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 ofJune 30,2025June 30,2024June 30,2023June 30,2022June 30,2021
Assets
Cash and Investments (including Derivatives)*2,5182,3102,1101,9771,918
Demand Notes and Other Assets249205244190151
Prepaid Premium545457438382377
Reinsurance recoverable, net418456478476501
Total Assets3,7313,4283,2703,0252,947
Liabilities
Derivative Liabilities*10---2
Unearned Premiums865732704620615
Other Liabilities119107143139109
Reserve for claims (gross)635698716726747
Total Liabilities1,6291,5371,5631,4851,473
Equity
Paid-in Capital366366366366366
Retained Earnings/ Accumulated Comprehensive Income (Loss)1,7351,5251,3401,1731,108
Total Equity2,1021,8911,7061,5391,474
Total Liabilities and Equity3,7313,4283,2693,0242,947
  • 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
FY25FY24
Gross Exposure36,80431,543
Net Exposure11,21610,251
  • Expressed in millions of U.S. dollars.

Priority Area Development

Expressed in millions of U.S. dollars
FY23 FY24 FY25
No. of Projects374044
Percent of Total No. of Projects93%95%75%

Region Portfolio Composition

Expressed in millions of U.S. dollars
ECASSALACEAPMENASARRegional Development Bank
2024 Economic Capital Share24%35%10%5%13%10%2%
2025 Economic Capital Share20%34%14%4%13%9%6%
2024 Share of Net Exposure22%39%16%5%10%6%1%
2025 Share of Net Exposure23%35%19%4%10%6%3%

Sector Portfolio Composition

Expressed in millions of U.S. dollars
InfrastructureFinancialOil Gas and MiningMASTrade Finance
2024 Economic Capital Share52%22%5%19%2%
2025 Economic Capital Share47%29%4%17%4%
2024 Share of Net Exposure42%39%4%12%4%
2025 Share of Net Exposure39%43%2%10%5%

Summary Income Statement
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For the period/fiscal year endedJune 30,2025June 30,2024June 30,2023June 30,2022June 30,2021
Income
Net Premium Income146131124116121
Investment Income (Loss)10412570(9)6
Miscellaneous Income70000
Total Income257256194108127
Expenses
(Increase) Decrease in Reserves*(6)(1)12(4)8
Administrative expenses (including Pension Cost)(93)(74)(70)(65)(59)
Translation (Loss) Gain10(2)3(11)5
(Increase) Decrease in Reserves and Total Expenses(89)(76)(55)(81)(46)
Net Income1681801392881
  • 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 endedJune 30,2025June 30,2024June 30,2023June 30,2022June 30,2021
Guarantees Issued9,4638,2046,4464,9355,199
Portfolio Runoff4,2024,5273,0283,4434,836
  • Expressed in millions of U.S. dollars.

As ofJune 30,2025June 30,2024June 30,2023June 30,2022June 30,2021
Gross Exposure36,80431,54327,86724,44922,957
Net Exposure11,21610,2519,4508,9919,134
Reinsurance as a % of Gross Exposure67.7%65.6%64.6%61.9%59.2%
Administrative Expense to Net Premium Income Ratio60.0%57.0%56.2%55.9%48.4%
Risk Capital to Operating Capital Ratio52.8%54.2%56.8%61.0%61.1%
Concentration Ratio (Five Largest Exposures/Net Exposure)22.7%21.0%20.8%22.0%24.0%
  • Expressed in millions of U.S. dollars.
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