Global Indemnity ( (GBLI) ) has released its Q4 earnings. Here is a breakdown of the information Global Indemnity presented to its investors.
Global Indemnity Group, LLC is a diversified provider of specialty property and casualty insurance in the Excess & Surplus Lines market, operating through its subsidiaries to offer a range of insurance products and services. The company recently reported a significant increase in net income for the year ended 2024, with earnings rising by 71% to $42.8 million, or $3.12 per share, compared to the previous year. This growth was driven by improvements in operating income, investment income, and underwriting income across its segments.
Key financial highlights include a 58% increase in operating income to $42.9 million and a 13% rise in investment income to $62.4 million. The company’s book value per share also saw an increase, reaching $49.98 by the end of 2024. Notably, the Penn-America segment contributed significantly to underwriting income, with a 12% increase in gross written premiums and a decline in catastrophe losses by 26%.
The company’s return on equity improved to 8.4%, and its investment return was recorded at 5.5% for the year. The InsurTech segment experienced a 17% growth, and the Assumed Reinsurance segment saw an 83% increase due to new treaties. The company’s combined ratio improved to 95.6%, indicating better efficiency in its operations.
Looking ahead, Global Indemnity Group remains focused on leveraging its diversified offerings and strategic growth initiatives to maintain its financial performance. The management’s outlook suggests a continued emphasis on enhancing profitability and expanding its market presence in the specialty insurance sector.