Imbalanced datasets are prominent in real-world problems. In such problems, the data samples in one class are significantly higher than in the other classes, even though the other classes might be more important. The standard classification algorithms may classify all the data into the majority class, and this is a significant drawback of most standard learning algorithms, so imbalanced datasets need to be handled carefully. One of the traditional algorithms, twin support vector machines (TSVM), performed well on balanced data classification but poorly on imbalanced datasets classification. In order to improve the TSVM algorithm's classification ability for imbalanced datasets, recently, driven by the universum twin support vector machine (UTSVM), a reduced universum twin support vector machine for class imbalance learning (RUTSVM) was proposed. The dual problem and finding classifiers involve matrix inverse computation, which is one of RUTSVM's key drawbacks. In this paper, we improve the RUTSVM and propose an improved reduced universum twin support vector machine for class imbalance learning (IRUTSVM). We offer alternative Lagrangian functions to tackle the primal problems of RUTSVM in the suggested IRUTSVM approach by inserting one of the terms in the objective function into the constraints. As a result, we obtain new dual formulation for each optimization problem so that we need not compute inverse matrices neither in the training process nor in finding the classifiers. Moreover, the smaller size of the rectangular kernel matrices is used to reduce the computational time. Extensive testing is carried out on a variety of synthetic and real-world imbalanced datasets, and the findings show that the IRUTSVM algorithm outperforms the TSVM, UTSVM, and RUTSVM algorithms in terms of generalization performance.