Live News • Jun 09
International General Insurance Gains IFSCA Approval for India Reinsurance Office International General Insurance Holdings received approval from the International Financial Services Centres Authority (IFSCA) to set up an IFSCA Insurance Office in Gujarat International Finance Tec-City (GIFT City), India.
The new office will operate as a reinsurance branch under IGIC’s UK subsidiary.
This move expands IGIC’s presence in the Indian insurance and reinsurance market and aligns with the company’s stated growth plans in Asia.
The approval gives IGIC a regulated platform inside one of India’s key financial hubs, which can help the company access more regional reinsurance business and deepen relationships with local insurers.
Investors may want to watch how quickly IGIC builds underwriting volume from this office and what impact any new Indian and broader Asian exposure has on the company’s overall risk mix. Declared Dividend • May 20
Dividend increased to US$0.075 Dividend of US$0.075 is 50% higher than last year. Ex-date: 28th May 2026 Payment date: 11th June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is covered by both earnings (5% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 40% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 16
International General Insurance Holdings Ltd. Announces Increase in Quarterly Ordinary Common Share Dividend, Payable on June 11, 2026 International General Insurance Holdings Ltd. announced that its Board of Directors has voted to increase the Company’s quarterly ordinary common share dividend to $0.075 per share, representing a 50% increase from the present rate of $0.05 per share per quarter. The first regular quarterly ordinary common share dividend at the new rate of $0.075 will be paid on June 11, 2026, to shareholders of record at the close of business on May 28, 2026. Reported Earnings • Apr 27
Full year 2025 earnings released: EPS: US$2.89 (vs US$3.01 in FY 2024) Full year 2025 results: EPS: US$2.89 (down from US$3.01 in FY 2024). Revenue: US$516.9m (down 4.1% from FY 2024). Net income: US$126.3m (down 5.2% from FY 2024). Profit margin: 24% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 16
International General Insurance Holdings Ltd. to Report Q1, 2026 Results on May 05, 2026 International General Insurance Holdings Ltd. announced that they will report Q1, 2026 results at 4:00 PM, US Eastern Standard Time on May 05, 2026 Announcement • Mar 19
International General Insurance Holdings Ltd. Announces Board Changes International General Insurance Holdings Ltd. announced that Thomas A. Collett has joined its Board of Directors, effective March 19, 2026. Mr. Collett is a seasoned reinsurance executive with a successful track record of building businesses, cultivating teams and has extensive relationships across the U.S. reinsurance markets. He previously served as Managing Director of Guy Carpenter in Dallas, Texas, and before that held leadership positions at Willis Re, Benfield, General Re, and Munich American Re. He also currently serves as a Director of Dallas Specialty Insurance Company, owned by Griffin Highline, as well as on other advisory and educational boards. Mr. Collett will also serve on the Board’s Compensation Committee. David D. Anthony, who has served as a Director of the Board, Chair of its Compensation Committee and a member of its Audit and Risk Committee since March 2020, has announced his retirement, effective March 18, 2026. Mr. Anthony previously served on the Board of IGI Holdings Dubai Limited from 2018 until March 2020, and as a Director on the Board of International General Insurance Company Ltd, a Bermuda-based subsidiary of IGI, from January 2020 until December 2025. Andrew J. Poole, who has served as a Director of IGI and a member of its Compensation Committee since March 2020, has been appointed Chair of the Compensation Committee, and has joined the Board’s Audit and Risk Committee. Upcoming Dividend • Mar 06
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 13 March 2026. Payment date: 31 March 2026. Trailing yield: 0.8%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (2.5%). New Risk • Feb 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 26
Full year 2025 earnings released: EPS: US$2.89 (vs US$3.01 in FY 2024) Full year 2025 results: EPS: US$2.89 (down from US$3.01 in FY 2024). Revenue: US$516.9m (down 4.1% from FY 2024). Net income: US$127.2m (down 4.5% from FY 2024). Profit margin: 25% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 20
International General Insurance Holdings Ltd. to Report Q4, 2025 Results on Feb 24, 2026 International General Insurance Holdings Ltd. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Feb 24, 2026 New Risk • Dec 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Dec 10
Upcoming dividend of US$0.05 per share Eligible shareholders must have bought the stock before 17 December 2025. Payment date: 31 December 2025. Trailing yield: 4.3%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (2.0%). Buy Or Sell Opportunity • Dec 04
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at US$23.95. The fair value is estimated to be US$29.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 16%. Announcement • Dec 03
International General Insurance Holdings Ltd. Announces Quarterly Ordinary Common Share Dividend for the Period July 1, 2025 to September 30, 2025, Payable on December 31, 2025 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.05 per share for the period July 1, 2025 to September 30, 2025. The dividend is payable on December 31, 2025 to shareholders of record at the close of business on December 17, 2025. Reported Earnings • Nov 06
Third quarter 2025 earnings released: EPS: US$0.75 (vs US$0.75 in 3Q 2024) Third quarter 2025 results: EPS: US$0.75. Revenue: US$128.6m (down 6.9% from 3Q 2024). Net income: US$33.5m (down 2.3% from 3Q 2024). Profit margin: 26% (up from 25% in 3Q 2024). The increase in margin was driven by lower expenses. Announcement • Oct 28
International General Insurance Holdings Ltd. Appoints Malcolm Barnes as Head of Specialty Treaty International General Insurance Holdings Ltd. announced that London market professional Malcolm Barnes has joined the Company as Head of Specialty Treaty, based in its London office at 20 Fenchurch. Malcolm is responsible for building and managing the IGI’s specialty treaty reinsurance business, adding further depth and breadth as well as a dedicated London presence to IGI’s reinsurance team. Malcolm, who has more than 35 years’ experience in the London market, joins IGI from Amlin Syndicate 2001. There, Malcolm was responsible for the marine treaty reinsurance team. Prior to that, Malcolm held senior roles in specialty reinsurance lines for other Lloyd’s syndicates. New Risk • Oct 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Oct 08
International General Insurance Holdings Ltd. to Report Q3, 2025 Results on Nov 04, 2025 International General Insurance Holdings Ltd. announced that they will report Q3, 2025 results After-Market on Nov 04, 2025 Buy Or Sell Opportunity • Aug 25
Now 20% undervalued Over the last 90 days, the stock has risen 5.9% to US$24.39. The fair value is estimated to be US$30.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 2.9% in a year. Earnings are forecast to grow by 8.1% in the next year. Declared Dividend • Aug 18
Second quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 29th August 2025 Payment date: 16th September 2025 Dividend yield will be 4.2%, which is higher than the industry average of 1.9%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 2%. Announcement • Aug 15
International General Insurance Holdings Ltd. Announces Quarterly Ordinary Common Share Dividend for the Period April 1, 2025 to June 30, 2025, Payable on September 16, 2025 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.05 per share for the period April 1, 2025 to June 30, 2025. The dividend is payable on September 16, 2025 to shareholders of record at the close of business on September 1, 2025. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.77 (up from US$0.72 in 2Q 2024). Revenue: US$132.9m (down 2.0% from 2Q 2024). Net income: US$34.1m (up 7.7% from 2Q 2024). Profit margin: 26% (up from 23% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) exceeded analyst estimates by 40%. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 10
International General Insurance Holdings Ltd., Annual General Meeting, Aug 19, 2025 International General Insurance Holdings Ltd., Annual General Meeting, Aug 19, 2025. Announcement • Jul 09
International General Insurance Holdings Ltd. to Report Q2, 2025 Results on Aug 05, 2025 International General Insurance Holdings Ltd. announced that they will report Q2, 2025 results After-Market on Aug 05, 2025 Declared Dividend • May 19
First quarter dividend of US$0.05 announced Shareholders will receive a dividend of US$0.05. Ex-date: 2nd June 2025 Payment date: 18th June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 1.9%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 2%. Announcement • May 16
International General Insurance Holdings Ltd. Announces Increase in Quarterly Ordinary Common Share Dividend, Payable on June 18, 2025 International General Insurance Holdings Ltd. announced that its Board of Directors has voted to increase the Company’s quarterly ordinary common share dividend to $0.05 per share, representing a 100% increase from the present rate of $0.025 per share per quarter. The first regular quarterly ordinary common share dividend at the new rate of $0.05 will be paid on June 18, 2025, to shareholders of record at the close of business on June 2, 2025. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.59 (down from US$0.84 in 1Q 2024). Revenue: US$129.0m (flat on 1Q 2024). Net income: US$27.3m (down 27% from 1Q 2024). Profit margin: 21% (down from 29% in 1Q 2024). Revenue exceeded analyst estimates by 52%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to US$23.86. The fair value is estimated to be US$30.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 6.2% in 2 years. Earnings are forecast to grow by 3.7% in the next 2 years. Announcement • Apr 14
International General Insurance Holdings Ltd. to Report Q1, 2025 Results on May 06, 2025 International General Insurance Holdings Ltd. announced that they will report Q1, 2025 results After-Market on May 06, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$22.43, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Insurance industry in the US. Total returns to shareholders of 228% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$30.30 per share. Reported Earnings • Apr 06
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: US$3.01 (up from US$2.58 in FY 2023). Revenue: US$539.0m (up 8.0% from FY 2023). Net income: US$133.2m (up 20% from FY 2023). Profit margin: 25% (up from 22% in FY 2023). The increase in margin was driven by higher revenue. Combined ratio: 61.2% (up from 59.1% in FY 2023). Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) missed analyst estimates by 4.6%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 04
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.4% to US$22.61. The fair value is estimated to be US$30.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 32%. Revenue is forecast to grow by 6.2% in 2 years. Earnings are forecast to grow by 7.0% in the next 2 years. Declared Dividend • Mar 23
Fourth quarter dividend of US$0.88 announced Shareholders will receive a dividend of US$0.88. Ex-date: 4th April 2025 Payment date: 22nd April 2025 Dividend yield will be 3.6%, which is higher than the industry average of 1.9%. Payout Ratios Payout ratio: 3%. Cash payout ratio: 2%. Reported Earnings • Feb 26
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: US$2.98 (up from US$2.58 in FY 2023). Revenue: US$539.0m (up 14% from FY 2023). Net income: US$135.2m (up 22% from FY 2023). Profit margin: 25% (up from 24% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) missed analyst estimates by 4.6%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jan 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 1 highly experienced director. Independent Director Michael Gray was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 21
International General Insurance Holdings Ltd. to Report Q4, 2024 Results on Feb 25, 2025 International General Insurance Holdings Ltd. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Feb 25, 2025 Announcement • Nov 16
International General Insurance Holdings Ltd. Announces Ordinary Common Share Dividend for the Period July 1, 2024 – September 30, 2024, Payable on December 18, 2024 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.025 per share for the period July 1, 2024 – September 30, 2024. The dividend is payable on December 18, 2024 to shareholders of record at the close of business on December 3, 2024. Announcement • Oct 25
International General Insurance Holdings Ltd. Announces Move to New London Offices International General Insurance Holdings Ltd. announced that they will move their London operations to new offices on the 15th floor of the iconic ‘Walkie-Talkie’ Building at 20 Fenchurch Street, London, EC3M 3BY on 28 October 2024. This move reflects the growth of the Company’s principle underwriting hub, the significant progress made in recent years, and the Company’s continued commitment to the London market. More than 130 people will be based in the new office, including 60 underwriters able to write across the following business lines: Energy, Property, General Aviation, Construction & Engineering, Ports & Terminals, Marine Cargo, Marine Trades, Contingency, Political Violence, Financial Institutions, Legal Expenses, Professional Indemnity, D&O, Marine Liability, and Reinsurance Treaty Business. Announcement • Oct 08
International General Insurance Holdings Ltd. to Report Q3, 2024 Results on Nov 05, 2024 International General Insurance Holdings Ltd. announced that they will report Q3, 2024 results at 4:00 PM, US Eastern Standard Time on Nov 05, 2024 Reported Earnings • Aug 30
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: US$0.72 (down from US$0.88 in 2Q 2023). Revenue: US$135.7m (up 1.9% from 2Q 2023). Net income: US$31.7m (down 16% from 2Q 2023). Profit margin: 23% (down from 28% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 19
Second quarter dividend of US$0.025 announced Shareholders will receive a dividend of US$0.025. Ex-date: 30th August 2024 Payment date: 18th September 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.9%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 2%. Announcement • Aug 16
International General Insurance Holdings Ltd. Announces Quarterly Ordinary Common Share Dividend, Payable on September 18, 2024 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.025 per share for the period April 1, 2024 – June 30, 2024. The dividend is payable on September 18, 2024 to shareholders of record at the close of business on September 2, 2024. New Risk • Aug 15
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: US$0.73 (down from US$0.88 in 2Q 2023). Revenue: US$135.6m (up 4.4% from 2Q 2023). Net income: US$32.8m (down 13% from 2Q 2023). Profit margin: 24% (down from 29% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 02
Now 22% undervalued Over the last 90 days, the stock has risen 21% to US$16.32. The fair value is estimated to be US$20.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 58% in a year. Earnings are forecast to grow by 12% in the next year. Announcement • Jul 15
International General Insurance Holdings Ltd., Annual General Meeting, Aug 22, 2024 International General Insurance Holdings Ltd., Annual General Meeting, Aug 22, 2024. Announcement • Jul 09
International General Insurance Holdings Ltd. to Report Q2, 2024 Results on Aug 06, 2024 International General Insurance Holdings Ltd. announced that they will report Q2, 2024 results After-Market on Aug 06, 2024 Declared Dividend • May 17
First quarter dividend of US$0.025 announced Shareholders will receive a dividend of US$0.025. Ex-date: 3rd June 2024 Payment date: 20th June 2024 Dividend yield will be 3.7%, which is higher than the industry average of 1.9%. Payout Ratios Payout ratio: 1%. Cash payout ratio: 0.9166%. New Risk • May 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • May 16
International General Insurance Holdings Ltd. Announces Increase in Quarterly Ordinary Common Share Dividend, Payable on June 20, 2024 International General Insurance Holdings Ltd. announced that its Board of Directors has voted to increase the Company’s regular quarterly ordinary common share dividend to $0.025 per share, representing a 150% increase from the present rate of $0.01 per share per quarter. The first regular quarterly ordinary common share dividend at the new rate of $0.025 will be paid on June 20, 2024, to shareholders of record at the close of business on June 3, 2024. Reported Earnings • May 13
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.84 (up from US$0.71 in 1Q 2023). Revenue: US$130.1m (up 10% from 1Q 2023). Net income: US$37.4m (up 18% from 1Q 2023). Profit margin: 29% (up from 27% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
International General Insurance Holdings Ltd. to Report Q1, 2024 Results on May 07, 2024 International General Insurance Holdings Ltd. announced that they will report Q1, 2024 results After-Market on May 07, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 22 April 2024. Trailing yield: 0.3%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (1.8%). Declared Dividend • Mar 15
Fourth quarter dividend of US$0.51 announced Shareholders will receive a dividend of US$0.51. Ex-date: 28th March 2024 Payment date: 22nd April 2024 Dividend yield will be 4.0%, which is higher than the industry average of 1.9%. Reported Earnings • Mar 14
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: US$2.55 (up from US$1.74 in FY 2022). Revenue: US$472.0m (up 11% from FY 2022). Net income: US$118.2m (up 50% from FY 2022). Profit margin: 25% (up from 19% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 08
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.1% to US$12.88. The fair value is estimated to be US$10.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 46%. Revenue is forecast to grow by 64% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Announcement • Mar 01
International General Insurance Holdings Ltd. Provides Earnings Guidance for the Year Ended December 31, 2023 International General Insurance Holdings Ltd. provided earnings guidance For the year ended December 31, 2023. For the year, the Company anticipates reporting net income available to common shareholders of $118.2 million, or $2.55 per diluted common share and book value per share of $12.40 as of December 31, 2023, an increase of 36.7% compared to December 31, 2022. Announcement • Jan 24
International General Insurance Holdings Ltd. to Report Q4, 2023 Results on Mar 12, 2024 International General Insurance Holdings Ltd. announced that they will report Q4, 2023 results After-Market on Mar 12, 2024 Announcement • Nov 18
International General Insurance Holdings Ltd. Declares Quarterly Ordinary Common Share Dividend, Payable on December 14, 2023 International General Insurance Holdings Ltd. announced that its board of directors has declared an ordinary common share dividend of $0.01 per share for the period July 1, 2023 to September 30, 2023. The dividend is payable on December 14, 2023 to shareholders of record at the close of business on November 30, 2023. Reported Earnings • Nov 16
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: US$0.24 (down from US$0.38 in 3Q 2022). Revenue: US$101.3m (flat on 3Q 2022). Net income: US$10.9m (down 37% from 3Q 2022). Profit margin: 11% (down from 17% in 3Q 2022). Revenue exceeded analyst estimates by 8.4%. Earnings per share (EPS) missed analyst estimates by 45%. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Oct 18
International General Insurance Holdings Ltd. to Report Q3, 2023 Results on Nov 14, 2023 International General Insurance Holdings Ltd. announced that they will report Q3, 2023 results After-Market on Nov 14, 2023 New Risk • Sep 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 204% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. High level of non-cash earnings (204% accrual ratio). Upcoming Dividend • Aug 23
Upcoming dividend of US$0.01 per share at 0.4% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 14 September 2023. Payout ratio is a comfortable 0.8% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of American dividend payers (4.9%). Lower than average of industry peers (2.2%). Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 24%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$718.3m to US$692.4m. EPS estimate rose from US$2.26 to US$2.81. Net income forecast to grow 7.5% next year vs 26% growth forecast for Insurance industry in the US. Consensus price target up from US$11.00 to US$12.00. Share price rose 6.8% to US$10.54 over the past week. Announcement • Aug 20
International General Insurance Holdings Ltd. Declares Dividend, Payable on September 14, 2023 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.01 per share for the period April 1, 2023 – June 30, 2023. The dividend is payable on September 14, 2023 to shareholders of record at the close of business on August 31, 2023. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: US$0.88 (up from US$0.44 in 2Q 2022). Revenue: US$129.6m (up 33% from 2Q 2022). Net income: US$40.5m (up 101% from 2Q 2022). Profit margin: 31% (up from 21% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 54%. Revenue is forecast to grow 25% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jul 24
International General Insurance Holdings Ltd. to Report Q2, 2023 Results on Aug 15, 2023 International General Insurance Holdings Ltd. announced that they will report Q2, 2023 results After-Market on Aug 15, 2023 Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$9.30, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 12x in the Insurance industry in the US. Total returns to shareholders of 71% over the past three years. Major Estimate Revision • May 23
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$647.4m to US$718.3m. EPS estimate increased from US$1.65 to US$2.26 per share. Net income forecast to grow 6.6% next year vs 36% growth forecast for Insurance industry in the US. Consensus price target of US$11.00 unchanged from last update. Share price rose 9.4% to US$8.91 over the past week. Announcement • May 20
International General Insurance Holdings Ltd. Declares Dividend, Payable on June 16, 2023 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.01 per share for the period January 1, 2023 - March 31, 2023. The dividend is payable on June 16, 2023 to shareholders of record at the close of business on June 2, 2023. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: US$0.71 (vs US$0.40 in 1Q 2022) First quarter 2023 results: EPS: US$0.71 (up from US$0.40 in 1Q 2022). Revenue: US$118.0m (up 31% from 1Q 2022). Net income: US$33.9m (up 88% from 1Q 2022). Profit margin: 29% (up from 20% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 09
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: US$1.74 (up from US$0.89 in FY 2021). Revenue: US$427.1m (up 13% from FY 2021). Net income: US$79.0m (up 95% from FY 2021). Profit margin: 19% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Combined ratio: 60.6% (down from 69.3% in FY 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.8%. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Price Target Changed • Mar 05
Price target increased by 10% to US$11.00 Up from US$10.00, the current price target is provided by 1 analyst. New target price is 31% above last closing price of US$8.42. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$1.65 for next year compared to US$1.74 last year. Reported Earnings • Mar 03
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: US$1.74 (up from US$0.89 in FY 2021). Revenue: US$393.0m (up 3.9% from FY 2021). Net income: US$85.5m (up 110% from FY 2021). Profit margin: 22% (up from 11% in FY 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 4.8%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 07
International General Insurance Holdings Ltd. to Report Q4, 2022 Results on Mar 02, 2023 International General Insurance Holdings Ltd. announced that they will report Q4, 2022 results After-Market on Mar 02, 2023 Upcoming Dividend • Nov 21
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 28 November 2022. Payment date: 14 December 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.2%). Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.38 (up from US$0.31 in 3Q 2021). Revenue: US$101.3m (up 7.2% from 3Q 2021). Net income: US$17.2m (up 20% from 3Q 2021). Profit margin: 17% (up from 15% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Michael Gray was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 15
International General Insurance Holdings Ltd. Announces Quarterly Dividend for the Period July 1, 2022 and September 30, 2022, Payable on December 14, 2022 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.01 per share for the period July 1, 2022 – September 30, 2022. The dividend is payable on December 14, 2022 to shareholders of record at the close of business on November 29, 2022. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: US$0.38 (up from US$0.31 in 3Q 2021). Revenue: US$101.3m (up 7.2% from 3Q 2021). Net income: US$18.6m (up 16% from 3Q 2021). Profit margin: 18% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Insurance industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Nov 02
International General Insurance Holdings Ltd. to Report Q3, 2022 Results on Nov 10, 2022 International General Insurance Holdings Ltd. announced that they will report Q3, 2022 results After-Market on Nov 10, 2022 Announcement • Oct 04
International General Insurance Holdings Ltd. Appoints Chris Jarvis as Chief Underwriting Officer International General Insurance Holdings Ltd. announced that it has appointed Christopher Jarvis to the role of Chief Underwriting Officer of the IGI Group, effective October 03, 2022 . Mr. Jarvis will work with IGI’s underwriting team leaders to optimise performance within their existing portfolios in order to support the Group in delivering on its growth and profitability targets. He will also be responsible for evaluating new business opportunities. Based in the Company’s London office, Mr. Jarvis is a member of the IGI Executive team and reports to Mr. Waleed Jabsheh, President of IGI. Mr. Jarvis, who has 30 years’ industry experience, joins from Canopius Managing Agency, where he was Joint Active Underwriter, Syndicate 4444 and 1861. He held joint responsibility for all aspects of the Lloyd’s underwriting platform, including regional underwriting operations in the US and across the Asia Pacific region. Prior to that, Mr. Jarvis held various underwriting positions at Lloyd’s syndicates and London market re/insurers, including AmTrust Syndicates Ltd., ANV Managing Agency, Flagstone Marlborough, BMS Group, and SVB (Novae) UW Limited. Upcoming Dividend • Aug 25
Upcoming dividend of US$0.01 per share Eligible shareholders must have bought the stock before 01 September 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.1%). Higher than average of industry peers (2.3%). Announcement • Aug 20
International General Insurance Holdings Ltd. Announces Quarterly Ordinary Common Share Dividend, Payable on September 20, 2022 International General Insurance Holdings Ltd. announced that its Board of Directors has declared an ordinary common share dividend of $0.01 per share for the period April 1, 2022 – June 30, 2022. The dividend is payable on September 20, 2022 to shareholders of record at the close of business on September 5, 2022, with IGIC trading ex-dividend on September 2, 2022. 
