International General Q4 Net Income Up 7.7% to $32.3M; Book Value $16.91
IGI’s net income rose to $32.3 million in Q4 2025, up 7.7% year-on-year, with underwriting income of $46.9 million and a combined ratio of 82.0%. Full-year results saw book value per share climb to $16.91 as the company returned over $108 million in buybacks and dividends.
1. Q4 2025 Financial Results
International General generated net income of $32.3 million in the fourth quarter of 2025, up 7.7% from $30.0 million a year earlier, driven by underwriting income of $46.9 million. Net premiums earned declined to $111.4 million from $120.6 million in the fourth quarter of 2024, reflecting non-renewal of a professional indemnity binder.
2. Full Year 2025 Performance
For the full year 2025, gross written premiums fell to $666.7 million from $700.1 million in 2024, while net income totaled $127.2 million versus $135.2 million a year earlier. Net investment income increased to $60.4 million from $53.9 million, partially offsetting underwriting income pressure.
3. Underwriting and Combined Ratio
The combined ratio for full-year 2025 widened to 85.9% from 79.9% in 2024, as the loss ratio rose to 47.6% including 13.0% catastrophe losses and the expense ratio climbed to 38.3%. In Q4, the combined ratio improved to 82.0% from 77.8%, supported by a lower loss ratio of 42.1% despite higher catastrophe impact.
4. Capital Returns and Book Value Growth
Book value per share increased to $16.91 at December 31, 2025, from $14.85 a year earlier, marking a 13.8% gain. The company returned over $108 million to shareholders through share repurchases and declared an ordinary common share dividend to reward investors.