Financial Results

MIGA

Source Data
The Multilateral Investment Guarantee Agency (MIGA) was created in 1988 to promote foreign direct investment into developing countries to support economic growth, reduce poverty, and improve people’s lives. MIGA fulfils this mandate by offering political risk insurance and credit enhancement products to investors and lenders.

Condensed Balance Sheets
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As ofMarch 31,2026June 30,2025June 30,2024June 30,2023June 30,2022
Assets
Cash and Investments (including Derivatives)*2,6632,5182,3102,1101,977
Demand Notes and Other Assets261249205244190
Prepaid Premium516545457438382
Reinsurance recoverable, net529418456478476
Total Assets3,9693,7313,4283,2703,025
Liabilities
Derivative Liabilities*210---
Unearned Premiums818865732704620
Other Liabilities171119107143139
Reserve for claims (gross)781635698716726
Total Liabilities1,7721,6291,5371,5631,485
Equity
Paid-in Capital366366366366366
Retained Earnings/ Accumulated Comprehensive Income (Loss)1,8311,7351,5251,3401,173
Total Equity2,1972,1021,8911,7061,539
Total Liabilities and Equity3,9693,7313,4283,2693,024
  • Expressed in millions of U.S. dollars.
  • Totals may not add up due to rounding.

Gross and Net Exposures
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Expressed in millions of U.S. dollars
FY26 YTDFY25
Gross Exposure38,44436,804
Net Exposure11,19411,216
  • Expressed in millions of U.S. dollars.

Priority Area Development

Expressed in millions of U.S. dollars
FY24 FY25 FY26 YTD
No. of Projects404431
Percent of Total No. of Projects95%75%74%

Region Portfolio Composition

Expressed in millions of U.S. dollars
ECASSALACEAPMENASARRegional Development Bank
2025 Economic Capital Share20%34%14%4%13%9%6%
2026-Q3 Economic Capital Share19%34%15%5%16%8%3%
2025 Share of Net Exposure23%35%19%4%10%6%3%
2026-Q3 Share of Net Exposure23%32%21%4%12%6%2%

Sector Portfolio Composition

Expressed in millions of U.S. dollars
InfrastructureFinancialOil Gas and MiningMASTrade Finance
2025 Economic Capital Share47%29%4%17%4%
2026-Q3 Economic Capital Share53%26%1%18%2%
2025 Share of Net Exposure39%43%2%10%5%
2026-Q3 Share of Net Exposure39%46%1%11%3%

Summary Income Statement
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For the period/fiscal year endedMarch 31,2026June 30,2025June 30,2024June 30,2023June 30,2022
Income
Net Premium Income112146131124116
Investment Income (Loss)8510412570(9)
Miscellaneous Income57000
Total Income202257256194108
Expenses
(Increase) Decrease in Reserves*(33)(6)(1)12(4)
Administrative expenses (including Pension Cost)(69)(93)(74)(70)(65)
Translation (Loss) Gain(2)10(2)3(11)
(Increase) Decrease in Reserves and Total Expenses(104)(89)(76)(55)(81)
Net Income9816818013928
  • Expressed in millions of U.S. dollars.
  • Totals may not add up due to rounding.

Performance Indicators
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For the period/fiscal year endedMarch 31,2026June 30,2025June 30,2024June 30,2023June 30,2022
Guarantees Issued6,2099,4638,2046,4464,935
Portfolio Runoff4,5694,2024,5273,0283,443
  • Expressed in millions of U.S. dollars.

As ofMarch 31,2026June 30,2025June 30,2024June 30,2023June 30,2022
Risk Capital to Operating Capital Ratio51.8%52.8%54.2%56.8%61.0%
Concentration Ratio (Five Largest Exposures/Net Exposure)25.3%22.7%21.0%20.8%22.0%
Gross Exposure38,44436,80431,54327,86724,449
Net Exposure11,19411,21610,2519,4508,991
Reinsurance as a % of Gross Exposure69.2%67.7%65.6%64.6%61.9%
Administrative Expense to Net Premium Income Ratio60.5%60.0%57.0%56.2%55.9%
  • Expressed in millions of U.S. dollars.
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