International General Insurance Reports Second Quarter Earnings for FY2023
August 18, 2023
🌥️Earnings Overview
On June 30, 2023, INTERNATIONAL GENERAL INSURANCE ($NASDAQ:IGIC) issued their second quarter earnings results for FY2023 – total revenue was USD 130.7 million, a 38.6% increase compared to the same period in the previous year. Net income was reported at USD 40.5 million, representing a staggering 84.1% rise year over year.
Share Price
The company is well-positioned to continue to grow in the coming quarters and years as it continues to expand its product offerings and strengthen its customer base. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for IGIC. More…
| Total Revenues | Net Income | Net Margin |
| 490.92 | 106.75 | 23.6% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for IGIC. More…
| Operations | Investing | Financing |
| -85.35 | -1.24 | -14.25 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for IGIC. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.73k | 1.27k | 10.01 |
Key Ratios Snapshot
Some of the financial key ratios for IGIC are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.9% | – | 20.8% |
| FCF Margin | ROE | ROA |
| -17.6% | 13.2% | 3.5% |
Analysis
GoodWhale has conducted a fundamental analysis of INTERNATIONAL GENERAL INSURANCE. According to our Star Chart, the company has an intermediate health score of 6/10 when it comes to cashflows and debt, indicating that it may be able to sustain future operations in times of crisis. On the other hand, when it comes to growth, asset, dividend and profitability, INTERNATIONAL GENERAL INSURANCE is strong in growth, medium in asset, dividend and weak in profitability. Based on our analysis, we classify INTERNATIONAL GENERAL INSURANCE as ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Investors who are looking for companies that can generate high returns in the short-term may be interested in INTERNATIONAL GENERAL INSURANCE. However, such investors should also be aware of the risks associated with investing in such companies. More…
Peers
International General Insurance Holdings Ltd has been a major player in the insurance industry for many years, competing against such well-known companies as American International Group Inc, Old Republic International Corp, and Argo Group International Holdings Ltd. The competition between these companies is fierce, as each strives to provide the best products and services to their customers.
– American International Group Inc ($NYSE:AIG)
American International Group Inc (AIG) is a leading global insurance company that provides a broad range of property and casualty insurance, life and retirement products, and other financial services to customers in more than 80 countries and jurisdictions. As of 2022, AIG has a market cap of 46.93B, signifying the company’s continuing growth since its initial public offering in 1969. AIG’s return on equity (ROE) is also considerable, standing at 29.87%, indicating that the company’s management are making effective use of its shareholders’ investments.
– Old Republic International Corp ($NYSE:ORI)
Old Republic International Corporation is a multinational insurance holding company that provides insurance products and services throughout the United States, Canada, and in select international markets. The company’s market cap of 7.38 billion as of 2022 reflects its strong financial position and the confidence investors have in the company’s future prospects. Old Republic International Corporation’s return on equity of 10.4% also reflects their success in generating profits for shareholders and increasing the value of their investments. The company’s focus on providing quality insurance products and services has enabled them to maintain a strong financial position and remain competitive in the market.
– Argo Group International Holdings Ltd ($NYSE:ARGO)
Argo Group International Holdings Ltd is a Bermuda-based insurance and reinsurance company that provides underwriting and risk management services for its customers. With a market cap of 929.32M as of 2022, the company is well-positioned to remain competitive in the industry. However, the company’s Return on Equity of -6.9% indicates that it is struggling to generate a solid return on its equity investments. This could be a sign that the company needs to look into improving its capital structure or investing in more profitable products. Nevertheless, Argo Group remains committed to providing its customers with quality service and protection.
Summary
INTERNATIONAL GENERAL INSURANCE has continued their impressive performance in the second quarter of FY2023, with total revenue increasing 38.6% to USD130.7 million and net income rising 84.1% to USD40.5 million compared to the same period a year prior. These strong figures demonstrate the company’s ability to increase profits even during difficult times, providing a great opportunity for investors. Additionally, INTERNATIONAL GENERAL INSURANCE has an expanding customer base and a growing portfolio of products, indicating that it is positioning itself for long-term success and further growth in the future.
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