Reinsurer International General Insurance has reported net income of $61.4m for the first six months of the year, ending June 30, down $9.3 million compared with the same period last year.

The firm also made $34.1 million in their second quarter, up $1.3 million compared with Q2 2024. The annualised return on average equity was 20.8 per cent.

IGI group president and chief executive Waleed Jabsheh said the second quarter of 2025 marked a continuation of strong results in IGI’s underwriting and investment portfolios.

Gross written premiums were $394.3 at the end of the first six months, up $7.1 million compared with the same period in 2024.

Underwriting income was $63 million, down $34.3 million, while earnings per diluted share were $1.36 compared with $1.55 during the first half of last year.

Mr Jabsheh said: “These outcomes clearly demonstrate the benefit of our multifaceted diversification strategy, our specialist expertise, and the discipline embedded in our underwriting culture at a time when insurance and reinsurance markets are becoming increasingly competitive.”

He said IGI’s business is well diversified geographically with a predominantly international portfolio of risks much of which is denominated in foreign currencies.

“To date in 2025, the United States dollar, which is our financial reporting currency, has seen significant weakening against our other major transactional currencies,” Mr Jabsheh said. “This led to a meaningful impact on our reported results for the second quarter, most significantly on our underwriting results, specifically the revaluation of non-US dollar loss reserves.”

He said current market conditions are generally healthy though becoming more competitive in some areas of its portfolio, both by line of business and by geography. “Our strategy, expertise and footprint are specifically geared towards managing the cyclicality and volatility of our business, where lines and markets behave largely independent of each other.”

The CEO added: “Over the past two decades, we have demonstrated our ability to perform at a high level through all stages of the cycle, generating consistent and sustainable value for our shareholders.

“In the first half of 2025, we grew our book value per share by 3.4 per cent, and in total, we returned $77 million to shareholders in the form of dividends and share repurchases.”