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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
IGIC's Price-to-Net-Net-Working-Capital is ranked better than 56.9% of 58
companies
in the Insurance industry
Industry Median: 7.95
vs IGIC: 6.09
International General Insurance Holdings (NAS:IGIC) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
International General Insurance Holdings Net-Net Working Capital Related Terms
International General Insurance Holdings Net-Net Working Capital Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
International General Insurance Holdings Net-Net Working Capital Chart
International General Insurance Holdings Annual Data
IGIC vs XZO, PLGO, SUND: Net-Net Working Capital Comparison
For the Insurance - Diversified subindustry, International General Insurance Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
International General Insurance Holdings Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, International General Insurance Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where International General Insurance Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $4.60 mean?
International General Insurance Holdings (IGIC) has a Net-Net Working Capital of $4.60 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on International General Insurance Holdings According to the industry distribution chart, International General Insurance Holdings ranks #25 out of 58 companies in the Insurance industry, placing it in the top 43.1%.
Is International General Insurance Holdings' Net-Net Working Capital too high?
International General Insurance Holdings' current Net-Net Working Capital is $4.60. The Insurance industry median Net-Net Working Capital is 7.95. International General Insurance Holdings' value of $4.60 is 42.1% below this industry median. Based on the distribution chart, International General Insurance Holdings ranks #25 out of 58 companies in the Insurance industry, which is above the industry midpoint. Overall, International General Insurance Holdings has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does International General Insurance Holdings' Net-Net Working Capital compare to XZO and PLGO?
According to the Insurance industry distribution chart, International General Insurance Holdings ranks #25 out of 58 companies for Net-Net Working Capital. This puts International General Insurance Holdings in the upper half of its industry. The industry median Net-Net Working Capital is 7.95. International General Insurance Holdings' value of $4.60 is 42.1% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Insurance company?
The median Net-Net Working Capital among Insurance companies is 7.95, based on 58 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. International General Insurance Holdings's current Net-Net Working Capital of $4.60 is 42.1% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on International General Insurance Holdings For the Insurance industry, the median Net-Net Working Capital is 7.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. International General Insurance Holdings's current Net-Net Working Capital is $4.60. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is International General Insurance Holdings stock overvalued right now?
Based on GuruFocus' analysis, International General Insurance Holdings (IGIC) is currently considered Modestly Overvalued. The stock's GF Value™ is $21.97, compared to a current price of $28.00 — trading 27.4% above its estimated fair value. The current Net-Net Working Capital is $4.60 and 42.1% below the Insurance industry median of 7.95. International General Insurance Holdings' overall GF Score™ is 75/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For International General Insurance Holdings (IGIC), the current Net-Net Working Capital is $4.60 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is International General Insurance Holdings (IGIC) Overvalued in 2026?
Based on GuruFocus' analysis, International General Insurance Holdings stock appears to be overvalued.
The current stock price of $28.00 is trading 27.4% above its estimated GF Value™ of $21.97.
GuruFocus considers International General Insurance Holdings to be Modestly Overvalued.
Key valuation signals for IGIC:
Net-Net Working Capital: $4.60
GF Value™: $21.97 vs. price of $28.00 (27.4% above fair value)
Industry Position: 42.1% below the Insurance median (#25 of 58)
No single metric tells the full story. See the IGIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
International General Insurance Holdings Business Description
International General Insurance Holdings Ltd is an international specialty insurance and reinsurance group. It underwrites a diversified portfolio of specialty risks including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, marine, contingency and treaty reinsurance. The company's operating segments include Specialty Longtail, Specialty Short tail and Reinsurance. The majority of revenue is derived from the Specialty Short-tail segment, which comprises business lines with underwriting risks assumed in the form of property and specialty lines insurance and of short-term nature with respect to related claims.
75GF Score
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