Global Indemnity Group, LLC Reports Year Ended 2023 Results
Selected Operating and Balance Sheet Information Consolidated Results Including Penn-America and Non-Core Operations (Dollars in millions, except per share data) |
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|
For the Twelve Months Ended December 31, |
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|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
||||||
Gross Written Premiums |
$ |
416.4 |
|
|
$ |
727.6 |
|
|
Net Written Premiums |
$ |
399.3 |
|
|
$ |
591.3 |
|
|
Net Earned Premiums |
$ |
473.4 |
|
|
$ |
602.5 |
|
|
|
|
|
|
|||||
Net income (loss) available to shareholders |
$ |
25.0 |
|
|
$ |
(1.3 |
) |
|
Net income (loss) available to shareholders per share |
$ |
1.83 |
|
|
$ |
(0.09 |
) |
|
|
|
|
|
|||||
Combined ratio analysis: |
|
|
|
|||||
Loss ratio |
|
61.1 |
% |
|
|
59.6 |
% |
|
Expense ratio |
|
38.6 |
% |
|
|
39.2 |
% |
|
Combined ratio (1) |
|
99.7 |
% |
|
|
98.8 |
% |
|
|
|
|
||||||
|
|
|
||||||
|
As of December 31, |
|||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|||||
Book value per share (2) |
$ |
47.53 |
|
|
$ |
44.87 |
|
|
Book value per share plus cumulative dividends and excluding AOCI |
$ |
55.22 |
|
|
$ |
52.98 |
|
|
Shareholders’ equity (3) |
$ |
648.8 |
|
|
$ |
626.2 |
|
|
Cash and invested assets (4) |
$ |
1,390.4 |
|
|
$ |
1,342.6 |
|
|
Shares Outstanding (in millions) |
$ |
13.6 |
|
|
$ |
13.9 |
|
(1) |
|
The loss ratio, expense ratio and combined ratio are GAAP financial measures that are generally viewed in the insurance industry as indicators of underwriting profitability. The loss ratio is the ratio of net losses and loss adjustment expenses to net earned premiums. The expense ratio is the ratio of acquisition costs and other underwriting expenses to net earned premiums. The combined ratio is the sum of the loss and expense ratios. |
(2) |
|
Net of cumulative Company distributions to common shareholders totaling |
(3) |
|
Shareholders’ equity includes |
(4) |
|
Including receivable/(payable) for securities sold/(purchased). |
Business Highlights
-
Underwriting income was
for the twelve months ended December 31, 2023 compared to$3.0 million for the same period in 2022. (Please see tables which follow.)$8.3 million -
Excluding two casualty books that performed poorly, a
New York habitational book and a non-renewed restaurant book, underwriting income would have been for the twelve months ended December 31, 2023.$37.7 million -
Rate and underwriting actions have been taken to improve the profitability of the
New York habitational book. - The restaurant book was non-renewed on March 1, 2023.
-
Rate and underwriting actions have been taken to improve the profitability of the
-
Excluding two casualty books that performed poorly, a
-
The Company's Penn-America segment and Consolidated accident year combined ratios were
95.2% and97.3% , respectively, for the twelve months ended December 31, 2023. -
Penn-America performed as follows:
-
Penn-America’s gross written premiums in aggregate for Wholesale Commercial, InsurTech, and Assumed Reinsurance business grew by
11.6% in 2023. Gross written premiums for Programs decreased40.5% in 2023 due to rate and underwriting actions taken to improve profitability which were initiated by the Company’s new CEO following his appointment in October 2022. -
Penn-America’s accident year underwriting income was
for the twelve months ended December 31, 2023 compared to$18.5 million for the same period in 2022.$13.5 million -
Excluding the
New York habitational book, accident year underwriting income would have been for the twelve months ended December 31, 2023.$23.1 million
-
Excluding the
-
Penn-America’s accident year loss ratio was
57.4% for the twelve months ended December 31, 2023, which was an improvement of 1.6 points from the same period in 2022.-
Excluding the New York Habitational book, Penn-America’s 2023 accident year loss ratio was
55.8% .
-
Excluding the New York Habitational book, Penn-America’s 2023 accident year loss ratio was
-
Penn-America’s gross written premiums in aggregate for Wholesale Commercial, InsurTech, and Assumed Reinsurance business grew by
-
Net investment income increased to
for the twelve months ended December 31, 2023 from$55.4 million for the twelve months ended December 31, 2022.$27.6 million -
The increase in net investment income was primarily due to the strategies employed by the Company in April 2022 to take advantage of rising interest rates, which resulted in a
74% increase in book yield over time on the fixed income portfolio to4.0% at December 31, 2023 from2.3% at March 31, 2022, while the average duration of these securities was shortened to 1.1 years at December 31, 2023 from 3.3 years at March 31, 2022. -
Approximately
of cash flow, or approximately$850 million 60% , of the Company’s fixed income portfolio, will be generated from maturities and investment income between December 31, 2023 and December 31, 2024, positioning the Company to continue to increase book yield by investing maturities in higher yielding bonds.
-
The increase in net investment income was primarily due to the strategies employed by the Company in April 2022 to take advantage of rising interest rates, which resulted in a
-
Book value per share increased
per share, or$2.66 8.2% (including per share of dividends paid during 2023), to$1.00 at December 31, 2023 from$47.53 at December 31, 2022.$44.87 -
On March 6, 2024, the Board of Directors approved a dividend rate of
per common share payable on March 28, 2024 to all shareholders of record as of the close of business on March 21, 2024, a$0.35 40% increase over the prior quarterly dividend rate of per common share.$0.25
Business Segments
During the 4th quarter of 2023, the Company re-evaluated its segments and determined that the Company is managing the business through two reportable segments: Penn-America and Non-Core Operations. The Penn-America segment comprises the Company’s core products which include Wholesale Commercial, Programs, InsurTech, and Assumed Reinsurance. The Non-Core Operations segment contains lines of business that have been de-emphasized or are no longer being written.
Global Indemnity Group, LLC’s Business Segment Information for the Twelve Months Ended December 31, 2023 and 2022 |
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|
Twelve Months Ended December 31, 2023 |
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|
Penn-America |
Non-Core Operations |
Total |
|||||||||
(Dollars in thousands) |
|
|
|
|||||||||
|
|
|
|
|||||||||
Revenues: |
|
|
|
|||||||||
Gross written premiums |
$ |
369,660 |
|
$ |
46,737 |
|
$ |
416,397 |
|
|||
Net written premiums |
$ |
356,796 |
|
$ |
42,523 |
|
$ |
399,319 |
|
|||
|
|
|
|
|||||||||
Net earned premiums |
$ |
354,518 |
|
$ |
118,839 |
|
$ |
473,357 |
|
|||
Other income |
|
1,257 |
|
|
178 |
|
|
1,435 |
|
|||
Total revenues |
|
355,775 |
|
|
119,017 |
|
|
474,792 |
|
|||
|
|
|
|
|||||||||
Losses and Expenses: |
|
|
|
|||||||||
Net losses and loss adjustment expenses |
|
|
|
|||||||||
Current accident year |
|
203,359 |
|
|
76,250 |
|
|
279,609 |
|
|||
Prior accident year |
|
29,880 |
|
|
(20,336 |
) |
|
9,544 |
|
|||
Total net losses and loss adjustment expenses |
|
233,239 |
|
|
55,914 |
|
|
289,153 |
|
|||
Acquisition costs and other underwriting expenses |
|
134,155 |
|
|
48,462 |
|
|
182,617 |
|
|||
Income (loss) from segments |
$ |
(11,619 |
) |
$ |
14,641 |
|
$ |
3,022 |
|
|||
|
|
|
|
|||||||||
Combined ratio analysis: |
|
|
|
|||||||||
Loss ratio |
|
|
|
|||||||||
Current accident year |
|
57.4 |
% |
|
64.2 |
% |
|
59.1 |
% |
|||
Prior accident year |
|
8.4 |
% |
|
(17.1 |
%) |
|
2.0 |
% |
|||
Calendar year loss ratio |
|
65.8 |
% |
|
47.1 |
% |
|
61.1 |
% |
|||
Expense ratio |
|
37.8 |
% |
|
40.8 |
% |
|
38.6 |
% |
|||
Combined ratio |
|
103.6 |
% |
|
87.9 |
% |
|
99.7 |
% |
|||
|
|
|
|
|||||||||
Accident year combined ratio(1) |
|
95.2 |
% |
|
103.7 |
% |
|
97.3 |
% |
|||
|
Twelve Months Ended December 31, 2022 |
|||||||||||
|
Penn-America |
|
Non-Core Operations |
|
Total |
|||||||
(Dollars in thousands) |
|
|
||||||||||
|
|
|
||||||||||
Revenues: |
|
|
||||||||||
Gross written premiums |
$ |
387,967 |
|
$ |
339,636 |
|
$ |
727,603 |
|
|||
Net written premiums |
$ |
370,306 |
|
$ |
221,025 |
|
$ |
591,331 |
|
|||
|
|
|
|
|||||||||
Net earned premiums |
$ |
359,597 |
|
$ |
242,874 |
|
$ |
602,471 |
|
|||
Other income |
|
1,029 |
|
|
433 |
|
|
1,462 |
|
|||
Total revenues |
|
360,626 |
|
|
243,307 |
|
|
603,933 |
|
|||
|
|
|
|
|||||||||
Losses and Expenses: |
|
|
|
|||||||||
Net losses and loss adjustment expenses |
|
|
|
|||||||||
Current accident year |
|
212,058 |
|
|
155,240 |
|
|
367,298 |
|
|||
Prior accident year |
|
2,796 |
|
|
(10,866 |
) |
|
(8,070 |
) |
|||
Total net losses and loss adjustment expenses |
|
214,854 |
|
|
144,374 |
|
|
359,228 |
|
|||
Acquisition costs and other underwriting expenses |
|
135,145 |
|
|
101,236 |
|
|
236,381 |
|
|||
Income (loss) from segments |
$ |
10,627 |
|
$ |
(2,303 |
) |
$ |
8,324 |
|
|||
|
|
|
|
|||||||||
Combined ratio analysis: |
|
|
|
|||||||||
Loss ratio |
|
|
|
|||||||||
Current accident year |
|
59.0 |
% |
|
63.9 |
% |
|
60.9 |
% |
|||
Prior accident year |
|
0.8 |
% |
|
(4.5 |
%) |
|
(1.3 |
%) |
|||
Calendar year loss ratio |
|
59.8 |
% |
|
59.4 |
% |
|
59.6 |
% |
|||
Expense ratio |
|
37.6 |
% |
|
41.7 |
% |
|
39.2 |
% |
|||
Combined ratio |
|
97.4 |
% |
|
101.1 |
% |
|
98.8 |
% |
|||
|
|
|
|
|||||||||
Accident year combined ratio(1) |
|
96.5 |
% |
|
104.1 |
% |
|
99.6 |
% |
(1) Excludes the impact of net losses and loss adjustment expenses and contingent commissions related to prior accident years.
Global Indemnity Group, LLC’s Gross Written and Net Written Premiums Results by Segment for the Twelve Months Ended December 31, 2023 and 2022 |
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|
Twelve Months Ended December 31, |
|||||||||||||||||
|
Gross Written Premiums |
|
Net Written Premiums |
|||||||||||||||
|
2023 |
|
2022 |
|
% Change |
|
2023 |
|
2022 |
|
% Change |
|||||||
Penn-America: |
|
|
|
|
|
|
|
|
|
|
|
|||||||
Wholesale Commercial |
$ |
234,941 |
|
$ |
219,688 |
|
6.9 |
% |
|
$ |
229,476 |
|
$ |
213,165 |
|
7.7 |
% |
|
InsurTech |
|
48,309 |
|
|
40,977 |
|
17.9 |
% |
|
|
45,713 |
|
|
36,950 |
|
23.7 |
% |
|
Assumed Reinsurance |
|
13,875 |
|
|
5,464 |
|
153.9 |
% |
|
|
13,875 |
|
|
5,464 |
|
153.9 |
% |
|
|
|
297,125 |
|
|
266,129 |
|
11.6 |
% |
|
|
289,064 |
|
|
255,579 |
|
13.1 |
% |
|
Programs |
|
72,535 |
|
|
121,838 |
|
(40.5 |
%) |
|
|
67,732 |
|
|
114,727 |
|
(41.0 |
%) |
|
Penn-America |
|
369,660 |
|
|
387,967 |
|
(4.7 |
%) |
|
|
356,796 |
|
|
370,306 |
|
(3.6 |
%) |
|
Non-Core Operations |
|
46,737 |
|
|
339,636 |
|
(86.2 |
%) |
|
|
42,523 |
|
|
221,025 |
|
(80.8 |
%) |
|
Total |
$ |
416,397 |
|
$ |
727,603 |
|
(42.8 |
%) |
|
$ |
399,319 |
|
$ |
591,331 |
|
(32.5 |
%) |
Penn-America: Gross written premiums and net written premiums of Penn-America’s Wholesale Commercial, InsurTech, and Assumed Reinsurance business grew by
Non-Core Operations: Gross written premiums and net written premiums decreased
Global Indemnity Group, LLC’s Combined Ratio for the Twelve Months Ended December 31, 2023 and 2022
The consolidated combined ratio was
-
The consolidated accident year property loss ratio improved by 6.6 points to
55.0% in 2023 from61.6% in 2022. The improvement is mainly due to lower non-catastrophe claims frequency and severity within Penn-America partially offset by higher catastrophe claims frequency. -
The consolidated accident year casualty loss ratio increased by 0.5 point to
61.1% in 2023 from60.6% in 2022. Higher claims severity in theNew York habitational book and a non-renewed restaurant book contributed to this increase.
Penn-America: The accident year combined ratio was
-
Penn-America's accident year property loss ratio improved by 4.8 points to
53.4% in 2023 from58.2% in 2022. The improvement in the accident year property loss ratios is mainly due to lower non-catastrophe claims frequency and severity partially offset by higher catastrophe claims frequency. -
Penn-America's accident year casualty loss ratio increased by 0.4 points to
59.9% in 2023 from59.5% in 2022. The increase in the Penn-America loss ratio is due to higher claims severity primarily related to theNew York habitational book. -
Excluding the
New York habitational book, Penn-America’s accident year combined ratio was93.8% . -
Penn-America’s 2023 calendar year combined ratio was impacted by loss reserve strengthening primarily from casualty business for the 2019 through 2022 accident years. A
New York habitational book comprised of strengthening. It also impacted results in the 2023 accident year. Rate and underwriting actions have been taken to improve the profitability of the$13.2 million New York habitational book. Excluding theNew York habitational book, Penn-America’s calendar year combined ratio was98.6% .
Non-Core Operations: The calendar year combined ratio was
GLOBAL INDEMNITY GROUP, LLC CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars and shares in thousands, except per share data) |
||||||||
|
|
|
||||||
|
|
For the Twelve Months Ended December 31, |
||||||
|
|
|
2023 |
|
|
|
2022 |
|
Gross written premiums |
|
$ |
416,397 |
|
|
$ |
727,603 |
|
|
|
|
|
|
||||
Net written premiums |
|
$ |
399,319 |
|
|
$ |
591,331 |
|
|
|
|
|
|
||||
Net earned premiums |
|
$ |
473,357 |
|
|
$ |
602,471 |
|
Net investment income |
|
|
55,444 |
|
|
|
27,627 |
|
Net realized investment losses |
|
|
(2,107 |
) |
|
|
(32,929 |
) |
Other income |
|
|
1,435 |
|
|
|
31,365 |
|
Total revenues |
|
|
528,129 |
|
|
|
628,534 |
|
|
|
|
|
|
||||
Net losses and loss adjustment expenses |
|
|
289,153 |
|
|
|
359,228 |
|
Acquisition costs and other underwriting expenses |
|
|
182,617 |
|
|
|
236,381 |
|
Corporate and other operating expenses |
|
|
23,383 |
|
|
|
24,421 |
|
Interest expense |
|
|
- |
|
|
|
3,004 |
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
3,529 |
|
Income before income taxes |
|
|
32,976 |
|
|
|
1,971 |
|
Income tax expense |
|
|
7,547 |
|
|
|
2,821 |
|
Net income (loss) |
|
|
25,429 |
|
|
|
(850 |
) |
Less: Preferred stock distributions |
|
|
440 |
|
|
|
440 |
|
Net income (loss) available to common shareholders |
|
$ |
24,989 |
|
|
$ |
(1,290 |
) |
|
|
|
|
|
||||
Per share data: |
|
|
|
|
||||
Net income (loss) available to common shareholders |
|
|
|
|
||||
Basic |
|
$ |
1.84 |
|
|
$ |
(0.09 |
) |
Diluted (1) |
|
$ |
1.83 |
|
|
$ |
(0.09 |
) |
Weighted-average number of shares outstanding |
|
|
|
|
||||
Basic |
|
|
13,553 |
|
|
|
14,482 |
|
Diluted (1) |
|
|
13,666 |
|
|
|
14,482 |
|
|
|
|
|
|
||||
Cash distributions declared per common share |
|
$ |
1.00 |
|
|
$ |
1.00 |
|
|
|
|
|
|
||||
Combined ratio analysis: |
|
|
|
|
||||
Loss ratio |
|
|
61.1 |
% |
|
|
59.6 |
% |
Expense ratio |
|
|
38.6 |
% |
|
|
39.2 |
% |
Combined ratio |
|
|
99.7 |
% |
|
|
98.8 |
% |
(1) |
|
For the twelve months ended December 31, 2022, weighted-average shares outstanding – basic was used to calculate diluted earnings per share due to a net loss for the period. |
GLOBAL INDEMNITY GROUP, LLC CONSOLIDATED BALANCE SHEETS (Dollars in thousands) |
||||||||
|
|
|
|
|
||||
|
|
December 31, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
|
||||
Fixed maturities: |
|
|
|
|
||||
Available for sale, at fair value (amortized cost: |
|
$ |
1,293,793 |
|
|
$ |
1,248,198 |
|
Equity securities, at fair value |
|
|
16,508 |
|
|
|
17,520 |
|
Other invested assets |
|
|
38,236 |
|
|
|
38,176 |
|
Total investments |
|
|
1,348,537 |
|
|
|
1,303,894 |
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
38,037 |
|
|
|
38,846 |
|
Premium receivables, net of allowance for expected credit losses of |
|
|
||||||
December 31, 2022 |
|
102,158 |
|
|
168,743 |
|
||
Reinsurance receivables, net of allowance for expected credit losses of |
|
|
||||||
2022 |
|
80,439 |
|
|
85,721 |
|
||
Funds held by ceding insurers |
|
|
16,989 |
|
|
|
19,191 |
|
Deferred federal income taxes |
|
|
36,802 |
|
|
|
47,099 |
|
Deferred acquisition costs |
|
|
42,445 |
|
|
|
64,894 |
|
Intangible assets |
|
|
14,456 |
|
|
|
14,810 |
|
Goodwill |
|
|
4,820 |
|
|
|
4,820 |
|
Prepaid reinsurance premiums |
|
|
4,958 |
|
|
|
17,421 |
|
Receivable for securities sold |
|
|
3,858 |
|
|
|
— |
|
Lease right of use assets |
|
|
9,715 |
|
|
|
11,739 |
|
Other assets |
|
|
26,362 |
|
|
|
23,597 |
|
Total assets |
|
$ |
1,729,576 |
|
|
$ |
1,800,775 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Unpaid losses and loss adjustment expenses |
|
$ |
850,599 |
|
|
$ |
832,404 |
|
Unearned premiums |
|
|
182,852 |
|
|
|
269,353 |
|
Ceded balances payable |
|
|
2,642 |
|
|
|
17,241 |
|
Payable for securities purchased |
|
|
— |
|
|
|
66 |
|
Federal income tax payable |
|
|
1,595 |
|
|
|
— |
|
Contingent commissions |
|
|
5,632 |
|
|
|
8,816 |
|
Lease liabilities |
|
|
12,733 |
|
|
|
15,701 |
|
Other liabilities |
|
|
24,770 |
|
|
|
30,965 |
|
Total liabilities |
|
$ |
1,080,823 |
|
|
$ |
1,174,546 |
|
|
|
|
|
|
||||
Shareholders’ equity: |
|
|
|
|
||||
Series A cumulative fixed rate preferred shares, |
|
|
|
|
||||
outstanding: 4,000 and 4,000 shares, respectively, liquidation preference: |
|
|
|
|
||||
respectively |
|
|
4,000 |
|
|
|
4,000 |
|
Common shares: no par value; 900,000,000 common shares authorized; class A common shares issued: 11,042,670 and |
|
|
|
|
||||
10,876,041 respectively; class A common shares outstanding: 9,771,429 and 10,073,660, respectively; class B common |
|
|
|
|
||||
shares issued and outstanding: 3,793,612 and 3,793,612, respectively |
|
|
— |
|
|
|
— |
|
Additional paid-in capital (1) |
|
|
454,791 |
|
|
|
451,305 |
|
Accumulated other comprehensive income (loss), net of tax |
|
|
(22,863 |
) |
|
|
(43,058 |
) |
Retained earnings (1) |
|
|
244,988 |
|
|
|
233,468 |
|
Class A common shares in treasury, at cost: 1,271,241 and 802,381 shares, respectively |
|
|
(32,163 |
) |
|
|
(19,486 |
) |
Total shareholders’ equity |
|
|
648,753 |
|
|
|
626,229 |
|
|
|
|
|
|
||||
Total liabilities and shareholders’ equity |
|
$ |
1,729,576 |
|
|
$ |
1,800,775 |
|
(1) |
|
Since the Company’s initial public offering in 2003, the Company has returned |
GLOBAL INDEMNITY GROUP, LLC SELECTED INVESTMENT DATA (Dollars in millions) |
||||||||
|
Market Value as of |
|||||||
|
December 31, 2023 |
December 31, 2022 |
||||||
|
|
|
||||||
Fixed maturities |
$ |
1,293.8 |
|
$ |
1,248.2 |
|
||
Cash and cash equivalents |
|
38.0 |
|
|
38.8 |
|
||
Total bonds and cash and cash equivalents |
|
1,331.8 |
|
|
1,287.0 |
|
||
Equities and other invested assets |
|
54.7 |
|
|
55.7 |
|
||
Total cash and invested assets, gross |
|
1,386.5 |
|
|
1,342.7 |
|
||
Receivable/(payable) for securities sold/(purchased) |
|
3.9 |
|
|
(0.1 |
) |
||
Total cash and invested assets, net |
$ |
1,390.4 |
|
$ |
1,342.6 |
|
||
|
Total Investment Return (1) |
|||||||
|
For the Twelve Months Ended December 31, |
|||||||
|
|
2023 |
|
|
2022 |
|
||
|
|
|
||||||
Net investment income |
$ |
55.4 |
|
$ |
27.6 |
|
||
|
|
|
||||||
Net realized investment losses |
|
(2.1 |
) |
|
(32.9 |
) |
||
Net unrealized investment gains (losses) |
|
25.2 |
|
|
(61.6 |
) |
||
Net realized and unrealized investment return |
|
23.1 |
|
|
(94.5 |
) |
||
|
|
|
||||||
Total investment return |
$ |
78.5 |
|
$ |
(66.9 |
) |
||
|
|
|
||||||
Average total cash and invested assets |
$ |
1,366.6 |
|
$ |
1,437.3 |
|
||
|
|
|
||||||
Total investment return % |
|
5.7 |
% |
|
(4.7 |
%) |
||
(1) Amounts in this table are shown on a pre-tax basis. |
GLOBAL INDEMNITY GROUP, LLC SUMMARY OF ADJUSTED OPERATING INCOME (Dollars and shares in thousands, except per share data) |
||||||||
|
For the Twelve Months Ended December 31, |
|||||||
|
|
2023 |
|
|
2022 |
|
||
|
|
|
||||||
Adjusted operating income, net of tax (1) |
|
27,181 |
|
|
13,213 |
|
||
|
|
|
||||||
Net realized investment losses |
|
(1,752 |
) |
|
(26,985 |
) |
||
Impact of the sale of renewal rights |
|
— |
|
|
16,451 |
|
||
Loss on extinguishment of debt |
|
— |
|
|
(3,529 |
) |
||
Net income (loss) |
$ |
25,429 |
|
$ |
(850 |
) |
||
|
|
|
||||||
Weighted average shares outstanding – basic |
|
13,553 |
|
|
14,482 |
|
||
|
|
|
||||||
Weighted average shares outstanding – diluted |
|
13,666 |
|
|
14,644 |
|
||
|
|
|
||||||
Adjusted operating income per share – basic (2) |
$ |
1.97 |
|
$ |
0.88 |
|
||
|
|
|
||||||
Adjusted operating income per share – diluted (2) |
$ |
1.96 |
|
$ |
0.87 |
|
(1) |
|
Adjusted operating income, net of tax, excludes preferred shareholder distributions of |
(2) |
|
The adjusted operating income per share calculation is net of preferred shareholder distributions of |
Note Regarding Adjusted Operating Income
Adjusted operating income, a non-GAAP financial measure, is equal to net income (loss) excluding after-tax net realized investment losses and other unique charges not related to operations. Adjusted operating income is not a substitute for net income (loss) determined in accordance with GAAP, and investors should not place undue reliance on this measure.
About Global Indemnity Group, LLC and its subsidiaries
Global Indemnity Group, LLC (NYSE:GBLI), through its several direct and indirect wholly owned subsidiary insurance companies, provides both admitted and non-admitted specialty property and specialty casualty insurance coverages and individual policyholder coverages in
Forward-Looking Information
The forward-looking statements contained in this press release3 do not address a number of risks and uncertainties including COVID-19. Investors are cautioned that Global Indemnity’s actual results may be materially different from the estimates expressed in, or implied, or projected by, the forward looking statements. These statements are based on estimates and information available to us at the time of this press release. All forward-looking statements in this press release are based on information available to Global Indemnity as of the date hereof. Please see Global Indemnity’s filings with the Securities and Exchange Commission for a discussion of risks and uncertainties which could impact the Company and for a more detailed explication regarding forward-looking statements. Global Indemnity does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
[3] Disseminated pursuant to the "safe harbor" provisions of Section 21E of the Security Exchange Act of 1934.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240312109158/en/
Stephen W. Ries
Head of Investor Relations
(610) 668-3270
sries@gbli.com
Source: Global Indemnity Group, LLC