Global Indemnity Group(GBLI) - 2024 Q3 - Quarterly Results

Financial Performance - Net income available to shareholders increased 77% to $33.9 million or$2.48 per share for the nine months ended September 30, 2024, compared to $19.2 million or$1.39 per share for the same period in 2023[2]. - Operating income rose 57% to $33.8 million in 2024 from$21.5 million in 2023[2]. - Annualized return on equity improved to 9.8% in 2024 from 5.2% in 2023[2]. - Operating income for the three months ended September 30, 2024, was $13,162,000, a 68.5$7,801,000 in the same period of 2023[9]. - Net income for the three months ended September 30, 2024, reached $12,760,000, compared to$7,700,000 for the same period in 2023, reflecting a 65.5% increase[9]. - For the nine months ended September 30, 2024, operating income totaled $33,790,000, compared to$21,493,000 for the same period in 2023, indicating a 57.3% increase[9]. - Net income for the nine months ended September 30, 2024, was $34,219,000, compared to$19,531,000 in the same period of 2023, marking a 75.1% increase[9]. Underwriting Performance - Current accident year underwriting income surged to $15.3 million in 2024, compared to$5.0 million in 2023, with the Penn-America segment contributing $17.6 million[2]. - Combined ratio for the current accident year improved to 93.5$46.3 million in 2024, driven by a rise in book yield on the bond portfolio to 4.6%[2]. - Net investment income for the three months ended September 30, 2024, was $16.5 million, compared to$14.2 million in 2023, representing a growth of 16.2%[8]. - Total investment return for the nine months ended September 30, 2024, was $65.6 million, up from$43.1 million in 2023, reflecting a significant increase of 52.3%[8]. - The company reported a net unrealized investment gain of $12.8 million for the three months ended September 30, 2024, compared to a loss of$1.3 million in 2023[8]. Premiums and Growth - Gross written premiums for the Penn-America segment increased 12% to $293.0 million in 2024 from$262.8 million in 2023[2]. - Assumed Re premiums skyrocketed 131% from $8.4 million in 2023 to$19.3 million in 2024 due to new treaties[2]. - Gross written premiums for the nine months ended September 30, 2024, were $294.0 million, a decrease of 12$332.0 million in the same period of 2023[6]. - Net earned premiums for the nine months ended September 30, 2024, were $284.8 million, down from$380.9 million in 2023, indicating a decline of 25.2%[6]. Balance Sheet and Assets - Book value per share rose to $49.88 at September 30, 2024, from$47.53 at December 31, 2023, reflecting a 7.1% increase[2]. - Total assets increased to $1,761,117 million as of September 30, 2024, compared to$1,729,576 million at December 31, 2023, reflecting a growth of 1.8%[5]. - Total liabilities decreased to $1,074,391 million as of September 30, 2024, from$1,080,823 million at December 31, 2023, a reduction of 0.6%[5]. - Cash and cash equivalents decreased to $31,019 million as of September 30, 2024, from$38,037 million at December 31, 2023, a decline of 18.6%[5]. Ratings and Outlook - AM Best affirmed the company's A (Excellent) rating for its U.S. insurance subsidiaries on August 1, 2024[2]. - Global Indemnity's forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from estimates[12]. - The company does not assume any obligation to update forward-looking statements after the date they were made[12]. Investor Relations - Contact information for investor relations is provided, with Stephen W. Ries as the head of investor relations[13].