Global Indemnity Group, LLC (NYSE: GBLI) has reported its second-quarter 2024 results, showing significant improvements in various financial metrics compared to the same period in 2023.
The company's net income available to shareholders increased by 83% to $21.2 million or $1.55 per share for the six months ended June 30, 2024, compared to $11.6 million or $0.84 per share for the same period in 2023. Operating income also saw a substantial increase, rising by 51% to $20.6 million in 2024 compared to $13.7 million in 2023.
Book value per share increased to $48.56 at June 30, 2024, from $47.53 at December 31, 2023, reflecting a 3.6% increase including dividends paid of $0.70 per share in 2024. Investment income went up by 18% to $29.8 million in 2024 compared to $25.2 million in 2023, attributed to an increase in the book yield on the company’s bond portfolio.
Global Indemnity Group, LLC also saw improvements in its underwriting income, with the current accident year underwriting income increasing to $8.7 million for 2024 compared with $3.2 million in 2023. Additionally, catastrophe losses declined by 36%, amounting to $6.8 million in 2024 from $10.6 million in 2023.
In terms of premiums, Penn-America, the company’s core commercial specialty segment, reported a 7% increase in gross written premiums, excluding programs terminated in 2023, reaching $194.6 million compared to $182.3 million in 2023. Furthermore, Insurtech grew by 18% to $26.3 million in 2024 compared with $22.3 million in 2023.
The company's balance sheet also reflected positive trends, with shareholders’ equity reaching $667.5 million as of June 30, 2024, compared to $648.8 million as of December 31, 2023.
Today the company's shares have moved -0.3% to a price of $31.5. Check out the company's full 8-K submission here.
