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Side-by-side financial comparison of International General Insurance Holdings Ltd. (IGIC) and INNOVATE Corp. (VATE). Click either name above to swap in a different company.
International General Insurance Holdings Ltd. is the larger business by last-quarter revenue ($403.8M vs $382.7M, roughly 1.1× INNOVATE Corp.). International General Insurance Holdings Ltd. runs the higher net margin — 26.0% vs -1.9%, a 28.0% gap on every dollar of revenue.
China Taiping Insurance Holdings Company Limited (CTIH) formerly China Insurance International Holdings Company Limited (CIIH), is a Chinese insurance conglomerate. The company has strong Chinese Central Government background despite being incorporated in Hong Kong. It is considered as a red chip company.
Innovate Corp. is an American public financial services company founded in 1994.
IGIC vs VATE — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.8M | $382.7M |
| Net Profit | $105.1M | $-7.4M |
| Gross Margin | — | 15.4% |
| Operating Margin | — | 3.7% |
| Net Margin | 26.0% | -1.9% |
| Revenue YoY | — | 61.7% |
| Net Profit YoY | — | 55.4% |
| EPS (diluted) | $2.31 | $-0.57 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $382.7M | ||
| Q3 25 | $403.8M | $347.1M | ||
| Q2 25 | $261.9M | $242.0M | ||
| Q1 25 | — | $274.2M | ||
| Q4 24 | — | $236.6M | ||
| Q3 24 | $369.6M | $242.2M | ||
| Q2 24 | $265.8M | $313.1M | ||
| Q1 24 | — | $315.2M |
| Q4 25 | — | $-7.4M | ||
| Q3 25 | $105.1M | $-8.9M | ||
| Q2 25 | $61.4M | $-19.8M | ||
| Q1 25 | — | $-24.5M | ||
| Q4 24 | — | $-16.6M | ||
| Q3 24 | $-134.4M | $-15.0M | ||
| Q2 24 | $70.7M | $14.4M | ||
| Q1 24 | — | $-17.4M |
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.6% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | — | 21.0% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | 24.2% | 2.0% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | -73.3% | 9.2% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 26.0% | -2.6% | ||
| Q2 25 | 23.5% | -8.2% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | -7.0% | ||
| Q3 24 | -36.4% | -6.2% | ||
| Q2 24 | 26.6% | 4.6% | ||
| Q1 24 | — | -5.5% |
| Q4 25 | — | $-0.57 | ||
| Q3 25 | $2.31 | $-0.71 | ||
| Q2 25 | $1.36 | $-1.67 | ||
| Q1 25 | — | $-1.89 | ||
| Q4 24 | — | $-0.72 | ||
| Q3 24 | $1.82 | $-1.18 | ||
| Q2 24 | $1.55 | $1.03 | ||
| Q1 24 | — | $-2.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $244.7M | $112.1M |
| Total DebtLower is stronger | — | $80.3M |
| Stockholders' EquityBook value | $654.8M | $-240.1M |
| Total Assets | $2.0B | $950.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $112.1M | ||
| Q3 25 | $244.7M | $35.5M | ||
| Q2 25 | $164.8M | $33.4M | ||
| Q1 25 | — | $33.3M | ||
| Q4 24 | — | $48.8M | ||
| Q3 24 | $219.2M | $51.0M | ||
| Q2 24 | $237.3M | $80.2M | ||
| Q1 24 | — | $38.4M |
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
| Q4 25 | — | $-240.1M | ||
| Q3 25 | $654.8M | $-233.3M | ||
| Q2 25 | $662.3M | $-224.8M | ||
| Q1 25 | — | $-204.2M | ||
| Q4 24 | — | $-180.4M | ||
| Q3 24 | $540.5M | $-163.1M | ||
| Q2 24 | $588.2M | $-149.0M | ||
| Q1 24 | — | $-184.4M |
| Q4 25 | — | $950.1M | ||
| Q3 25 | $2.0B | $913.2M | ||
| Q2 25 | $2.1B | $890.9M | ||
| Q1 25 | — | $868.0M | ||
| Q4 24 | — | $891.1M | ||
| Q3 24 | $1.8B | $897.2M | ||
| Q2 24 | $2.0B | $898.9M | ||
| Q1 24 | — | $943.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $101.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $101.1M | ||
| Q3 25 | — | $19.2M | ||
| Q2 25 | $27.2M | $40.4M | ||
| Q1 25 | — | $-14.1M | ||
| Q4 24 | — | $41.4M | ||
| Q3 24 | — | $-28.4M | ||
| Q2 24 | $120.7M | $21.5M | ||
| Q1 24 | — | $-25.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.0M | ||
| Q2 25 | $26.8M | — | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-31.5M | ||
| Q2 24 | $119.8M | $18.4M | ||
| Q1 24 | — | $-31.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | -13.0% | ||
| Q2 24 | 45.1% | 5.9% | ||
| Q1 24 | — | -9.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | 0.3% | 1.0% | ||
| Q1 24 | — | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.71× | 1.49× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IGIC
Segment breakdown not available.
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
