Global Indemnity Group(US:GBLI)2024-08-07 12:34Financial Performance - Net income available to shareholders increased 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[1]. - Operating income rose 51% to $20.6 million in 2024 from $13.7 million in 2023[3]. - Current accident year underwriting income increased to $8.7 million in 2024 compared to $3.2 million in 2023, with the Penn-America segment contributing $9.9 million[3]. - Net written premiums for the six months ended June 30, 2024, were $190.2 million, up from $182.8 million in 2023, representing a growth of 7.6%[8]. - For the six months ended June 30, 2024, net income was $21,459,000, up from $11,831,000 in the same period of 2023, indicating a significant increase of approximately 81.5%[11]. - Net income for the three months ended June 30, 2024, increased to $10,093,000 compared to $9,337,000 in the prior year, representing a growth of approximately 8.1%[11]. Investment Performance - Investment income increased 18% to $29.8 million in 2024, driven by an increase in book yield on the bond portfolio from 3.8% to 4.5%[3]. - Net investment income for the three months ended June 30, 2024, was $15.3 million, compared to $13.2 million in 2023, reflecting a year-over-year increase of 15.8%[10]. - Total investment return for the six months ended June 30, 2024, was $36.8 million, up from $30.3 million in 2023, marking an increase of 21.5%[10]. - The company reported a net unrealized investment gain of $5.9 million for the six months ended June 30, 2024, compared to a loss of $3.1 million in 2023[10]. - The company reported net realized investment gains of $158,000 for the three months ended June 30, 2024, compared to losses of $639,000 in the same period of 2023[11]. Underwriting and Premiums - Penn-America gross written premiums increased 7% to $194.6 million in 2024 from $182.3 million in 2023[3]. - InsurTech premiums grew 18% to $26.3 million in 2024, attributed to organic agency growth and new products[3]. - The company’s gross written premiums for the six months ended June 30, 2024, were $194.6 million, a 2% increase from $190.4 million in 2023[9]. - The combined ratio improved to 95.7% for the six months ended June 30, 2024, down from 99.0% in the same period of 2023[4]. - The combined ratio for the six months ended June 30, 2024, improved to 94.6% from 98.6% in 2023, indicating better underwriting performance[8]. Financial Position - Total assets as of June 30, 2024, increased to $1,738,549 thousand from $1,729,576 thousand as of December 31, 2023[7]. - Total liabilities decreased to $1,071,059 thousand as of June 30, 2024, compared to $1,080,823 thousand as of December 31, 2023[7]. - Cash and cash equivalents increased to $46.7 million as of June 30, 2024, from $38.0 million as of December 31, 2023[10]. - 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[3]. Ratings and Shareholder Returns - AM Best affirmed the Financial Strength Rating of A (Excellent) for Global Indemnity Group's U.S. insurance subsidiaries, reflecting strong risk-adjusted capitalization[2]. - The company has returned $619 million to shareholders since its IPO in 2003, including $522 million in share repurchases and $97 million in dividends/distributions[6]. Miscellaneous - The company emphasizes that operating income is a non-GAAP financial measure and should not be solely relied upon by investors[12]. - Global Indemnity Group provides specialty property and casualty insurance coverages in the U.S. and reinsurance worldwide, managing its core products through Penn-America[13]. - Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from estimates[14]. - The company does not assume any obligation to update forward-looking statements after the date they are made[14].