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IGIC — International General Insurance Holdings News Story

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International General Insurance Q2 EPS misses estimates on higher catastrophe losses

International General Insurance Q2 EPS misses estimates on higher catastrophe losses


Overview

  • 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


Outlook

  • Company did not provide specific financial guidance or outlook for future periods


Result Drivers

  • 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


Company press release: ID:nBw43CbjGa


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


Reuters Recommended Reads

  • Aug 3 - Bowhead Specialty Q2 adjusted EPS beats estimates, to be acquired by American Family

  • Aug 3 - CNA Financial Q2 net income rises

  • Aug 3 - United Fire Group Q2 net income rises 45%, premiums up


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(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.)

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