Are there any notable changes in net premiums earned that could signal shifts in underwriting strategy or market focus?
Short answer:
The press release does not disclose the netâpremiumsâearned figures for either the second quarter or the sixâmonth period, so we cannot directly evaluate whether there have been any notable changes in that metric.
Why the answer is limited
| Data point in the release | Value (US$âŻmm) | Comment |
|---|---|---|
| Gross written premiums (GWP) â Q2 2025 | 187.8 | ââŻ8.6âŻ% vs. Q2âŻ2024 (205.6) |
| Gross written premiums (GWP) â Sixâmonth 2025 | 394.3 | ââŻ1.9âŻ% vs. sixâmonthâŻ2024 (387.2) |
The release does not list net premiums earned (the amount of premium recognized as revenue after deducting unearned portions). Because net premiums earned is a separate line itemâtypically reflecting the portion of written premium that has been âearnedâ during the reporting periodâany analysis of shifts in underwriting strategy or market focus would require at least:
- The absolute netâpremiumsâearned numbers for Q2âŻ2025 and Q2âŻ2024 (or the sixâmonth totals).
- The change (Î) or growth rate between the two periods.
- Contextual ratios (e.g., netâpremiumsâearnedâŻ/âŻGWP, lossâratio, expenseâratio) that help reveal whether the company is writing more profitable business, changing its mix of lines, or moving into new geographies.
Since none of these figures are provided, any inference would be speculative.
What we can infer from the available data
| Observation | Possible interpretation (but not definitive) |
|---|---|
| GWP fell 8.6âŻ% in Q2âŻ2025 vs. Q2âŻ2024 | A lower GWP could indicate a deliberate pullâback from marginal or higherâvolatility markets, a response to pricing pressure, or a shift toward higherâmargin lines. However, without netâpremiumsâearned we cannot tell if the earned portion fell proportionally, held steady, or even improved. |
| GWP rose 1.9âŻ% for the first half of 2025 vs. 2024 | The rebound in the sixâmonth total suggests the company may have reâaccelerated new business after the Q2 dipâperhaps by targeting new markets, launching new products, or adjusting underwriting guidelines. Again, the impact on netâpremiumsâearned (and thus profitability) is unknown. |
What would be needed for a robust assessment
- Net premiums earned figures (Q2âŻ2025, Q2âŻ2024, sixâmonthâŻ2025, sixâmonthâŻ2024).
- Lossâratio and expenseâratio to see if the earned premium is translating into better underwriting results.
- Segmentation data (e.g., by line of business, region, or product) to spot strategic reâallocation.
- Management commentary (often found in the âManagement Discussion & Analysisâ section of the earnings release) that explains any intentional shifts in underwriting appetite, reâinsurance arrangements, or market focus.
Takeâaway
- No netâpremiumsâearned data is disclosed in the IGIC Q2/firstâhalfâŻ2025 release, so we cannot confirm whether there are notable changes that would signal a shift in underwriting strategy or market focus.
- The decline in Q2 GWP and the modest sixâmonth increase are the only quantitative signals available; they hint at possible strategic adjustments but lack the depth needed for a definitive conclusion.
Recommendation: To answer the question definitively, obtain the netâpremiumsâearned numbers (or the related profitability ratios) from IGICâs full earnings filing, a supplemental press release, or the companyâs SEC FormâŻ10âQ/10âK for the period. Once those figures are in hand, you can calculate the change, compare it to the GWP trend, and assess whether the underwriting mix or market focus is being actively reshaped.