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
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Core Operating EPS | Miss | $0.87 | $0.91 (1 Analyst) |
Q3 EPS | $0.75 | ||
Q3 Net Income | $33.50 mln | ||
Q3 Core Operating Income | Miss | $38.60 mln | $39 mln (1 Analyst) |
Q3 Combined Ratio | 76.50% |
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.)