Commercial insurer IGI's Q3 gross written premiums fall 5%, net income drops

Overview

• International General Insurance Holdings' Q3 gross written premiums fall to $131.3 mln from $138.3 mln

• Core operating EPS for Q3 misses analysts' expectations

• Company reports Q3 net income of $33.5 mln compared to $34.5 mln a year ago

Outlook

• Company did not provide specific guidance for future quarters or full year

Result Drivers

• UNDERWRITING PERFORMANCE - Improved combined ratio driven by lower large loss activity and favorable currency movements

• SPECIALTY LONG-TAIL SEGMENT - Underwriting income improved due to reduced large loss activity and currency devaluation benefits

• INVESTMENT INCOME - Net investment income increased by 13.9% due to a larger fixed income portfolio

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "strong buy"

• 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 $32.00, about 33% above its November 3 closing price of $21.45

• The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nBw2Dcf7ca

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)