Bermuda-based specialty insurer's Q2 gross written premiums rose 7% yr/yr
Core operating EPS for Q2 missed analyst expectations
Q2 results impacted by elevated catastrophe losses from Middle East conflict
Key details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Core Operating EPS
Miss
$0.44
$0.66 (3 Analysts)
Q2 EPS
$0.49
Q2 Net Income
$20.90 mln
Q2 Core Operating Income
Miss
$18.70 mln
$31.70 mln (1 Analyst)
Q2 Combined Ratio
95.10%
Analyst coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "buy"
Wall Street's median 12-month price target for International General Insurance Holdings Ltd is $28.00, about 0.4% above its August 3 closing price of $27.88
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago
Company did not provide specific financial guidance or outlook for future periods
CATASTROPHE LOSSES - Elevated CAT losses, mainly from the war in the Middle East, drove up the loss ratio and reduced underwriting income
SEGMENT PERFORMANCE - Specialty Short-tail segment underwriting income declined due to higher loss and loss adjustment expenses from Middle East conflict; Reinsurance segment income fell on higher losses despite new business in India
FOREIGN EXCHANGE LOSSES - Net foreign exchange losses, mainly from adverse currency movements, negatively affected results
IGIC•
