WILMINGTON, Del.–(BUSINESS WIRE)–Global Indemnity Group, LLC (NYSE:GBLI) (the Company) today reported net income available to shareholders of $11.3 million for the three months ended March 31, 2024 compared to $2.4 million for the same period in 2023.
Highlights for the 1st quarter of 2024
- The increase in net income available to shareholders was driven by strong underwriting results in the Penn-America excess and surplus lines business, reflected in a 54.8% Loss Ratio and 94.0% Combined Ratio, and a 21% increase in investment income to $14.5 million in 2024 due to steps taken by the Company to position it to take advantage of rising interest rates.
- Gross written premiums declined 24.0% to $93.5 million for 2024 from $123.0 in the same period in 2023 due to runoff of business in the Company’s Non-Core segment.
- Book value per share increased to $48.18 at March 31, 2024 from $47.53 at December 31, 2023, an increase of 2.1% including dividends paid of $0.35 per share in 2024.
- Dividend per share increased 40% to $0.35 in 2024 from $0.25 in the same period in 2023.
|
Consolidated Selected Operating and Balance Sheet Information |
||||||||
|
(Dollars in millions, except per share data) |
||||||||
|
|
|
For the Three Months Ended |
|
|||||
|
March 31, |
||||||||
|
|
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
|
||
|
Net income available to shareholders |
|
$ |
11.3 |
|
|
$ |
2.4 |
|
|
Net income available to shareholders per share |
|
$ |
0.82 |
|
|
$ |
0.17 |
|
|
Adjusted operating income |
|
$ |
10.7 |
|
|
$ |
3.7 |
|
|
Adjusted operating income per share |
|
$ |
0.77 |
|
|
$ |
0.26 |
|
|
Underwriting income (loss) |
|
$ |
5.3 |
|
|
$ |
(1.1 |
) |
|
Investment income |
|
$ |
14.5 |
|
|
$ |
12.0 |
|
|
Gross written premiums |
|
$ |
93.5 |
|
|
$ |
123.0 |
|
|
|
|
|
|
|
|
|
||
|
Combined ratio analysis: |
|
|
|
|
|
|
||
|
Loss ratio |
|
|
55.3 |
% |
|
|
62.8 |
% |
|
Expense ratio |
39.6 |
% |
38.2 |
% |
||||
|
Combined ratio (1) |
|
|
94.9 |
% |
|
|
101.0 |
% |
remove ads
.
|
|
|
As of March 31, |
|
|
As of December 31, |
|
||
|
2024 |
2023 |
|||||||
|
|
|
|
|
|
|
|
||
|
Book value per share (2) |
|
$ |
48.18 |
|
|
$ |
47.53 |
|
|
Book value per share plus cumulative dividends and excluding AOCI |
|
$ |
56.00 |
|
|
$ |
55.22 |
|
|
Shareholders’ equity (3) |
|
$ |
659.5 |
|
|
$ |
648.8 |
|
|
Cash and invested assets (4) |
|
$ |
1,417.3 |
|
|
$ |
1,390.4 |
|
|
Shares Outstanding (in millions) |
|
|
13.6 |
|
|
|
13.6 |
|
|
(1) The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment… |
Click Here to Read the Full Original Article at All News…
