Overview

* IGI Q2 net income rises 3.9% yr/yr to $34.1 mln

* Core operating income for Q2 misses analyst expectations, impacted by currency movements

* Gross written premiums for Q2 fall 8.6% yr/yr, reflecting competitive market conditions

Outlook

* Company notes increasing competition in certain market areas

* IGI highlights impact of U.S. Dollar weakening on results

* Company emphasizes diversification strategy to manage market cyclicality

Result Drivers

* CURRENCY IMPACT - Currency revaluation of non-U.S. Dollar loss reserves negatively impacted underwriting results

* COMPETITIVE MARKET - Gross written premiums fell due to increased competition in insurance and reinsurance markets

* CAT LOSSES - Catastrophe losses contributed to higher loss ratios, affecting underwriting income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Core Miss $0.51 $0.53 (2

Operatin Analysts

g EPS )

Q2 EPS $0.77

Q2 Net $34.10

Income mln

Q2 Core Miss $22.80 $26.30

Operatin mln mln (1

g Income Analyst)

Q2 90.5%

Combined

Ratio

Analyst Coverage

* The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "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 ( IGIC ) is $32.00, about 26.7% above its August 4 closing price of $23.47

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

Press Release:

(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.)