategy – high quality, diversified fixed income portfolio; duration and currency management Commitment to long-term total value creation through growth in tangible book value per share plus dividends
STRATEGIC ADVANTAGES, ATTRIBUTES THAT GENERATE SUSTAINABLE VALUE 5 ▪Disciplined underwriting ▪Agility in portfolio management ▪Stability in leadership ▪Flat structure, open communication → efficient decision-making ▪Compensation structure rewards risk-adjusted profitability ▪Significant insider ownership → shareholder alignment * ▪Long-term perspective ▪Clear vision ▪Entrepreneurial spirit overlayed with conservative view of risk and volatility ▪Multi-layered diversification ▪Preserve capital, mitigate volatility ▪Commercial lines business only – no personal lines High Performance Culture Founder/ Manager Mindset Commitment to Sustainable Value Creation Specialist Knowledge & Experience ▪Deep technical expertise by line ▪Early visibility on market changes ▪20+ year history of consistent high- quality shareholder returns ▪Underwriting 'profit centers' irrespective of geography of risk; single P&L across IGI Group ▪Physical presence in multiple regions → cultural compatibility * Jabsheh family ownership: 37.7% at September 30, 2026
20+ YEARS OF STEADY GROWTH AND SUCCESS 6 S&P raises IGI's financial strength rating to A (Stable) Celebrated 5 years of trading on Nasdaq 3/18/2025 Paid special common share dividend of $0.85; increased common share quarterly dividend to $0.05; established new 5 million common share repurchase authorization Paid special common share dividend of $1.15; increased ordinary dividend to $0.075 per share Secured license to operate in India's GIFT City, expanding IGI's global footprint Launched Cipher Underwriting, a specialty treaty reinsurance MGA focused on cyber (IGI Owns 60%) $663 million capital base(2) Redomiciled to Bermuda and commenced underwriting U.S. E&S business Commenced underwriting Marine Trades and Marine Cargo business CEO succession: Waleed Jabsheh named CEO; Wasef Jabsheh named Executive Chairman Completed acquisition of Norway MGA Energy Insurance Oslo (EIO) Completed redemption and delisting of IGI Warrants IGI celebrates 20 years in business Announced new dividend policy of $0.01 per common share per quarter; share repurchase authorization of 5 million common shares Listed 2002 Commenced operations from Jordan underwriting energy, property and engineering business 2005 Assigned BBB rating by S&P Commenced underwriting Reinsurance business Assigned A- rating by A.M. Best and BBB+ rating by S&P Established IGI Dubai Established IGI UK - FSA(1) regulated UK subsidiary 2016- 2018 Commenced underwriting General Casualty (non- US), Directors' & Officers', Legal Expenses, Renewable Energy 2006 Established Labuan Branch 2007 Established Bermuda subsidiary Commenced underwriting Financial Lines business Purchased majority shareholding of SR Bishop 2009 Commenced underwriting General Aviation business and Professional Indemnity business Acquired SR Bishop and renamed to North Star AM Best upgrades IGI's financial strength ratings to A (Excellent) S&P raises IGI's financial strength rating to A- (Stable) $75mm capital raise $1.03 bn market cap(3) 2012- 2013 Commenced underwriting Ports & Terminals, and Political Violence business IGI Dubai commences operations as an agency Commenced underwriting Contingency business Established IGI Europe in Malta to access European markets 2021 Ticker: "IGIC" IGI established by insurance industry veteran Wasef Jabsheh in Amman, Jordan, alongside Waleed Jabsheh; $25 million capital base 2001 2010 $25mm capital raise 2022 2008 2019 2015 2020 2023 $41mm capital raise Increased quarterly common share dividend to $0.025; increased share repurchase authorization to 7.5 million common shares Paid special common share dividend of $0.50 per share 2026 2024 2025 (1) FCA previously known as FSA (2) At 9/30/2026 (3) As of 11/1/2026
$0 $100 $200 $300 $400 $500 $600 $700 $800 2020 2021 2022 2023 2024 2025 9/30/2026 LTM Reinsurance Long-Tail Short-Tail DIVERSIFICATION REDUCES VOLATILITY IN EARNINGS 7 IGI writes a well-diversified portfolio of global specialty risks producing a consistent and stable source of earnings across market cycles Gross Premiums Written by Line of Business (1) Gross Premiums Written by Financial Reporting Segment Gross Premiums Written by Geography (1) (1) 9M 2026 (2) LTM: Last 12 months 60% 25% 15% 59% 29% 12% 58% 33% 9% 55% 54% 53% 40% 42% 43% $ Millions Gross Premiums Written by open Market / Facility(1) 60% 14% 26% (2) 24% 58% 18% Facility Open Market Treaty United Kingdom 20% Asia 10% Middle East 8% Europe 16% North America 18% Caribbean 4% Central America 4% Africa 5% Worldwide 11% Australasia 3% South America 1% Professional Lines 21% Financial Institutions 2% Marine Liability 4% Energy 17% Property 14% Construction & Engineering 7% Ports & Terminals 4% General Aviation 1% Political Violence 2% Marine Cargo 3% Contingency 6% Marine Trades 1% Treaty Reinsurance 18%
Q3 / 9M 2026 FINANCIAL RESULTS HIGHLIGHTS 8 NET INCOME Q3 COMBINED RATIO Q3 85.7% 6.9 pts of CAT losses, offset by 7.1 pts of favourable prior years reserve development $28.0 million -16.4% vs Q3 2025 driven by higher net losses primarily in the Short-tail Segment ANNUALIZED ROAE BOOK VALUE PER SHARE CAPITAL RETURNED TO SHAREHOLDERS 16.8% -3.1 pts vs Q3 2025, due to lower net income driven by higher losses Q3 UNDERWRITING INCOME $43.0 million -16.3% vs Q3 2025, primarily due to higher net losses and loss adjustment expenses Q3 $6.9 million $3.2m in dividends, and $3.7m in share repurchases 9M $70.5 million -25.7% vs 9M 2025 driven by higher net losses primarily related to the war in the Middle East 9M 9M 90.1% 14.8 pts of CAT losses, primarily related to the war, partially offset by 10.9 pts of favourable prior years reserve development Q3 9M 9M $79.8 million $57.9m in dividends, and $21.9m in share repurchases 13.7% -5.2 pts vs 9M 2025, due to lower net income driven by higher losses $110.2 million -3.6% vs 9M 2025, driven by higher net losses, primarily related to the war in the Middle East $15.99 -5.4% from 12/31/2025 Includes capital returned to shareholders of $79.8m for the first 9M 2026; also includes negative mark-to-market movement of $44.0m in fixed income portfolio for first 9M 2026 ($29.0m in Q3 2026)
87.9% 86.9% 84.3% 87.1% 105.0% 88.7% 94.1% 89.3% 86.4% 78.5% 76.7% 79.9% 85.9% 90.1% 0% 20% 40% 60% 80% 100% 120% $0 $100 $200 $300 $400 $500 $600 $700 $800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/2026 LTM Reinsurance Long-Tail Short-Tail CONSISTENT EXECUTION OF UNDERWRITING STRATEGY AND CYCLE MANAGEMENT 9 • Combined ratio at 9/30/2026 (1) Represents difference in average combined ratios for the period 2016–2025 between IGIC and peers. Peers include: MKL, ACGL, WRB, EG, RNR, HSX, AXS, RLI, KNSL, LRE, HG, Lloyd's of London (2) LTM: Last 12 months Strong Cycle Management GWP $ Millions Demonstrated track record of profitable growth and diversification supported by underwriting discipline and strong cycle management. Specialist underwriting strategy results in a ~4 pt combined ratio advantage(1) relative to industry IGI Combined Ratio Strong Cycle Management (2) *
SPECIALIST INDIVIDUAL RISK STRATEGY PROTECTS CAPITAL AND OPTIMIZES PROFITABILITY 10 Data source: Swiss Re Institute, PCS, Insurance Information Institute, A.M. Best, AON Global Cat Recap, IGI. Weather Earthquakes / Tsunamis Man-made IGI Combined Ratio Industry Cat Losses $ Billions 2022 Hurricane Ian 2024 Hurricanes Debby, Milton, flooding in Europe, UAE 2025 California wildfires, Hurricane Melissa Underwriting discipline backed by in-depth risk assessment and prudent use of reinsurance has resulted in a demonstrated track record of profitable growth and consistently superior returns in heavy catastrophe loss years 2017 Hurricanes Harvey, Irma, Maria $39.6 $40.5 $61.5 $161.3 $99.0 $66.5 $99.2 $112.3 $125.0 $116.0 $144.0 $127.0 $91.0 86% 84% 87% 105% 89% 94% 89% 86% 78% 77% 80% 87% 90% 0% 20% 40% 60% 80% 100% 120% 140% 160% $0 $20 $40 $60 $80 $100 $120 $140 $160 $180 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 9M '26
WELL-POSITIONED FOR FUTURE TOTAL VALUE CREATION OPPORTUNITIES 11 GLOBAL PRESENCE ❖Growth in U.S. business written from London/Bermuda - no U.S. liability business ❖Continued penetration in regional markets: the Middle East, Asia Pacific and North Africa regions - enhanced by additional resources on the ground providing cultural compatibility ❖New opportunities: specialty reinsurance lines from GIFT City, India platform; Cipher MGA CAPITALIZE ON MARKET OPPORTUNITIES CONTINUED FOCUS ON GROWTH AND DIVERSIFICATION PRUDENT CAPITAL MANAGEMENT ❖Efficient use of capital, prioritizing profitable growth in underwriting first, then returning capital to shareholders through dividends and share repurchases ❖Share repurchases of $21.9m through 9/30/2026; utilized 24% of 5m authorization ❖Paid $57.9m in common share dividends through 9/30/2026, including extraordinary cash dividend of $1.15 per common share ❖Continued growth in regional markets, build out of teams/diversified expertise ❖Buildout of treaty reinsurance business from London and Bermuda platforms ❖Presence at Lloyd's facilitates access to new opportunities, market intel ❖Single "hub" approach promotes efficiency in decision-making across markets ❖Continuous evaluation of opportunities to grow/diversify within risk appetite ❖Growth in certain long-tail lines, strong performance in specialty reinsurance; opportunities in certain lines and markets ❖Continued focus on expanding product lines, particularly in regional markets ❖Demonstrated ability to shift underwriting focus with market opportunities
BALANCE SHEET MANAGEMENT: CONSERVATIVE INVESTMENT STRATEGY 12 Investment portfolio managed conservatively to ensure on-going ability to pay claims and improve returns while avoiding undue risk Total Investment Portfolio of $1.3 Billion At 9/30/2026 Average Credit Quality: A Duration: 3.7 Years Asset Allocation Total Investment Portfolio Credit Quality Bond Portfolio Geographic Diversification Bond Portfolio Cash & Cash Equivalents 13% Term Deposits 5% Fixed Income Securities 78% Equity Securities 4% Real Estate >1% AAA 2% AA 24% A 64% BBB 10% North America 45% UK 10% Europe 19% Australasia 12% Middle East 13% Worldwide 1%
45% 51% 2020 9M 2026 BALANCE SHEET MANAGEMENT: PRUDENT RESERVING PHILOSOPHY 13 History of Favourable Reserve Development Net IBNR as % of Total Net Reserves Conservative approach to reserving and releasing reserves; reserves released gradually over time. Specialty long-tail portfolio provides diversification to short-tail exposures. Cautious view of long-tail exposures; avoid U.S. liability business altogether; average tail is ~6-8 years Decrease in level of favourable development 2018-2021 reflects the build up of reserves in long-tail lines following significant growth of long-tail portfolio starting in 2017 $27 $23 $9 $6 $6 $16 $42 $39 $37 $36 $39 17% 16% 5% 3% 2% 5% 11% 9% 8% 8% 11% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9M 2026 Favourable Development /...
CONSISTENT HIGH-QUALITY RETURNS WITH LOWER VOLATILITY 14 IFC AIZ PGR KNSL FFH ALL AFG AMSF CB PLMR HIG WRB UVE TRV BOW RLI BRK/B MKL ACGL IGIC ORI SIGI THG HCI RNR EG DFY SAFT CNA MCY KMPR LRE HG HMN FIHL AXS EIG CINF AIG SPNT JRVR DGICA GBLI PRA UFCS WTM GLRE 10-Year Total Value Creation Return on Tangible Equity and Sharpe Ratio 2016-2025 Lower Volatility, Higher Returns Higher Volatility, Higher Returns Higher Volatility, Lower Returns Lower Volatility, Lower Returns Source: Dowling Research. Note: The chart represents 10-year average ROTE and Sharpe ratio. Sharpe ratio is estimated as the difference between 10 Year average ROTE and 10 Year Mean U.S. Treasury, divided by the Company's ROTE Standard Deviation.
TRACK RECORD OF MAXIMIZING TOTAL VALUE CREATION GRAPH 15 $10.43 $10.72 $11.36 $12.17 $10.20 $11.06 $12.01 $15.45 $18.49 $21.86 $0 $5 $10 $15 $20 $25 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10.3% 0.1% 9.8% 7.0% 10.3% 14.3% 23.7% 28.1% 24.2% 16.8% 0% 5% 10% 15% 20% 25% 30% 35% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 Year Average Core Operating ROE 2016 – 2025 : 14.5% 10 Year CAGR* 2016 – 2025: 8.1% Core Operating Return on Average Shareholders' Equity Public listing on Nasdaq(1) * CAGR = Compound Annual Growth Rate (1) IGI completed a business combination with Tiberius Acquisition Corp. and began trading on Nasdaq on March 18, 2020. As a result of the Business Combination, $41 million of capital was raised; in addition, IGI's total shares outstanding were reduced causing a dilutive impact of approximately 33%. Tangible Book Value Per Share plus Dividends
COMMITMENT TO SOCIAL RESPONSIBILITY AND GOVERNANCE 16 IGI Values are Embedded Throughout the Company Our purpose: "To provide peace of mind in times of uncertainty." This is core to our values, our business, and our corporate character. We have a long track record of supporting our people and our communities. Mature governance structure: ❖Majority independent Board, well-defined committees and charters ❖Robust corporate policies – subject to regular review ❖ESG Committee meets quarterly, reports to Executive Committee and Board Sustainability: ❖ESG Committee progressing sustainability and climate risk initiatives Long standing commitment to Diversity & Inclusion: ❖Diversified workforce: culture, gender, religion, race, age, etc. ❖Annual support D&I initiatives History of community and social support: ❖Significant investment in support of arts, education, and health initiatives ❖Culture of participation and giving back to the communities where our people live and work
APPENDIX 17
SELECTED FINANCIAL DATA 18 IFRS U.S. GAAP U.S. GAAP (Unaudited) U.S. GAAP (Unaudited) Year Ended December 31, Year Ended December 31, Nine months ended Sep 30, Quarter ended Sep 30, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Operating Results: Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.2 $582.0 $688.7 $700.1 $666.7 $518.5 $525.6 $119.6 $131.3 Underwriting Income $23.6 $56.1 $52.0 $77.4 $104.0 $148.6 $183.1 $187.5 $161.1 $110.2 $114.3 $43.0 $51.4 Core Operating Income $0.3 $29.5 $21.6 $35.6 $53.0 $93.9 $133.8 $144.8 $114.9 $71.2 $80.8 $28.2 $38.6 Core Operating Return on Equity (1) 0.1% 9.8% 7.0% 10.3% 14.3% 23.7% 28.1% 24.2% 16.8% 13.8% 16.1% 16.9% 22.9% Key Metrics: Loss Ratio 59.2% 46.5% 54.8% 53.5% 51.4% 41.9% 42.3% 44.7% 47.6% 51.2% 49.3% 46.1% 39.3% Net policy acquisition expense ratio 24.7% 22.9% 21.1% 19.2% 17.7% 18.7% 16.8% 16.5% 16.9% 18.3% 17.3% 19.4% 15.9% G&A expense ratio 21.1% 19.3% 18.2% 16.6% 17.3% 17.9% 17.6% 18.7% 21.4% 20.6% 20.5% 20.2% 21.3% Combined Ratio 105.0% 88.7% 94.1% 89.3% 86.4% 78.5% 76.7% 79.9% 85.9% 90.1% 87.1% 85.7% 76.5% Financial Position: Investments and Cash Portfolio $489.6 $505.0 $604.7 $775.3 $886.6 $958.8 $1,132.7 $1,292.7 $1,320.7 $1,280.4 $1,315.9 $1,280.4 $1,315.9 Debt -- -- -- -- -- -- -- -- -- -- -- -- -- Shareholders' Equity $301.4 $301.2 $312.1 $381.0 $381.1 $411.0 $540.5 $654.8 $710.2 $663.4 $686.5 $663.4 $686.5 Book Value per Share -- -- -- $8.39 $8.38 $9.07 $12.40 $14.85 $16.91 $15.99 $16.23 $15.99 $16.23 Select Ratios: Retention Ratio (NPW / GPW) 58.4% 67.4% 72.2% 72.4% 70.6% 67.5% 72.2% 69.9% 68.6% 71.8% 66.7% 57.7% 55.2% Premium Leverage (NPE / Shareholders' Equity)(2) 48.7% 60.8% 71.6% 90.8% 94.0% 98.8% 108.8% 89.4% 69.3% 67.7% 69.7% 70.1% 70.0% Debt-to-Total Capitalization Ratio 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
SUMMARY INCOME STATEMENT 19 IFRS U.S. GAAP U.S. GAAP U.S. GAAP Year Ended December 31, Year Ended December 31, Nine Months ended Sep 30, Quarter ended Sep 30, ($ in mm) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2025 2026 2025 Gross Written Premiums $275.1 $301.6 $349.2 $467.3 $537.2 $582.0 688.7 $700.1 $666.7 $518.5 $525.6 $119.6 $131.3 Ceded Written Premium (114.3) (98.2) (97.1) (128.9) (157.9) (189.2) (191.5) (210.6) (209.1) (146.0) (174.8) (50.6) (58.8) Net Written Premiums $160.8 $203.4 $252.2 $338.4 $379.3 $392.8 $497.2 $489.5 $457.6 $372.5 $350.8 $69.0 $72.5 Net Change in Unearned Premiums (14.0) (20.1) (36.6) (54.9) (42.7) (16.4) (50.0) (6.4) (3.8) (11.8) (8.3) 55.5 42.2 Net Premiums Earned $146.7 $183.3 $215.5 $283.5 $336.6 $376.4 $447.2 $483.1 $453.8 $360.7 $342.5 $124.5 $114.7 Net Loss and Loss Adjustment Expenses (86.9) (85.3) (118.1) (151.7) (173.0) (157.6) (189.1) (216.1) (215.8) (184.5) (168.9) (57.4) (45.1) Net Policy Acquisition Expenses (36.2) (42.0) (45.4) (54.4) (59.6) (70.2) (75.0) (79.5) (76.9) (66.0) (59.3) (24.1) (18.2) Underwriting Income $23.6 $56.1 $52.0 $77.4 $104.0 $148.6 $183.1 $187.5 $161.1 $110.2 $114.3 $43.0 $51.4 Net Investment Income 13.6 9.4 13.0 8.5 11.0 14.4 50.2 53.9 60.4 45.5 45.8 14.5 13.1 General & Administrative Expenses (30.9) (35.4) (39.3) (46.9) (58.2) (67.2) (78.9) (90.4) (97.0) (74.3) (70.2) (25.2) (24.4) Listing Associated Extraordinary Expenses - - (4.8) (3.4) - - - - - - - - - Other Expenses, net (1.8) (1.2) (1.4) (4.4) (2.2) (1.6) (3.7) (4.1) (4.6) (3.9) (2.7) (1.6) (0.9) Changes in Fair Value of Derivative Financial Liabilities - - - (4.4) 0.7 4.6 (27.3) (4.9) - - - - - Change in allowance for credit losses on receivables - - - - (3.3) (3.2) (2.5) (1.5) (0.8) (2.6) (1.8) (2.1) - Gain / (Loss) on Foreign Exchange 2.6 (3.4) 5.7 2.5 (3.4) (3.5) 5.1 (8.1) 8.1 (3.9) 11.1 (0.5) (6.1) Income Before Tax $7.0 $25.6 $25.3 $29.3 $48.6 $92.1 $126.0 $132.4 $127.2 $71.0 $96.5 $28.1 $33.1 Tax Credit / (Expense) 0.0 (0.1) (1.7) (2.1) (1.8) (2.9) (7.8) 2.8 - (0.5) (1.6) (0.1) 0.4 Net Income $7.0 $25.5 $23.6 $27.2 $46.8 $89.2 $118.2 $135.2 $127.2 $70.5 $94.9 $28.0 $33.5
RECONCILIATION OF CORE OPERATING INCOME 20 (1) Represents a non-GAAP financial measure as the line item balances reported in the "Summary Income Statement" have been adjusted for the related tax impact. (2) Related to the business combination with Tiberius Acquisition Corp. in March 2020. (3) This expense is included in the 'Other expenses' line item in the consolidated income statements. IFRS Year Ended December 31, ($ in mm) 2017 2018 2019 2020 Net Income for the period $7.0 $25.5 $23.6 $27.2 Net Realized Losses / (Gains) on Investments (tax adjusted) (3.1) (1.3) (1.0) (0.9) Net Impairment Losses Recognized in Earnings 0.1 0.0 (0.0) - Unrealized Loss (Gain) on Revaluation on Financial Assets(1) - 0.9 (1.6) - Change in Allowance for Credit Losses on Investments - - - 0.3 Unrealized Losses / (Gains) on Investments (tax adjusted)(1) (0.1) - - - Fair Value Losses / (Gains) on investment properties - - 0.3 2.0 Fair value (Gain) / Loss on investment properties held through associates (1.0) 0.9 0.4 1.5 Changes in Fair Value of Derivative Financial Liabilities - - - 4.4 Net Foreign Exchange (Gain) / Loss (Tax Adjusted)(1) (2.6) 3.4 (4.9) (2.3) Listing Associated Extraordinary Expenses(2) - - 4.8 3.4 Core Operating Income $0.3 $29.5 $21.6 $35.6 U.S. GAAP Year Ended December 31, Nine months Ended Sep 30, Quarter Ended Sep 30, 2021 2022 2023 2024 2025 2026 2025 2026 2025 Net Income For the Period $46.8 $89.2 $118.2 $135.2 $127.2 $70.5 $94.9 $28.0 $33.5 Net realized (gain) loss on investments (tax adjusted) (1) (0.3) 0.7 (6.7) (0.6) (2.1) (0.5) (1.5) (0.2) (0.1) Net unrealized (gain) loss on investments (tax adjusted) (1) 3.8 5.4 (2.6) (1.4) (2.9) (2.2) (2.9) (0.3) 0.2 Change in allowance for credit losses on investments (tax adjusted)(1) 0.1 0.4 (0.4) - (0.2) 0.2 (0.2) 0.2 - Change in fair value of derivative financial liabilities (0.7) (4.6) 27.3 4.9 - - - - - Expenses related to conversion of warrants in cash (3) -- -- 1.9 - - - - - - Net foreign exchange loss (gain) (tax adjusted) (1) 3.3 2.8 (3.9) 6.7 (7.1) 3.2 (9.5) 0.5 5.0 Core Operating Income $53.0 $93.9 $133.8 $144.8 $114.9 $71.2 $80.8 $28.2 $38.6
CONTACT US INVESTOR INQUIRIES: 21 Robin Sidders Head of Corporate Relations robin.sidders@iginsure.com Ahmad Jabsheh AVP, Corporate Relations ahmad.jabsheh@iginsure.com