Greenlight Re(GLRE) - 2023 Q4 - Annual Results

Premiums and Underwriting Performance - Gross premiums written decreased 11.8% to $112.3 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 $636.8 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, 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 $32.0 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 $17.6 million, or $0.50 per diluted ordinary share, down from $34.8 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, significantly higher than $25,342,000 in 2022[22]. - Basic earnings per share for the year ended December 31, 2023, was $2.55, compared to $0.75 in 2022, representing a 240% increase[22]. Investment Income - Total investment income for Q4 2023 was $13.6 million, down from $32.5 million in Q4 2022, while full year investment income was $66.1 million compared to $69.0 million in 2022[12]. - Total investment income for the year ended December 31, 2023, was $66,063,000, slightly down from $68,983,000 in 2022[22]. Shareholder Value - Fully diluted book value per share increased by $2.41, or 16.8%, to $16.74 at December 31, 2023, compared to $14.33 at the end of 2022[13]. - Fully diluted book value per share as of December 31, 2023, was $16.74, up from $14.33 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 $143,148,000 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].