Financial Results
MIGA
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
- PRINT
| As of | June 30,2026 | June 30,2025 | June 30,2024 | June 30,2023 | June 30,2022 |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and Investments (including Derivatives)* | 2,682 | 2,518 | 2,310 | 2,110 | 1,977 |
| Demand Notes and Other Assets | 321 | 249 | 205 | 244 | 190 |
| Prepaid Premium | 528 | 545 | 457 | 438 | 382 |
| Reinsurance recoverable, net | 664 | 418 | 456 | 478 | 476 |
| Total Assets | 4,194 | 3,731 | 3,428 | 3,270 | 3,025 |
| Liabilities | |||||
| Derivative Liabilities* | 2 | 10 | - | - | - |
| Unearned Premiums | 846 | 865 | 732 | 704 | 620 |
| Other Liabilities | 177 | 119 | 107 | 143 | 139 |
| Reserve for claims (gross) | 921 | 635 | 698 | 716 | 726 |
| Total Liabilities | 1,945 | 1,629 | 1,537 | 1,563 | 1,485 |
| Equity | |||||
| Paid-in Capital | 366 | 366 | 366 | 366 | 366 |
| Retained Earnings/ Accumulated Comprehensive Income (Loss) | 1,883 | 1,735 | 1,525 | 1,340 | 1,173 |
| Total Equity | 2,249 | 2,102 | 1,891 | 1,706 | 1,539 |
| Total Liabilities and Equity | 4,194 | 3,731 | 3,428 | 3,269 | 3,024 |
- Expressed in millions of U.S. dollars.
- Totals may not add up due to rounding.
Gross and Net Exposures
- PRINT
| FY26 | FY25 | |
|---|---|---|
| Gross Exposure | 41,428 | 36,804 |
| Net Exposure | 12,094 | 11,216 |
- Expressed in millions of U.S. dollars.
Priority Area Development
- PRINT
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| No. of Projects | 40 | 44 | 60 |
| Percent of Total No. of Projects | 95% | 75% | 82% |
Region Portfolio Composition
- PRINT
| ECA | SSA | LAC | EAP | MENA | SAR | Regional Development Bank | |
|---|---|---|---|---|---|---|---|
| 2025 Economic Capital Share | 20% | 34% | 14% | 4% | 13% | 9% | 6% |
| 2026 Economic Capital Share | 20% | 35% | 13% | 5% | 16% | 8% | 3% |
| 2025 Share of Net Exposure | 23% | 35% | 19% | 4% | 10% | 6% | 3% |
| 2026 Share of Net Exposure | 24% | 31% | 22% | 5% | 11% | 5% | 2% |
Sector Portfolio Composition
- PRINT
| Infrastructure | Financial | Oil Gas and Mining | MAS | Trade Finance | |
|---|---|---|---|---|---|
| 2025 Economic Capital Share | 47% | 29% | 4% | 17% | 4% |
| 2026 Economic Capital Share | 48% | 25% | 1% | 18% | 8% |
| 2025 Share of Net Exposure | 39% | 43% | 2% | 10% | 5% |
| 2026 Share of Net Exposure | 37% | 47% | 1% | 10% | 5% |
Summary Income Statement
- PRINT
| For the period/fiscal year ended | June 30,2026 | June 30,2025 | June 30,2024 | June 30,2023 | June 30,2022 |
|---|---|---|---|---|---|
| Income | |||||
| Net Premium Income | 150 | 146 | 131 | 124 | 116 |
| Investment Income (Loss) | 106 | 104 | 125 | 70 | (9) |
| Miscellaneous Income | 7 | 7 | 0 | 0 | 0 |
| Total Income | 263 | 257 | 256 | 194 | 108 |
| Expenses | |||||
| (Increase) Decrease in Reserves* | (41) | (6) | (1) | 12 | (4) |
| Administrative expenses (including Pension Cost) | (94) | (93) | (74) | (70) | (65) |
| Translation (Loss) Gain | (3) | 10 | (2) | 3 | (11) |
| (Increase) Decrease in Reserves and Total Expenses | (138) | (89) | (76) | (55) | (81) |
| Net Income | 125 | 168 | 180 | 139 | 28 |
- Expressed in millions of U.S. dollars.
- Totals may not add up due to rounding.
Performance Indicators
- PRINT
| For the period/fiscal year ended | June 30,2026 | June 30,2025 | June 30,2024 | June 30,2023 | June 30,2022 |
|---|---|---|---|---|---|
| Guarantees Issued | 10,551 | 9,463 | 8,204 | 6,446 | 4,935 |
| Portfolio Runoff | 5,927 | 4,202 | 4,527 | 3,028 | 3,443 |
- Expressed in millions of U.S. dollars.
- PRINT
| As of | June 30,2026 | June 30,2025 | June 30,2024 | June 30,2023 | June 30,2022 |
|---|---|---|---|---|---|
| Risk Capital to Operating Capital Ratio | 57.5% | 52.8% | 54.2% | 56.8% | 61.0% |
| Concentration Ratio (Five Largest Exposures/Net Exposure) | 24.2% | 22.7% | 21.0% | 20.8% | 22.0% |
| Gross Exposure | 41,428 | 36,804 | 31,543 | 27,867 | 24,449 |
| Net Exposure | 12,094 | 11,216 | 10,251 | 9,450 | 8,991 |
| Reinsurance as a % of Gross Exposure | 69.2% | 67.7% | 65.6% | 64.6% | 61.9% |
| Administrative Expense to Net Premium Income Ratio | 63.2% | 60.0% | 57.0% | 56.2% | 55.9% |
- Expressed in millions of U.S. dollars.
