Global Indemnity Group(GBLI) - 2024 Q4 - Annual Results

Financial Performance - Net income available to shareholders increased 71% to $42.8 million or $3.12 per share for 2024 compared to $25.0 million or $1.83 per share in 2023[2] - Operating income rose 58% to $42.9 million in 2024 from $27.2 million in 2023[2] - Underwriting income improved to $19.7 million in 2024, compared to a loss of $11.6 million in 2023[12] - Operating income, net of tax, increased to $42.9 million in 2024, up from $27.2 million in 2023[16] - Operating income per share, diluted, rose to $3.10 in 2024 from $1.96 in 2023[16] Premiums and Underwriting - Penn-America gross written premiums increased 12% to $395.1 million in 2024 compared to $352.4 million in 2023[2] - Gross written premiums for 2024 increased to $400.0 million, up 8% from $369.7 million in 2023[12] - Net earned premiums rose to $369.8 million in 2024, compared to $354.5 million in 2023, reflecting a 4% increase[12] - Current accident year underwriting income grew to $18.8 million in 2024, up from $14.3 million in 2023, with a combined ratio of 95.4%[2] - The combined ratio for 2024 was 95.0%, a significant improvement from 103.6% in 2023[12] - The combined ratio improved to 95.6% in 2024 from 99.7% in 2023, indicating better underwriting performance[4] - The loss ratio for the current accident year decreased to 56.4% in 2024 from 57.4% in 2023[12] Investment Performance - Investment income increased 13% to $62.4 million in 2024, driven by a book yield increase to 4.4% from 4.0%[2] - Net investment income for 2024 was $62.4 million, up from $55.4 million in 2023[14] - The total investment return percentage for 2024 was 5.5%, slightly down from 5.7% in 2023[14] Assets and Ratings - Cash and invested assets rose to $1.44 billion as of December 31, 2024, compared to $1.39 billion in 2023[4] - Total cash and invested assets, net, increased to $1,440.7 million as of December 31, 2024, compared to $1,390.4 million in 2023[14] - AM Best affirmed the company's A (Excellent) rating for its U.S. insurance subsidiaries on August 1, 2024[2] Reinsurance - Assumed Reinsurance premiums surged 83% from $13.9 million in 2023 to $25.4 million in 2024 due to new treaties[2] -