IGI Reports Third Quarter and First Nine Months of 2026 Unaudited Financial Results and Declares Ordinary Common Share Dividend

(in millions of U.S. Dollars, except percentages and per share information)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Gross written premiums

$119.6

$131.3

$518.5

$525.6

Net premiums earned

$124.5

$114.7

$360.7

$342.5

Underwriting income ⁽¹⁾

$43.0

$51.4

$110.2

$114.3

Net investment income

$14.5

$13.1

$45.5

$45.8

Net income

$28.0

$33.5

$70.5

$94.9

Combined ratio ⁽¹⁾

85.7%

76.5%

90.1%

87.1%

Earnings per share (diluted) ⁽²⁾

$0.66

$0.75

$1.65

$2.14

Return on average equity (annualized) ⁽³⁾

16.8%

19.9%

13.7%

18.9%

Core operating income ⁽³⁾

$28.2

$38.6

$71.2

$80.8

Core operating earnings per share (diluted) ⁽³⁾

$0.67

$0.87

$1.67

$1.82

Core operating return on average equity (annualized) ⁽³⁾

16.9%

22.9%

13.8%

16.1%

Book value per share ⁽¹⁾

$15.99

$16.23

(1)

See “Supplementary Financial Information” below.

(2)

See “Note to the Consolidated Financial Statements (Unaudited)” below.

(3)

See “Non-GAAP Financial Measures” below.

(in millions of U.S. Dollars)

Quarter Ended

September 30,

2026

Nine Months Ended

September 30,

2026

Total Shareholders’ equity at beginning of period

$669.0

$710.2

Net income

$28.0

$70.5

Change in unrealized loss on available-for-sale investments

($29.0)

($44.0)

Purchase of treasury shares ^(a)

($3.7)

($21.9)

Issuance of common shares under share-based compensation plan and employees stock purchase plan

$2.3

$6.5

Cash dividends declared

($3.2)

($57.9)

Total shareholders’ equity at September 30, 2026

$663.4

$663.4

(a)

In the third quarter of 2026, the Company repurchased 148,516 common shares at an average price per share of $24.68. For the first nine months of 2026, the Company repurchased 899,050 common shares at an average price per share of $24.37. At September 30, 2026, the Company had 3.8 million common shares remaining under its existing 5 million common share repurchase authorization.

International General Insurance Holdings Ltd.

Consolidated Statements of Income (Unaudited)

Quarter Ended

September 30,

Nine Months Ended

September 30,

(in millions of U.S. Dollars except per share data)

2026

2025

2026

2025

Gross written premiums

$119.6

$131.3

$518.5

$525.6

Ceded written premiums

($50.6)

($58.8)

($146.0)

($174.8)

Net written premiums

$69.0

$72.5

$372.5

$350.8

Net change in unearned premiums

$55.5

$42.2

($11.8)

($8.3)

Net premiums earned

$124.5

$114.7

$360.7

$342.5

Investment income

$14.2

$13.1

$42.8

$40.6

Net realized gain on investments

$0.2

$0.1

$0.5

$1.7

Net unrealized gain on investments

$0.4

-

$2.4

$3.3

Change in allowance for expected credit losses on investments

($0.3)

($0.1)

($0.2)

$0.2

Net investment income

$14.5

$13.1

$45.5

$45.8

Other revenues

$1.0

$0.8

$3.1

$2.3

Total revenues

$140.0

$128.6

$409.3

$390.6

Expenses

Net loss and loss adjustment expenses

($57.4)

($45.1)

($184.5)

($168.9)

Net policy acquisition expenses

($24.1)

($18.2)

($66.0)

($59.3)

General and administrative expenses

($25.2)

($24.4)

($74.3)

($70.2)

Change in allowance for expected credit losses on receivables

($2.1)

-

($2.6)

($1.8)

Other expenses

($2.6)

($1.7)

($7.0)

($5.0)

Net foreign exchange (loss) gain

($0.5)

($6.1)

($3.9)

$11.1

Total expenses

($111.9)

($95.5)

($338.3)

($294.1)

Income before income taxes

$28.1

$33.1

$71.0

$96.5

Income tax (expense) credit

($0.1)

$0.4

($0.5)

($1.6)

Net income

$28.0

$33.5

$70.5

$94.9

Diluted earnings per share attributable to equity holders ⁽¹⁾

$0.66

$0.75

$1.65

$2.14

(1)

See “Note to the Consolidated Financial Statements (Unaudited)” below.

International General Insurance Holdings Ltd.

Consolidated Balance Sheets (Unaudited)

(in millions of U.S. Dollars)

As at September 30,

2026

As at December 31,

2025

ASSETS

Investments

Fixed maturity securities available-for-sale, at fair value

$995.4

$1,064.3

Fixed maturity securities held to maturity

$2.0

$2.0

Equity securities, at fair value

$32.1

$20.9

Other investments, at fair value

$13.9

$13.7

Short-term investments

$45.5

$31.2

Equity-method investments measured at fair value

$2.6

$2.4

Total investments

$1,091.5

$1,134.5

Cash and cash equivalents

$188.9

$186.2

Accrued investment income

$13.5

$15.3

Premiums receivable, net of allowance for expected credit losses

$306.7

$274.3

Reinsurance recoverables, net of allowance for expected credit losses

$240.4

$233.6

Ceded unearned premiums

$113.9

$114.2

Deferred policy acquisition costs, net of ceding commissions

$75.1

$70.6

Deferred tax assets, net

$6.4

$4.9

Other assets

$70.2

$67.2

TOTAL ASSETS

$2,106.6

$2,100.8

LIABILITIES

Reserve for unpaid loss and loss adjustment expenses

$826.5

$798.3

Unearned premiums

$481.5

$469.9

Insurance and reinsurance payables

$103.7

$95.9

Other liabilities

$31.5

$26.5

TOTAL LIABILITIES

$1,443.2

$1,390.6

SHAREHOLDERS’ EQUITY

Common shares at par value

$0.4

$0.4

Additional paid-in capital

$75.1

$86.9

Treasury shares

($3.7)

-

Accumulated other comprehensive (loss) gain, net of taxes

($33.7)

$10.3

Retained earnings

$625.3

$612.6

TOTAL SHAREHOLDERS’ EQUITY

$663.4

$710.2

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$2,106.6

$2,100.8

International General Insurance Holdings Ltd.

Supplementary Financial Information – Combined Ratio (Unaudited)

Quarter Ended

September 30,

Nine Months Ended

September 30,

2026

2025

2026

2025

Loss ratio ^(a)

46.1%

39.3%

51.2%

49.3%

Net policy acquisition expense ratio ^(b)

19.4%

15.9%

18.3%

17.3%

General and administrative expense ratio ^(c)

20.2%

21.3%

20.6%

20.5%

Expense ratio ^(d)

39.6%

37.2%

38.9%

37.8%

Combined ratio ^(e)

85.7%

76.5%

90.1%

87.1%

(a)

Represents net loss and loss adjustment expenses as a percentage of net premiums earned.

(b)

Represents net policy acquisition expenses as a percentage of net premiums earned.

(c)

Represents general and administrative expenses as a percentage of net premiums earned.

(d)

Represents the sum of the net policy acquisition expense ratio and the general and administrative expense ratio.

(e)

Represents the sum of the loss ratio and the expense ratio.

International General Insurance Holdings Ltd.

Supplementary Financial Information – Book Value per Share (Unaudited)

(in millions of U.S. Dollars, except share and per share data)

As at September 30,

2026

As at December 31,

2025

Common shares outstanding (in millions)*

42.3

42.8

Minus: Unvested shares (in millions)**

0.8

0.8

Number of vested common outstanding shares (in millions) (a)

41.5

42.0

Total shareholders’ equity (b)

$663.4

$710.2

Book value per share (b)/(a)

$15.99

$16.91

* Common shares issued and outstanding at September 30, 2026 are as follows:

No. of shares as at

September 30, 2026

Vested common shares as of December 31, 2025

41,986,251

Treasury shares balance as of December 31, 2025

1,407

Vested restricted share awards

451,868

Granted employee stock purchase plan

13,935

Cancelled treasury shares

(751,941)

Treasury shares balance as of September 30, 2026

(148,516)

Total vested common shares as of September 30, 2026

41,553,004

Unvested restricted shares awards as of September 30, 2026

744,132

Unvested employee stock purchase plan as of September 30, 2026

26,018

Total unvested shares as of September 30, 2026

770,150

Total common shares outstanding as of September 30, 2026

42,323,154

**

Restricted Share Awards were issued pursuant to the Company’s 2020 Omnibus Incentive Plan and beneficiaries are entitled to dividends and voting rights. However, the Restricted Share Awards are non-transferable by their holders until they vest per the respective Restricted Share Award Agreements. At September 30, 2026, the vesting conditions attached to the unvested Restricted Share Awards to employees have not been met.

International General Insurance Holdings Ltd.

Supplementary Financial Information - Segment Results (Unaudited)

Segment information for IGI’s consolidated operations is as follows:

For the quarter ended September 30, 2026

(in millions of U.S. Dollars)

Specialty Long-tail

Specialty Short-tail

Reinsurance

Total

Underwriting revenues

Gross written premiums

$43.7

$63.8

$12.1

$119.6

Ceded written premiums

($7.9)

($42.7)

-

($50.6)

Net written premiums

$35.8

$21.1

$12.1

$69.0

Net change in unearned premiums

$1.3

$41.0

$13.2

$55.5

Net premiums earned

$37.1

$62.1

$25.3

$124.5

Net loss and loss adjustment expenses

($18.8)

($30.2)

($8.4)

($57.4)

Net policy acquisition expenses

($8.3)

($11.6)

($4.2)

($24.1)

Underwriting income

$10.0

$20.3

$12.7

$43.0

For the quarter ended September 30, 2025

(in millions of U.S. Dollars)

Specialty Long-tail

Specialty Short-tail

Reinsurance

Total

Underwriting revenues

Gross written premiums

$43.8

$76.2

$11.3

$131.3

Ceded written premiums

($11.3)

($47.5)

-

($58.8)

Net written premiums

$32.5

$28.7

$11.3

$72.5

Net change in unearned premiums

($0.1)

$31.7

$10.6

$42.2

Net premiums earned

$32.4

$60.4

$21.9

$114.7

Net loss and loss adjustment expenses

($15.6)

($20.3)

($9.2)

($45.1)

Net policy acquisition expenses

($5.4)

($10.5)

($2.3)

($18.2)

Underwriting income

$11.4

$29.6

$10.4

$51.4

International General Insurance Holdings Ltd.

Supplementary Financial Information - Segment Results (Unaudited)

For the Nine months ended September 30, 2026

(in millions of U.S. Dollars)

Specialty Long-tail

Specialty Short-tail

Reinsurance

Total

Underwriting revenues

Gross written premiums

$135.8

$290.3

$92.4

$518.5

Ceded written premiums

($27.3)

($117.6)

($1.1)

($146.0)

Net written premiums

$108.5

$172.7

$91.3

$372.5

Net change in unearned premiums

$0.7

$11.7

($24.2)

($11.8)

Net premiums earned

$109.2

$184.4

$67.1

$360.7

Net loss and loss adjustment expenses

($55.0)

($104.0)

($25.5)

($184.5)

Net policy acquisition expenses

($21.3)

($34.9)

($9.8)

($66.0)

Underwriting income

$32.9

$45.5

$31.8

$110.2

For the Nine months ended September 30, 2025

(in millions of U.S. Dollars)

Specialty Long-tail

Specialty Short-tail

Reinsurance

Total

Underwriting revenues

Gross written premiums

$130.2

$297.8

$97.6

$525.6

Ceded written premiums

($43.0)

($130.1)

($1.7)

($174.8)

Net written premiums

$87.2

$167.7

$95.9

$350.8

Net change in unearned premiums

$6.6

$10.2

($25.1)

($8.3)

Net premiums earned

$93.8

$177.9

$70.8

$342.5

Net loss and loss adjustment expenses

($73.2)

($66.4)

($29.3)

($168.9)

Net policy acquisition expenses

($19.6)

($31.3)

($8.4)

($59.3)

Underwriting income

$1.0

$80.2

$33.1

$114.3

International General Insurance Holdings Ltd.

Supplementary Financial Information – Investment Yield (Unaudited)

The following table shows the investment yield calculation:

Quarter Ended

September 30,

Nine Months Ended

September 30,

(in millions of U.S. Dollars, except percentages)

2026

2025

2026

2025

Investment income

$14.2

$13.1

$42.8

$40.6

Average total investments and cash and cash equivalents⁽ⁱ⁾

$1,295.2

$1,287.8

$1,296.3

$1,281.0

Investment Yield (annualized)

4.5%

4.1%

4.4%

4.2%

(i)

Represents the average of the month end fair value balances of total investments and cash and cash equivalents in each reporting period.

International General Insurance Holdings Ltd.

Note to the Consolidated Financial Statements (Unaudited)

(1)

Represents net income for the period available to common shareholders divided by the weighted average number of vested common shares – diluted calculated as follows:

Quarter Ended

September 30,

Nine Months Ended

September 30,

(in millions of U.S. Dollars, except share and per share information)

2026

2025

2026

2025

Net income

$28.0

$33.5

$70.5

$94.9

Minus: Dividends attributable to restricted share awards

$0.1

-

$1.0

$0.8

Net income available to common shareholders (a)

$27.9

$33.5

$69.5

$94.1

Weighted average number of vested common shares – diluted (in millions of shares) (b)*

42.2

44.4

42.1

43.9

Diluted earnings per share attributable to equity holders (a/b)

$0.66

$0.75

$1.65

$2.14

*

The weighted average number of common shares refers to the number of common shares calculated after adjusting for the changes in issued and outstanding common shares over a reporting period.

International General Insurance Holdings Ltd.

Non-GAAP Financial Measures

In presenting IGI’s financial results, management has included and discussed certain non-GAAP financial measures. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help to explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with U.S. GAAP.

Reconciliation of Combined Ratio to Accident Year Combined Ratio Prior to CAT Losses

The table below illustrates the reconciliation of the combined ratio on a financial and accident year basis.

Quarter Ended

September 30,

Nine Months Ended

September 30,

(In millions of U.S. Dollars, except percentages)

2026

2025

2026

2025

Net premiums earned (a)

$124.5

$114.7

$360.7

$342.5

Net loss and loss adjustment expenses (b)

($57.4)

($45.1)

($184.5)

($168.9)

Net policy acquisition expenses (c)

($24.1)

($18.2)

($66.0)

($59.3)

General and administrative expenses (d)

($25.2)

($24.4)

($74.3)

($70.2)

Prior years (favorable) development (e)

($8.8)

($10.4)

($39.4)

($30.0)

Current accident year CAT losses (f)*

$8.6

$7.2

$53.3

$45.8

Combined ratio ((b+c+d)/a)**

85.7%

76.5%

90.1%

87.1%

Minus: Prior years (favorable) loss development divided by Net premiums earned (e/a)

(7.1%)

(9.1%)

(10.9%)

(8.8%)

Accident year combined ratio

92.8%

85.6%

101.0%

95.9%

Minus: Current accident year CAT losses divided by Net premiums earned (f/a)

6.9%

6.3%

14.8%

13.4%

Accident year combined ratio prior to CAT losses

85.9%

79.3%

86.2%

82.5%