Global Indemnity Group(US:GBLI)2024-05-08 14:53Financial Performance - Net income available to shareholders increased to $11.3 million for Q1 2024, up from $2.4 million in Q1 2023, representing a significant growth [1] - Adjusted operating income rose to $10.7 million in Q1 2024, compared to $3.7 million in the same period last year [4] - The company reported a total revenue of $112.3 million in Q1 2024, down from $150.9 million in Q1 2023, reflecting the decline in gross written premiums [12] - Net income for Q1 2024 reached $11,366 thousand, compared to $2,494 thousand in Q1 2023, marking a 356% increase [18] Underwriting and Claims Management - The combined ratio improved to 94.9% in Q1 2024 from 101.0% in Q1 2023, indicating enhanced underwriting profitability [4] - The loss ratio decreased to 55.3% in Q1 2024, down from 62.8% in Q1 2023, showcasing improved claims management [4] - Current accident year underwriting income improved to $5.7 million in Q1 2024, compared to a loss of $0.8 million in Q1 2023 [10] Investment Performance - Investment income increased by 21% to $14.5 million in Q1 2024, attributed to the company's strategic positioning to benefit from rising interest rates [5] - Total investment return for Q1 2024 was $18.9 million, down from $21.0 million in Q1 2023, reflecting a decrease of 10.5% [16] - Net investment income for Q1 2024 was $14.5 million, an increase from $12.0 million in Q1 2023, representing a growth of 20.8% [16] Shareholder Returns - Dividend per share increased by 40% to $0.35 in Q1 2024, up from $0.25 in the same period last year [5] - The company returned $614 million to shareholders since its IPO in 2003, including $522 million in share repurchases and $92 million in dividends/distributions [14] Balance Sheet and Assets - Total assets as of March 31, 2024, were $1,728,242 million, a slight decrease from $1,729,576 million as of December 31, 2023 [14] - Total liabilities decreased to $1,068,747 million as of March 31, 2024, from $1,080,823 million as of December 31, 2023 [14] - Cash and cash equivalents increased to $38,857 million as of March 31, 2024, compared to $38,037 million as of December 31, 2023 [14] - Total cash and invested assets, net, increased to $1,417.3 million as of March 31, 2024, from $1,390.4 million as of December 31, 2023 [16] - The average total cash and invested assets for Q1 2024 was $1,403.9 million, compared to $1,344.9 million in Q1 2023, indicating a growth of 4.4% [16] Book Value - Book value per share rose to $48.18 as of March 31, 2024, reflecting a 2.1% increase from $47.53 at the end of 2023 [5]