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Greenlight Re(GLRE) - 2023 Q4 - Annual Results
GLREGreenlight Re(GLRE)2024-03-05 21:30

Premiums and Underwriting Performance - Gross premiums written decreased 11.8% to 112.3millioninQ42023,whilenetpremiumsearnedincreased23.4112.3 million in Q4 2023, while net premiums earned increased 23.4% to 137.4 million[5]. - Full year gross premiums written increased 13.1% to 636.8million,withnetpremiumsearnedrising24.2636.8 million, with net premiums earned rising 24.2% to 583.1 million[10]. - The increase in gross premiums written for the full year was driven by a 32.8% increase in Property premiums, an 8.0% increase in Casualty premiums, and a 12.9% increase in Specialty premiums[10]. - Net underwriting income for Q4 2023 was 11,755,000,comparedto11,755,000, compared to 6,519,000 in Q4 2022, reflecting an increase of 80.5%[22]. - The loss ratio for property insurance in Q4 2023 was 44.8%, a significant improvement from 82.6% in Q4 2022[24]. - Underwriting income for the full year 2023 was 32.0million,comparedtoanunderwritinglossof32.0 million, compared to an underwriting loss of 10.7 million in 2022, resulting in a combined ratio improvement from 102.3% to 94.5%[11]. - The combined ratio for Q4 2023 improved to 91.4%, down from 94.2% in Q4 2022, driven by better pricing on the in-force underwriting book[7]. Financial Performance - Net income for Q4 2023 was 17.6million,or17.6 million, or 0.50 per diluted ordinary share, down from 34.8million,or34.8 million, or 0.91 per diluted ordinary share in Q4 2022[5]. - Net income for the year ended December 31, 2023, was 86,830,000,significantlyhigherthan86,830,000, significantly higher than 25,342,000 in 2022[22]. - Basic earnings per share for the year ended December 31, 2023, was 2.55,comparedto2.55, compared to 0.75 in 2022, representing a 240% increase[22]. Investment Income - Total investment income for Q4 2023 was 13.6million,downfrom13.6 million, down from 32.5 million in Q4 2022, while full year investment income was 66.1millioncomparedto66.1 million compared to 69.0 million in 2022[12]. - Total investment income for the year ended December 31, 2023, was 66,063,000,slightlydownfrom66,063,000, slightly down from 68,983,000 in 2022[22]. Shareholder Value - Fully diluted book value per share increased by 2.41,or16.82.41, or 16.8%, to 16.74 at December 31, 2023, compared to 14.33attheendof2022[13].−FullydilutedbookvaluepershareasofDecember31,2023,was14.33 at the end of 2022[13]. - Fully diluted book value per share as of December 31, 2023, was 16.74, up from 14.33in2022,indicatinggrowthinshareholdervalue[33].ManagementandFutureOutlook−Thecompanysuccessfullyexecutedseveralexecutivemanagementtransitionsandiswellpositionedforgrowthin2024[4].−Acquisitioncostsfortheyearincreasedto14.33 in 2022, indicating growth in shareholder value[33]. Management and Future Outlook - The company successfully executed several executive management transitions and is well positioned for growth in 2024[4]. - Acquisition costs for the year increased to 168,877,000 from 143,148,000in2022,reflectingariseof18143,148,000 in 2022, reflecting a rise of 18%[22]. Foreign Exchange Impact - The company reported foreign exchange gains of 3.9 million in Q4 2023, primarily due to the strengthening of the pound sterling[8].