Global Indemnity Group, LLC Reports Third Quarter 2024 Results
Highlights for the Nine Months Ended
-
Net income available to shareholders increased 77% to
$33.9 million or$2.48 per share in 2024 compared to$19.2 million or$1.39 per share in 2023. -
Operating income increased 57% to
$33.8 million in 2024 compared to$21.5 million in 2023. -
Book value per share increased to
$49.88 atSeptember 30, 2024 from$47.53 atDecember 31, 2023 ; increased 7.1% including dividends paid of$1.05 per share in 2024. -
Investment income increased 18% to
$46.3 million in 2024 compared to$39.4 million in 2023 due to an increase in book yield on the Company’s bond portfolio to 4.6% atSeptember 30, 2024 from 4.0% atSeptember 30, 2023 and growth of 7% in the investment portfolio to$1.47 billion driven primarily by operating cash flow. - Annualized return on equity, including unrealized gains on fixed-income securities included in stockholders' equity, was 9.8% in 2024 compared to 5.2% in 2023.
- Annualized investment return was 6.1% for the first nine months of 2024.
-
GBLI’s current accident year underwriting income increased to
$15.3 million for 2024 compared with$5.0 million in 2023 driven by:-
The Company’s Penn-America segment that posted
$17.6 million of underwriting income (combined ratio of 93.9%), higher than 2023 underwriting income of$9.7 million (combined ratio of 96.7%) driven by improved non-catastrophe and catastrophe property results. GBLI's catastrophe losses declined 35%;$10.3 million in 2024 from$15.8 million in 2023. 2024 includes$1.5 million related to Hurricane Helene.
-
The Company’s Penn-America segment that posted
-
Penn-America gross written premiums, excluding products terminated, increased 12% to
$293.0 million in 2024 compared to$262.8 million in 2023.-
InsurTech grew 17% to
$41.9 million in 2024 compared with$35.7 million in 2023 from organic agency growth, new agency appointments and new products. - Wholesale Commercial's policy premiums, excluding audit premiums, is higher by 12% in 2024 driven by aggregate premium rate increase of 9%.
-
Assumed Re increased 131% from
$8.4 million in 2023 to$19.3 million in 2024 due to new treaties commencing in both 2023 and 2024.
-
InsurTech grew 17% to
-
Prior accident year loss development was slightly favorable at
$0.1 million for the first nine months of 2024. -
AM Best affirmed
Global Indemnity Group , LLC’s A (Excellent) rating for itsU.S. insurance subsidiaries onAugust 1, 2024 .
|
Selected Operating and Balance Sheet Information |
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(Dollars in millions, except per share data) |
||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income available to shareholders |
|
$ |
12.7 |
|
|
$ |
7.6 |
|
|
$ |
33.9 |
|
|
$ |
19.2 |
|
|
Net income available to shareholders per share |
|
$ |
0.92 |
|
|
$ |
0.55 |
|
|
$ |
2.48 |
|
|
$ |
1.39 |
|
|
Operating income |
|
$ |
13.2 |
|
|
$ |
7.8 |
|
|
$ |
33.8 |
|
|
$ |
21.5 |
|
|
Operating income per share |
|
$ |
0.95 |
|
|
$ |
0.56 |
|
|
$ |
2.45 |
|
|
$ |
1.53 |
|
|
Underwriting income, current accident year |
|
$ |
6.6 |
|
|
$ |
1.8 |
|
|
$ |
15.3 |
|
|
$ |
5.0 |
|
|
Underwriting income |
|
$ |
5.8 |
|
|
$ |
0.7 |
|
|
$ |
14.6 |
|
|
$ |
3.9 |
|
|
Gross written premiums |
|
$ |
99.8 |
|
|
$ |
98.9 |
|
|
$ |
294.0 |
|
|
$ |
332.0 |
|
|
Investment income |
|
$ |
16.5 |
|
|
$ |
14.2 |
|
|
$ |
46.3 |
|
|
$ |
39.4 |
|
|
Annualized investment return |
|
|
7.9 |
% |
|
|
3.8 |
% |
|
|
6.1 |
% |
|
|
4.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Combined ratio analysis: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss ratio |
|
|
54.9 |
% |
|
|
58.3 |
% |
|
|
56.0 |
% |
|
|
60.7 |
% |
|
Expense ratio |
|
|
39.4 |
% |
|
|
41.4 |
% |
|
|
39.2 |
% |
|
|
38.5 |
% |
|
Combined ratio |
|
|
94.3 |
% |
|
|
99.7 |
% |
|
|
95.2 |
% |
|
|
99.2 |
% |
|
Combined ratio, current accident year |
|
|
93.5 |
% |
|
|
98.6 |
% |
|
|
95.0 |
% |
|
|
98.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Penn-America Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Underwriting income, current accident year |
|
$ |
7.7 |
|
|
$ |
3.4 |
|
|
$ |
17.6 |
|
|
$ |
9.7 |
|
|
Underwriting income (loss) |
|
$ |
7.3 |
|
|
$ |
(4.5 |
) |
|
$ |
17.6 |
|
|
$ |
(1.5 |
) |
|
Penn-America gross written premiums (1) |
|
$ |
103.1 |
|
|
$ |
84.0 |
|
|
$ |
293.0 |
|
|
$ |
262.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Combined ratio analysis: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss ratio |
|
|
54.7 |
% |
|
|
67.1 |
% |
|
|
55.6 |
% |
|
|
62.9 |
% |
|
Expense ratio |
|
|
37.9 |
% |
|
|
38.6 |
% |
|
|
38.3 |
% |
|
|
38.0 |
% |
|
Combined ratio |
|
|
92.6 |
% |
|
|
105.7 |
% |
|
|
93.9 |
% |
|
|
100.9 |
% |
|
Combined ratio, current accident year |
|
|
92.1 |
% |
|
|
96.3 |
% |
|
|
93.9 |
% |
|
|
96.7 |
% |
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
|
As of
|
|
||||
|
Consolidated: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Book value per share |
|
$ |
49.88 |
|
|
$ |
48.56 |
|
|
$ |
48.18 |
|
|
$ |
47.53 |
|
|
Book value per share plus cumulative dividends and |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
excluding AOCI |
|
$ |
57.50 |
|
|
$ |
56.58 |
|
|
$ |
56.00 |
|
|
$ |
55.22 |
|
|
Shareholders’ equity |
|
$ |
686.7 |
|
|
$ |
667.5 |
|
|
$ |
659.5 |
|
|
$ |
648.8 |
|
|
Cash and invested assets |
|
$ |
1,468.0 |
|
|
$ |
1,435.2 |
|
|
$ |
1,417.3 |
|
|
$ |
1,390.4 |
|
|
Shares Outstanding (in millions) |
|
|
13.7 |
|
|
|
13.7 |
|
|
|
13.6 |
|
|
|
13.6 |
|
|
(1) Excludes |
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|
|
||||||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
(Dollars and shares in thousands, except per share data) |
||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
Gross written premiums |
|
$ |
99,767 |
|
|
$ |
98,926 |
|
|
$ |
293,961 |
|
|
$ |
332,011 |
|
|
Net written premiums |
|
$ |
97,177 |
|
|
$ |
95,623 |
|
|
$ |
287,013 |
|
|
$ |
317,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net earned premiums |
|
$ |
95,413 |
|
|
$ |
111,695 |
|
|
$ |
284,806 |
|
|
$ |
380,923 |
|
|
Net investment income |
|
|
16,488 |
|
|
|
14,200 |
|
|
|
46,319 |
|
|
|
39,424 |
|
|
Net realized investment gains (losses) |
|
|
(512 |
) |
|
|
(133 |
) |
|
|
540 |
|
|
|
(2,414 |
) |
|
Other income |
|
|
372 |
|
|
|
299 |
|
|
|
1,074 |
|
|
|
935 |
|
|
Total revenues |
|
|
111,761 |
|
|
|
126,061 |
|
|
|
332,739 |
|
|
|
418,868 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net losses and loss adjustment expenses |
|
|
52,400 |
|
|
|
65,116 |
|
|
|
159,446 |
|
|
|
231,199 |
|
|
Acquisition costs and other underwriting expenses |
|
|
37,553 |
|
|
|
46,202 |
|
|
|
111,790 |
|
|
|
146,781 |
|
|
Corporate and other operating expenses |
|
|
5,923 |
|
|
|
5,280 |
|
|
|
18,662 |
|
|
|
16,638 |
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
17 |
|
|
|
12 |
|
|
Income before income taxes |
|
|
15,885 |
|
|
|
9,463 |
|
|
|
42,824 |
|
|
|
24,238 |
|
|
Income tax expense |
|
|
3,125 |
|
|
|
1,763 |
|
|
|
8,605 |
|
|
|
4,707 |
|
|
Net income |
|
|
12,760 |
|
|
|
7,700 |
|
|
|
34,219 |
|
|
|
19,531 |
|
|
Less: Preferred stock distributions |
|
|
110 |
|
|
|
110 |
|
|
|
330 |
|
|
|
330 |
|
|
Net income available to common shareholders |
|
$ |
12,650 |
|
|
$ |
7,590 |
|
|
$ |
33,889 |
|
|
$ |
19,201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income available to common shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
$ |
0.93 |
|
|
$ |
0.56 |
|
|
$ |
2.49 |
|
|
$ |
1.42 |
|
|
Diluted |
|
$ |
0.92 |
|
|
$ |
0.55 |
|
|
$ |
2.48 |
|
|
$ |
1.39 |
|
|
Weighted-average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
13,665 |
|
|
|
13,523 |
|
|
|
13,618 |
|
|
|
13,557 |
|
|
Diluted |
|
|
13,801 |
|
|
|
13,814 |
|
|
|
13,684 |
|
|
|
13,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash distributions declared per common share |
|
$ |
0.35 |
|
|
$ |
0.25 |
|
|
$ |
1.05 |
|
|
$ |
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Combined ratio analysis: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Loss ratio |
|
|
54.9 |
% |
|
|
58.3 |
% |
|
|
56.0 |
% |
|
|
60.7 |
% |
|
Expense ratio |
|
|
39.4 |
% |
|
|
41.4 |
% |
|
|
39.2 |
% |
|
|
38.5 |
% |
|
Combined ratio |
|
|
94.3 |
% |
|
|
99.7 |
% |
|
|
95.2 |
% |
|
|
99.2 |
% |
|
|
||||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||||
|
(Dollars in thousands) |
||||||||
|
|
|
(Unaudited)
|
|
|
|
|
||
|
ASSETS |
|
|
|
|
|
|
||
|
Fixed maturities: |
|
|
|
|
|
|
||
|
Available for sale, at fair value (amortized cost: |
|
$ |
1,395,229 |
|
|
$ |
1,293,793 |
|
|
Equity securities, at fair value |
|
|
12,347 |
|
|
|
16,508 |
|
|
Other invested assets |
|
|
29,459 |
|
|
|
38,236 |
|
|
Total investments |
|
|
1,437,035 |
|
|
|
1,348,537 |
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
|
31,019 |
|
|
|
38,037 |
|
|
Premium receivables, net of allowance for expected credit losses of |
|
|
|
|
|
|
||
|
|
|
|
73,425 |
|
|
|
102,158 |
|
|
Reinsurance receivables, net of allowance for expected credit losses of |
|
|
|
|
|
|
||
|
|
|
|
76,393 |
|
|
|
80,439 |
|
|
Funds held by ceding insurers |
|
|
27,194 |
|
|
|
16,989 |
|
|
Deferred federal income taxes |
|
|
24,491 |
|
|
|
36,802 |
|
|
Deferred acquisition costs |
|
|
40,855 |
|
|
|
42,445 |
|
|
Intangible assets |
|
|
14,191 |
|
|
|
14,456 |
|
|
|
|
|
4,820 |
|
|
|
4,820 |
|
|
Prepaid reinsurance premiums |
|
|
3,260 |
|
|
|
4,958 |
|
|
Receivable for securities |
|
|
19 |
|
|
|
3,858 |
|
|
Federal income tax receivable |
|
|
1,062 |
|
|
|
— |
|
|
Lease right of use assets |
|
|
8,519 |
|
|
|
9,715 |
|
|
Other assets |
|
|
18,834 |
|
|
|
26,362 |
|
|
Total assets |
|
$ |
1,761,117 |
|
|
$ |
1,729,576 |
|
|
|
|
|
|
|
|
|
||
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
||
|
Liabilities: |
|
|
|
|
|
|
||
|
Unpaid losses and loss adjustment expenses |
|
$ |
840,176 |
|
|
$ |
850,599 |
|
|
Unearned premiums |
|
|
183,362 |
|
|
|
182,852 |
|
|
Ceded balances payable |
|
|
963 |
|
|
|
2,642 |
|
|
Federal income tax payable |
|
|
— |
|
|
|
1,595 |
|
|
Contingent commissions |
|
|
5,203 |
|
|
|
5,632 |
|
|
Lease liabilities |
|
|
10,836 |
|
|
|
12,733 |
|
|
Other liabilities |
|
|
33,851 |
|
|
|
24,770 |
|
|
Total liabilities |
|
$ |
1,074,391 |
|
|
$ |
1,080,823 |
|
|
|
|
|
|
|
|
|
||
|
Shareholders’ equity: |
|
|
|
|
|
|
||
|
Series A cumulative fixed rate preferred shares, |
|
|
|
|
|
|
||
|
100,000,000 shares authorized, shares issued and outstanding: |
|
|
|
|
|
|
||
|
4,000 and 4,000 shares, respectively, liquidation preference: |
|
|
|
|
|
|
||
|
|
|
|
4,000 |
|
|
|
4,000 |
|
|
Common shares: no par value; 900,000,000 common shares authorized; |
|
|
|
|
|
|
||
|
class A common shares issued: 11,181,998 and 11,042,670, respectively; |
|
|
|
|
|
|
||
|
class A common shares outstanding: 9,894,230 and 9,771,429, respectively; |
|
|
|
|
|
|
||
|
class B common shares issued and outstanding: 3,793,612 and 3,793,612, respectively |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital (1) |
|
|
458,714 |
|
|
|
454,791 |
|
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(7,847 |
) |
|
|
(22,863 |
) |
|
Retained earnings (1) |
|
|
264,551 |
|
|
|
244,988 |
|
|
Class A common shares in treasury, at cost: 1,287,768 and 1,271,241 shares, respectively |
|
|
(32,692 |
) |
|
|
(32,163 |
) |
|
Total shareholders’ equity |
|
|
686,726 |
|
|
|
648,753 |
|
|
|
|
|
|
|
|
|
||
|
Total liabilities and shareholders’ equity |
|
$ |
1,761,117 |
|
|
$ |
1,729,576 |
|
|
(1) Since the Company’s initial public offering in 2003, the Company has returned |
||||||||
|
Segment Data for the Nine Months Ended |
||||||||||||||||||||||||
|
(Dollars in millions) |
||||||||||||||||||||||||
|
Underwriting Income for the Nine Months Ended |
||||||||||||||||||||||||
|
|
|
Penn-America |
|
|
Non-Core Operations |
|
|
Consolidated |
|
|||||||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gross written premiums |
|
$ |
297.9 |
|
|
$ |
277.4 |
|
|
$ |
(3.9 |
) |
|
$ |
54.6 |
|
|
$ |
294.0 |
|
|
$ |
332.0 |
|
|
Net written premiums |
|
$ |
290.9 |
|
|
$ |
266.8 |
|
|
$ |
(3.9 |
) |
|
$ |
50.7 |
|
|
$ |
287.0 |
|
|
$ |
317.5 |
|
|
Net earned premiums |
|
$ |
272.5 |
|
|
$ |
266.7 |
|
|
$ |
12.3 |
|
|
$ |
114.2 |
|
|
$ |
284.8 |
|
|
$ |
380.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Underwriting income (loss), current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
accident year |
|
$ |
17.6 |
|
|
$ |
9.7 |
|
|
$ |
(2.3 |
) |
|
$ |
(4.7 |
) |
|
$ |
15.3 |
|
|
$ |
5.0 |
|
|
Underwriting income (loss) |
|
$ |
17.6 |
|
|
$ |
(1.4 |
) |
|
$ |
(3.0 |
) |
|
$ |
5.3 |
|
|
$ |
14.6 |
|
|
$ |
3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Combined ratio analysis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Loss ratio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Current accident year |
|
|
55.7 |
% |
|
|
58.8 |
% |
|
|
62.6 |
% |
|
|
65.1 |
% |
|
|
56.0 |
% |
|
|
60.7 |
% |
|
Prior accident year |
|
|
(0.1 |
%) |
|
|
4.1 |
% |
|
|
2.5 |
% |
|
|
(9.5 |
%) |
|
|
— |
|
|
|
— |
|
|
Calendar year loss ratio |
|
|
55.6 |
% |
|
|
62.9 |
% |
|
|
65.1 |
% |
|
|
55.6 |
% |
|
|
56.0 |
% |
|
|
60.7 |
% |
|
Expense ratio |
|
|
38.3 |
% |
|
|
38.0 |
% |
|
|
59.4 |
% |
|
|
39.8 |
% |
|
|
39.2 |
% |
|
|
38.5 |
% |
|
Combined ratio |
|
|
93.9 |
% |
|
|
100.9 |
% |
|
|
124.5 |
% |
|
|
95.4 |
% |
|
|
95.2 |
% |
|
|
99.2 |
% |
|
Combined ratio, current accident year |
|
|
93.9 |
% |
|
|
96.7 |
% |
|
|
118.9 |
% |
|
|
104.2 |
% |
|
|
95.0 |
% |
|
|
98.9 |
% |
|
Gross Written Premiums for the Nine Months Ended |
|||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
||
|
Penn-America: |
|
|
|
|
|
|
|
||
|
Wholesale Commercial |
$ |
186.9 |
|
|
$ |
174.4 |
|
|
7% |
|
InsurTech |
|
41.9 |
|
|
|
35.7 |
|
|
17% |
|
Assumed Reinsurance |
|
19.3 |
|
|
|
8.4 |
|
|
131% |
|
|
|
248.1 |
|
|
|
218.5 |
|
|
14% |
|
Specialty Products |
|
49.8 |
|
|
|
58.9 |
|
|
(16%) |
|
Penn-America |
|
297.9 |
|
|
|
277.4 |
|
|
7% |
|
Non-Core Operations |
|
(3.9 |
) |
|
|
54.6 |
|
|
(107%) |
|
Total |
$ |
294.0 |
|
|
$ |
332.0 |
|
|
(12%) |
|
|
||||||||
|
SELECTED INVESTMENT DATA |
||||||||
|
(Dollars in millions) |
||||||||
|
|
|
Market Value as of |
|
|||||
|
|
|
(Unaudited)
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
Fixed maturities |
|
$ |
1,395.2 |
|
|
$ |
1,293.8 |
|
|
Cash and cash equivalents |
|
|
31.0 |
|
|
|
38.0 |
|
|
Total fixed maturities and cash and cash equivalents |
|
|
1,426.2 |
|
|
|
1,331.8 |
|
|
Equities and other invested assets |
|
|
41.8 |
|
|
|
54.7 |
|
|
Total cash and invested assets, gross |
|
|
1,468.0 |
|
|
|
1,386.5 |
|
|
Receivable for securities |
|
|
— |
|
|
|
3.9 |
|
|
Total cash and invested assets, net |
|
$ |
1,468.0 |
|
|
$ |
1,390.4 |
|
|
|
|
Total Pre-Tax Investment Return |
|
|||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income |
|
$ |
16.5 |
|
|
$ |
14.2 |
|
|
$ |
46.3 |
|
|
$ |
39.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized investment gains (losses) |
|
|
(0.5 |
) |
|
|
(0.1 |
) |
|
|
0.5 |
|
|
|
(2.4 |
) |
|
Net unrealized investment gains (losses) |
|
|
12.8 |
|
|
|
(1.3 |
) |
|
|
18.8 |
|
|
|
6.1 |
|
|
Net realized and unrealized investment return |
|
|
12.3 |
|
|
|
(1.4 |
) |
|
|
19.3 |
|
|
|
3.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total investment return |
|
$ |
28.8 |
|
|
$ |
12.8 |
|
|
$ |
65.6 |
|
|
$ |
43.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average total cash and invested assets |
|
$ |
1,451.6 |
|
|
$ |
1,355.1 |
|
|
$ |
1,429.3 |
|
|
$ |
1,354.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total annualized investment return % |
|
|
7.9 |
% |
|
|
3.8 |
% |
|
|
6.1 |
% |
|
|
4.2 |
% |
|
SUMMARY OF OPERATING INCOME |
||||||||||||||||
|
(Dollars and shares in thousands, except per share data) |
||||||||||||||||
|
|
|
For the Three Months Ended
|
|
|
For the Nine Months Ended
|
|
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income, net of tax (1) |
|
$ |
13,162 |
|
|
$ |
7,801 |
|
|
$ |
33,790 |
|
|
$ |
21,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized investment gains (losses) |
|
|
(402 |
) |
|
|
(101 |
) |
|
|
429 |
|
|
|
(1,962 |
) |
|
Net income |
|
$ |
12,760 |
|
|
$ |
7,700 |
|
|
$ |
34,219 |
|
|
$ |
19,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Weighted average shares outstanding – diluted |
|
|
13,801 |
|
|
|
13,814 |
|
|
|
13,684 |
|
|
|
13,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Operating income per share – diluted (2) |
|
$ |
0.95 |
|
|
$ |
0.56 |
|
|
$ |
2.45 |
|
|
$ |
1.53 |
|
|
(1) Operating income, net of tax, excludes preferred shareholder distributions of |
||||||||||||||||
|
(2) The operating income per share calculation is net of preferred shareholder distributions of |
||||||||||||||||
Note Regarding Operating Income
Operating income, a non-GAAP financial measure, is equal to net income excluding after-tax net realized investment gains (losses) and other unique charges not related to operations. Operating income is not a substitute for net income determined in accordance with GAAP, and investors should not place undue reliance on this measure.
About
For more information, visit the Company’s website at www.gbli.com.
Forward-Looking Information
The forward-looking statements contained in this press release3do not address a number of risks and uncertainties. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to
[3] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105002086/en/
Head of Investor Relations
(610) 668-3270
sries@gbli.com
Source:
