Global Indemnity Group, LLC (NYSE:GBLI) has reported its financial results for the year ended December 31, 2023. The company's net income available to shareholders for the twelve months ended December 31, 2023, was $25.0 million, a significant improvement compared to a net loss of $1.3 million for the corresponding period in 2022. Adjusted operating income per share also saw a substantial increase of 125%, reaching $1.96 in 2023, compared to $0.87 in 2022.
The gross written premiums for the year ended December 31, 2023, amounted to $416.4 million, showing a marked decline from $727.6 million in 2022. Similarly, net written premiums decreased to $399.3 million from $591.3 million over the same period.
The company's combined ratio for the year ended December 31, 2023, was 99.7%, a slight increase from 98.8% in 2022. The loss ratio stood at 61.1% in 2023, compared to 59.6% in 2022, while the expense ratio decreased to 38.6% from 39.2% over the same period.
Global Indemnity Group, LLC's book value per share increased by 8.2% to $47.53 at December 31, 2023, from $44.87 at December 31, 2022, including $1.00 per share of dividends paid during 2023.
In terms of business segments, the company reported that its Penn-America segment and consolidated accident year combined ratios were 95.2% and 97.3%, respectively, for the twelve months ended December 31, 2023. This marked an improvement from the prior year, signifying the positive progress made by the company.
Additionally, the company highlighted that approximately $850 million of cash flow, or approximately 60% of its fixed income portfolio, will be generated from maturities and investment income between December 31, 2023, and December 31, 2024, positioning the company to continue to increase book yield by investing maturities in higher yielding bonds.
Today the company's shares have moved 1.5% to a price of $30.7. For the full picture, make sure to review Global Indemnity's 8-K report.
