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Dec 31, 2025
IGI Q4 2025 Earnings Report
IGI reported its fourth quarter 2025 financial results, showing growth in net income and book value despite lower net premiums earned.
Key Takeaways
IGI delivered a solid Q4 2025 with net income rising to $32.3 million and an annualized ROE of 18.5%. While underwriting income saw a slight decline due to lower net premiums earned, the company maintained a strong combined ratio of 82.0% and continued its aggressive capital return strategy, returning $10.2 million to shareholders during the quarter.
Net income for Q4 2025 increased by 7.7% to $32.3 million compared to $30.0 million in Q4 2024.
Book value per share grew to $16.91, representing a 13.9% increase from the end of 2024.
The Q4 combined ratio was 82.0%, compared to 77.8% in the prior year quarter, primarily due to lower positive FX movements.
Capital returns remained a priority with $8.1 million in share repurchases and $2.1 million in dividends paid during the quarter.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
IGI aims to capitalize on market opportunities through global expansion and prudent capital management while maintaining underwriting discipline.
Positive Outlook
- Growth in U.S. business written from London/Bermuda platforms.
- Continued penetration in regional markets across Asia Pacific and MENA.
- Buildout of treaty reinsurance business from London and Bermuda.
- Utilization of Lloyd’s presence to facilitate access to new market intelligence.
- Commitment to returning excess capital through dividends and share repurchases.
Challenges Ahead
- Increased competition in certain short-tail and long-tail lines.
- Potential volatility from global currency fluctuations (GBP, EUR, USD).
- Impact of military conflicts in the Middle East on shipping routes.
- Potential for higher catastrophe losses as seen in the full year 2025 results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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