International General Insurance Holdings Ltd IGIC

FinancialsInsuranceJordan

Last close 24.37 USD on Nov 1, 2026, +7.8% year to date

Quant rating

Quant rating C Rank 151 of 304 in Financials

Growth B 99 of 304
Valuation C 200 of 304
Quality B 106 of 304
Revisions D 218 of 304
Momentum C 135 of 304

Wall Street consensus Buy (2.00)Average target 23.05 USD −5.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.0B
Enterprise value: 842M
52-week range: 20.03 – 29.49
3-year range: 9.72 – 29.49
Dividend yield: 1.23%
Beta (5 years): 0.12
Shares outstanding: 42.7M
Next earnings: Nov 3, 2026

About the company

International General Insurance Holdings Ltd is a Jordan-based commercial insurance and reinsurance company. It has a worldwide portfolio of energy, property, general aviation, construction and engineering, ports and terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability, legal expenses, reinsurance treaty business, among others. Its segments include Specialty Long-tail, Specialty Short-tail and Reinsurance. Its Specialty Long-tail segment includes casualty business, financial institutions line of business, marine liability line of business, and inherent defects insurance line of business. Its Specialty Short-tail segment includes energy, property, construction and engineering, political violence, ports and terminals, marine cargo, contingency and general aviation lines of business. Reinsurance segment includes inward reinsurance treaty business.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	457	485	449	379	339	–
Revenue growth	−5.9%	8.0%	18.5%	11.9%	19.5%	10.0%
EPS (basic, normalized)	2.61	3.19	2.88	1.92	1.09	–
EPS growth	−18.2%	10.8%	50.0%	76.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	24.6%	24.8%	22.3%	21.1%	12.7%	21.1%
ROE	–	23.9%	26.3%	20.6%	12.6%	20.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	0
Net debt (mil)	–
Total equity (mil)	669
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	457	−5.9%	1.8x	16.58	+8.3%	1.5x	2.61	−18.2%	9.3x
2026	543	+18.9%	1.6x	17.04	+2.8%	1.4x	2.41	−7.5%	10.1x
2027	558	+2.9%	1.5x	18.14	+6.5%	1.3x	3.06	+26.7%	8.0x
2028	584	+4.7%	1.4x	18.39	+1.4%	1.3x	2.97	−2.8%	8.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	543	0.0%	+4.2%	+6.9%	2.41	−1.1%	−16.5%	−20.3%
2027	558	0.0%	+3.1%	+7.3%	3.06	−0.8%	−2.4%	−2.9%
2028	584	0.0%	–	–	2.97	0.0%	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	182	206	138	175	206	188	131	141	197	202
Sales mean (mil)	188	218	162	160	136	140	144	159	128	130
Surprise	−3.3%	−5.8%	−14.4%	+9.1%	+52.4%	+33.8%	−8.6%	−11.1%	+53.8%	+54.8%
EPS reported	0.89	0.74	0.67	0.89	0.42	0.51	0.87	0.80	0.56	0.44
EPS mean	0.67	0.62	0.56	0.74	0.46	0.53	0.91	0.80	0.70	0.66
Surprise	+32.8%	+19.4%	+19.6%	+20.3%	−8.7%	−2.9%	−4.4%	+0.6%	−20.6%	−33.0%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
IGIC International General Insurance Holdings Ltd	1.0B	–	24.6%	1.55x	10.1x	8.0x	1.4x	1.3x
AJG Arthur J. Gallagher & Co.	70.8B	12.8%	10.7%	2.94x	21.1x	18.6x	2.7x	2.5x
AIG American International Group, Inc.	42.8B	9.7%	11.6%	1.06x	10.1x	9.3x	1.0x	1.0x
HIG The Hartford Insurance Group, Inc.	35.5B	21.7%	13.5%	1.89x	9.8x	9.7x	1.8x	1.6x
ACGL Arch Capital Group Ltd.	34.7B	16.4%	22.7%	1.51x	10.6x	10.7x	1.5x	1.4x
CINF Cincinnati Financial Corporation	27.8B	8.4%	21.4%	1.72x	20.2x	19.8x	1.7x	1.6x
Mean		13.8%	17.4%	1.78x	13.7x	12.7x	1.7x	1.6x
Median		12.8%	17.4%	1.63x	10.4x	10.2x	1.6x	1.5x

Technical analysis

1M−0.2%
3M−15.5%
1Y+23.1%
3Y+177.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, International General Insurance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	457	485	449	379	339	284
Other revenue	57.2	52.5	47.6	19.9	14.7	13.8
Total revenue	514	538	497	399	353	297
Losses, benefits and adjustments	216	216	189	158	173	152
Amortization of policy acquisition costs	76.9	79.5	75.0	70.2	59.6	70.5
Selling, general & administrative expenses	97.0	90.4	78.9	67.2	58.2	49.1
Depreciation/amortization	–	–	–	–	–	2.6
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	8.1	7.7	8.0	7.2	7.5	−11.6
Operating income	116	144	146	96.5	55.0	34.9
Net interest income (expense)	11.2	−11.7	−19.5	−4.4	−6.4	−5.8
Gain (loss) on sale of assets	–	–	–	–	–	−0.2
Other non-operating income (expense)	0	0	0	0	0	0.4
Net income before taxes	127	132	126	92.2	48.6	29.3
Provision for taxes	0	−2.9	7.9	2.9	1.8	2.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	127	135	118	89.2	46.8	27.3
Extraordinary items	–	–	–	–	–	–
Net income	127	135	118	89.2	46.8	27.3
Basic weighted average shares (mil)	43.3	44.2	42.9	45.5	45.5	43.0
Diluted weighted average shares (mil)	43.7	44.7	43.5	45.7	45.5	43.0
Basic EPS, normalized	2.61	3.19	2.88	1.92	1.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, International General Insurance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	0	0.9
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	1.9	2.6	2.1	–	31.2	33.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	4.3	4.7
Insurance receivables	274	256	245	216	179	167
Long-term investments	1,134	1,137	851	805	476	450
Note receivable	–	–	–	–	0.1	0.1
Other long-term assets	23.6	20.0	22.2	5.8	3.3	2.1
Deferred policy acquisition costs	70.6	67.1	65.3	59.5	64.8	55.2
Other assets	410	400	476	372	451	433
Total assets	2,101	2,038	1,838	1,580	1,452	1,279
Liabilities
Accounts payable	–	–	–	–	11.3	5.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1.6	4.2	2.1	–	12.8	11.0
Policy liabilities	1,364	1,350	1,245	1,117	994	853
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	1.0	0.8
Long-term debt	0	0	0	0	2.8	2.2
Minority interest	–	–	–	–	–	–
Other liabilities	25.0	28.9	50.0	52.6	27.9	26.2
Total liabilities	1,391	1,383	1,297	1,169	1,050	898
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.4	0.5	0.4	0.5	0.5	0.5
Additional paid-in capital	86.9	145	138	148	160	158
Retained earnings (accumulated deficit)	613	532	423	307	233	205
Treasury stock	0	−3.7	0	0	–	0
Other equity	10.3	−18.6	−20.6	−44.2	9.2	17.8
Total equity	710	655	540	411	402	381
Total liabilities & shareholders' equity	2,101	2,038	1,838	1,580	1,452	1,279

Cash flow statement in millions of USD, fiscal years

Cash flow statement, International General Insurance Holdings Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	127	135	118	89.2	46.8	33.7
Depreciation, depletion & amortization	3.6	3.4	2.5	3.1	2.8	2.6
Deferred taxes	2.1	−2.7	1.4	−0.3	−0.5	–
Non-cash items	3.7	12.4	21.6	8.2	6.9	8.3
Changes in working capital	−28.4	61.2	52.8	54.7	119	−135
Cash from operations	108	209	197	155	175	−90.6
Investing activities
Capital expenditures	−0.9	−6.6	−3.2	−1.3	−2.4	−1.9
Other investing cash flows	36.9	−180	−87.1	−245	−49.1	0
Cash from investing	35.9	−187	−90.4	−247	−51.5	−1.9
Financing activities
Financing cash flow items	–	–	–	–	–	40.8
Cash dividends paid	−46.2	−26.5	−1.7	−10.2	−15.1	−4.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−61.3	−23.2	−47.4	−2.4	0	−0.8
Cash from financing	−107	−49.7	−49.2	−12.5	−15.1	35.7
Foreign exchange effects	–	–	–	–	–	−2.2
Net change in cash	36.6	−26.8	57.1	−104	109	−59.0
Free cash flow	107	203	193	154	173	−92.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.