Greenlight Re Announces Third Quarter 2024 Financial Results
Greenlight Capital Re (NASDAQ: GLRE) reported its Q3 2024 financial results with net income of $35.2 million, or $1.01 per diluted share, compared to $13.5 million in Q3 2023. The company achieved a combined ratio of 95.9% and gross premiums written of $168.3 million. Investment income reached $28.1 million, with Solasglas fund returning 5.2%. The company's fully diluted book value per share increased 6.1% to $18.72. Despite catastrophe losses from Hurricane Helene, Central European floods, and US severe convective storms adding 9.3% to the combined ratio, the company maintained profitable performance for the eighth consecutive quarter.
Greenlight Capital Re (NASDAQ: GLRE) ha riportato i risultati finanziari per il terzo trimestre del 2024, registrando un reddito netto di 35,2 milioni di dollari, ovvero $1,01 per azione diluita, rispetto ai 13,5 milioni di dollari nel terzo trimestre del 2023. L'azienda ha ottenuto un rapporto combinato del 95,9% e premi lordi scritti per 168,3 milioni di dollari. Il reddito da investimenti ha raggiunto i 28,1 milioni di dollari, con il fondo Solasglas che ha avuto un rendimento del 5,2%. Il valore contabile diluito per azione dell'azienda è aumentato del 6,1% a $18,72. Nonostante le perdite per catastrofi dovute all'uragano Helene, alle inondazioni in Europa Centrale e alle severe tempeste convettive negli Stati Uniti, che hanno contribuito per il 9,3% al rapporto combinato, l'azienda ha mantenuto prestazioni redditizie per l'ottavo trimestre consecutivo.
Greenlight Capital Re (NASDAQ: GLRE) informó sus resultados financieros del tercer trimestre de 2024, reportando ingresos netos de 35.2 millones de dólares, o $1.01 por acción diluida, en comparación con 13.5 millones de dólares en el tercer trimestre de 2023. La empresa logró un ratio combinado del 95.9% y primas brutas escritas de 168.3 millones de dólares. Los ingresos por inversiones alcanzaron los 28.1 millones de dólares, con el fondo Solasglas obteniendo un retorno del 5.2%. El valor contable completamente diluido por acción de la empresa aumentó un 6.1% a $18.72. A pesar de las pérdidas por catástrofes debido al huracán Helene, las inundaciones en Europa Central y las severas tormentas convectivas en EE. UU., que sumaron un 9.3% al ratio combinado, la empresa mantuvo un desempeño rentable por octavo trimestre consecutivo.
Greenlight Capital Re (NASDAQ: GLRE)가 2024년 3분기 재무 결과를 발표하며 순이익 3520만 달러, 즉 희석 주당 1.01달러를 기록했다고 보고했습니다. 이는 2023년 3분기 1350만 달러와 비교됩니다. 회사는 95.9%의 결합비율을 달성했으며, 총 보험료는 1억 6830만 달러에 달했습니다. 투자 수익은 2810만 달러에 도달했으며, Solasglas 펀드의 수익률은 5.2%였습니다. 회사의 완전 희석 주당 장부 가치는 6.1% 증가해 18.72달러에 이르렀습니다. 허리케인 헬렌, 중앙 유럽의 홍수, 미국의 심각한 대류성 폭풍으로 인한 재해 손실이 결합비율에 9.3%를 추가했음에도 불구하고, 회사는 8분기 연속으로 수익성을 유지했습니다.
Greenlight Capital Re (NASDAQ: GLRE) a publié ses résultats financiers pour le troisième trimestre 2024, avec un revenu net de 35,2 millions de dollars, soit 1,01 dollar par action diluée, comparé à 13,5 millions de dollars au troisième trimestre 2023. L'entreprise a atteint un ratio combiné de 95,9% et des primes brutes souscrites de 168,3 millions de dollars. Les revenus d'investissement ont atteint 28,1 millions de dollars, le fonds Solasglas affichant un rendement de 5,2%. La valeur comptable entièrement diluée par action de l'entreprise a augmenté de 6,1% pour atteindre 18,72 dollars. Malgré les pertes liées aux catastrophes dues à l'ouragan Helene, aux inondations en Europe centrale et aux graves tempêtes convectives aux États-Unis, qui ont ajouté 9,3% au ratio combiné, l'entreprise a maintenu une performance rentable pour le huitième trimestre consécutif.
Greenlight Capital Re (NASDAQ: GLRE) hat seine finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht und einen Nettogewinn von 35,2 Millionen Dollar oder 1,01 Dollar pro verwässerter Aktie ausgewiesen, im Vergleich zu 13,5 Millionen Dollar im 3. Quartal 2023. Das Unternehmen erreichte eine kombinierte Quote von 95,9% und schriftliche Bruttoprämien von 168,3 Millionen Dollar. Die Erträge aus Investitionen beliefen sich auf 28,1 Millionen Dollar, wobei der Solasglas-Fonds eine Rendite von 5,2% erzielte. Der vollständig verwässerte Buchwert pro Aktie des Unternehmens stieg um 6,1% auf 18,72 Dollar. Trotz der Katastrophenschäden durch den Hurrikan Helene, Überschwemmungen in Mitteleuropa und schwere konvektive Stürme in den USA, die 9,3% zur kombinierten Quote beitrugen, konnte das Unternehmen nun schon im achten Quartal hintereinander rentabel wirtschaften.
- Net income increased significantly to $35.2 million from $13.5 million YoY
- Investment income grew substantially to $28.1 million from $5.1 million YoY
- Solasglas fund generated strong 5.2% return in Q3
- Book value per share increased 6.1% quarter-over-quarter
- Eighth consecutive quarter of profitable performance
- Gross premiums written decreased 8.0% to $168.3 million YoY
- Combined ratio deteriorated to 95.9% from 91.2% YoY
- Net underwriting income declined to $6.1 million from $14.4 million YoY
- Catastrophe losses added 9.3% to combined ratio
Insights
The Q3 2024 results show mixed performance for Greenlight Re. The company achieved
The investment portfolio performed strongly, with Solasglas generating a
The underwriting performance reveals some concerns. While maintaining profitability for eight consecutive quarters is commendable, the
The non-renewal of personal property and Lloyd's casualty contracts indicates disciplined risk management, though it impacts top-line growth. The favorable prior-year development of
Achieves Combined ratio of
GRAND CAYMAN, Cayman Islands, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the third quarter ended September 30, 2024.
Third Quarter 2024 Highlights (all comparisons are to third quarter 2023 unless noted otherwise):
- Gross premiums written of
$168.3 million compared to$183.1 million ; - Net premiums earned of
$151.9 million , compared to$163.1 million ; - Net underwriting income of
$6.1 million , compared to$14.4 million ; - Total investment income of
$28.1 million , compared to$5.1 million ; - Net income of
$35.2 million , or$1.01 per diluted ordinary share, compared to$13.5 million , or$0.39 per diluted ordinary share; - Combined ratio of
95.9% , compared to91.2% ; and - Fully diluted book value per share increased
$1.07 , or6.1% , to$18.72 , from$17.65 at June 30, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “Our third quarter results demonstrated Greenlight Re’s disciplined and resilient underwriting approach, achieving profitable performance for the eighth consecutive quarter. Alongside strong investment returns, Greenlight Re recorded a notably strong quarter.”
David Einhorn, Chairman of the Board of Directors, said, “Solasglas generated a net return of
Third Quarter 2024 Results
Gross premiums written in the third quarter of 2024 were
The Company recognized net underwriting income of
The Company’s total investment income during the third quarter of 2024 was
The net income of
During the third quarter of 2024, the Company repurchased 547,402 ordinary shares for
The following table summarizes the components of the Company’s combined ratio.
Third Quarter | ||||||
Underwriting ratios | 2024 | 2023 | ||||
Loss ratio - current year | 65.0 | % | 61.4 | % | ||
Loss ratio - prior year | (3.7)% | (2.0)% | ||||
Loss ratio | 61.3 | % | 59.4 | % | ||
Acquisition cost ratio | 30.4 | % | 28.8 | % | ||
Composite ratio | 91.7 | % | 88.2 | % | ||
Underwriting expense ratio | 4.2 | % | 3.0 | % | ||
Combined ratio | 95.9 | % | 91.2 | % |
Greenlight Capital Re, Ltd. Third Quarter 2024 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, November 5, 2024, at 9:00 a.m. Eastern Time. Dial-in details:
U.S. toll free 1-877-407-9753
International 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1692074&tp_key=a944f284f8
A telephone replay will be available following the call through November 11, 2024. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13749374. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.
2024 Investor Day
As previously announced, the Company will host its 2024 Investor Day in New York City on Tuesday, November 19, 2024, at 12:00 noon Eastern Time. The event will include a luncheon, detailed presentation from members of the executive management team, and opportunities for live interaction during the Q&A segment.
Attendees must register in advance. To register, please contact Karin Daly, Greenlight Capital Re’s investor relations representative at IR@greenlightre.ky.
The 2024 Investor Day will be held exclusively in-person. An archived webcast will become available on the Company’s website following the event.
Non-GAAP Financial Measures
In presenting the Company’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). Such measures, including fully diluted book value per share and net underwriting income (loss), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. Management believes these measures allow for a more thorough understanding of the underlying business. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included in the attached financial information in accordance with Regulation G.
Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include a downgrade or withdrawal of our A.M. Best ratings; any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; the carry values of our investments made under our Greenlight Re Innovations pillar may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 5, 2024, as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
Investor Relations Contact
Karin Daly
Vice President, The Equity Group Inc.
(212) 836-9623
IR@greenlightre.ky
GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts) | |||||
September 30, 2024 | December 31, 2023 | ||||
(UNAUDITED) | |||||
Assets | |||||
Investments | |||||
Investment in related party investment fund, at fair value | $ | 397,888 | $ | 258,890 | |
Other investments | 73,559 | 73,293 | |||
Total investments | 471,447 | 332,183 | |||
Cash and cash equivalents | 54,642 | 51,082 | |||
Restricted cash and cash equivalents | 567,091 | 604,648 | |||
Reinsurance balances receivable (net of allowance for expected credit losses) | 718,719 | 619,401 | |||
Loss and loss adjustment expenses recoverable (net of allowance for expected credit losses) | 65,947 | 25,687 | |||
Deferred acquisition costs | 82,206 | 79,956 | |||
Unearned premiums ceded | 35,270 | 17,261 | |||
Other assets | 6,364 | 5,089 | |||
Total assets | $ | 2,001,686 | $ | 1,735,307 | |
Liabilities and equity | |||||
Liabilities | |||||
Loss and loss adjustment expense reserves | $ | 811,152 | $ | 661,554 | |
Unearned premium reserves | 347,103 | 306,310 | |||
Reinsurance balances payable | 88,152 | 68,983 | |||
Funds withheld | 20,788 | 17,289 | |||
Other liabilities | 8,491 | 11,795 | |||
Debt | 62,582 | 73,281 | |||
Total liabilities | 1,338,268 | 1,139,212 | |||
Shareholders' equity | |||||
Ordinary share capital (par value | $ | 3,483 | $ | 3,534 | |
Additional paid-in capital | 481,672 | 484,532 | |||
Retained earnings | 178,263 | 108,029 | |||
Total shareholders' equity | 663,418 | 596,095 | |||
Total liabilities and equity | $ | 2,001,686 | $ | 1,735,307 |
GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (UNAUDITED) (expressed in thousands of U.S. dollars, except percentages and per share amounts) | |||||||||||||||
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Underwriting revenue | |||||||||||||||
Gross premiums written | $ | 168,346 | $ | 183,074 | $ | 554,579 | $ | 524,472 | |||||||
Gross premiums ceded | (26,598 | ) | (14,789 | ) | (64,611 | ) | (35,740 | ) | |||||||
Net premiums written | 141,748 | 168,285 | 489,968 | 488,732 | |||||||||||
Change in net unearned premium reserves | 10,136 | (5,175 | ) | (18,150 | ) | (43,030 | ) | ||||||||
Net premiums earned | $ | 151,884 | $ | 163,110 | $ | 471,818 | $ | 445,702 | |||||||
Underwriting related expenses | |||||||||||||||
Net loss and loss adjustment expenses incurred: | |||||||||||||||
Current year | $ | 98,820 | $ | 100,143 | $ | 305,467 | $ | 273,570 | |||||||
Prior year | (5,654 | ) | (3,300 | ) | (943 | ) | 10,502 | ||||||||
Net loss and loss adjustment expenses incurred | 93,165 | 96,843 | 304,524 | 284,072 | |||||||||||
Acquisition costs | 46,162 | 46,933 | 138,226 | 126,702 | |||||||||||
Underwriting expenses | 6,073 | 4,639 | 18,223 | 14,046 | |||||||||||
Deposit interest expense (income), net | 377 | 278 | 1,020 | 645 | |||||||||||
Net underwriting income (1) | $ | 6,107 | $ | 14,417 | $ | 9,825 | $ | 20,237 | |||||||
Income (loss) from investment in Solasglas | $ | 19,844 | $ | (1,853 | ) | $ | 42,422 | $ | 27,791 | ||||||
Net investment income | 8,244 | 6,958 | 24,611 | 24,705 | |||||||||||
Total investment income | $ | 28,088 | $ | 5,105 | $ | 67,033 | $ | 52,496 | |||||||
Corporate expenses | $ | 4,253 | $ | 3,266 | $ | 13,334 | $ | 13,820 | |||||||
Foreign exchange losses (gains) | (5,826 | ) | 1,999 | (3,245 | ) | (7,661 | ) | ||||||||
Other income, net | (2,210 | ) | (706 | ) | (9,969 | ) | (5,738 | ) | |||||||
Interest expense | 2,018 | 1,457 | 4,827 | 2,977 | |||||||||||
Income tax expense | 723 | 29 | 1,677 | 111 | |||||||||||
Net income | $ | 35,237 | $ | 13,477 | $ | 70,234 | $ | 69,224 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 1.03 | $ | 0.40 | $ | 2.05 | $ | 2.03 | |||||||
Diluted | $ | 1.01 | $ | 0.39 | $ | 2.02 | $ | 1.99 | |||||||
Underwriting ratios: | |||||||||||||||
Loss ratio - current year | 65.0 | % | 61.4 | % | 64.7 | % | 61.4 | % | |||||||
Loss ratio - prior year | (3.7)% | (2.0)% | (0.2)% | 2.4 | % | ||||||||||
Loss ratio | 61.3 | % | 59.4 | % | 64.5 | % | 63.8 | % | |||||||
Acquisition cost ratio | 30.4 | % | 28.8 | % | 29.3 | % | 28.4 | % | |||||||
Composite ratio | 91.7 | % | 88.2 | % | 93.8 | % | 92.2 | % | |||||||
Underwriting expense ratio | 4.2 | % | 3.0 | % | 4.1 | % | 3.3 | % | |||||||
Combined ratio | 95.9 | % | 91.2 | % | 97.9 | % | 95.5 | % |
1 Net underwriting income is a non-GAAP financial measure. See “ Key Financial Measures and Non-GAAP Measures” below for discussion and reconciliation of non-GAAP financial measures.
The following tables present the Company’s net premiums earned and underwriting ratios by line of business:
Three months ended September 30 | Three months ended September 30 | ||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Property | Casualty | Other | Total | Property | Casualty | Other | Total | ||||||||||||||||
($ in thousands except percentage) | |||||||||||||||||||||||
Net premiums earned | |||||||||||||||||||||||
Underwriting ratios: | |||||||||||||||||||||||
Loss ratio | 112.4 | % | 52.7 | % | 56.1 | % | 61.3 | % | 54.1 | % | 67.4 | % | 45.6 | % | 59.4 | % | |||||||
Acquisition cost ratio | 19.9 | 34.0 | 28.4 | 30.4 | 17.7 | 31.9 | 28.2 | 28.8 | |||||||||||||||
Composite ratio | 132.3 | % | 86.7 | % | 84.5 | % | 91.7 | % | 71.8 | % | 99.3 | % | 73.8 | % | 88.2 | % | |||||||
Underwriting expense ratio | 4.2 | 3.0 | |||||||||||||||||||||
Combined ratio | 95.9 | % | 91.2 | % |
Nine months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Property | Casualty | Other | Total | Property | Casualty | Other | Total | |||||||||||||||||
($ in thousands except percentage) | ||||||||||||||||||||||||
Net premiums earned | ||||||||||||||||||||||||
Underwriting ratios: | ||||||||||||||||||||||||
Loss ratio | 90.1 | % | 61.5 | % | 59.4 | % | 64.5 | % | 81.6 | % | 67.0 | % | 47.5 | % | 63.8 | % | ||||||||
Acquisition cost ratio | 17.1 | 32.6 | 28.3 | 29.3 | 18.5 | 31.0 | 28.2 | 28.4 | ||||||||||||||||
Composite ratio | 107.2 | % | 94.1 | % | 87.7 | % | 93.8 | % | 100.1 | % | 98.0 | % | 75.7 | % | 92.2 | % | ||||||||
Underwriting expense ratio | 4.1 | 3.3 | ||||||||||||||||||||||
Combined ratio | 97.9 | % | 95.5 | % |
GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.
The key non-GAAP financial measures used in this news release are:
- Fully diluted book value per share; and
- Net underwriting income (loss).
These non-GAAP financial measures are described below.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.
We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements. Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options (assuming net exercise) and all outstanding restricted stock units “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||
Numerator for basic and fully diluted book value per share: | ||||||||||||||
Total equity as reported under U.S. GAAP | $ | 663,418 | $ | 634,020 | $ | 624,458 | $ | 596,095 | $ | 575,865 | ||||
Denominator for basic and fully diluted book value per share: | ||||||||||||||
Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 34,832,493 | 35,321,144 | 35,321,144 | 35,336,732 | 35,337,407 | |||||||||
Add: In-the-money stock options (1) and all outstanding RSUs | 602,013 | 594,612 | 585,334 | 264,870 | 312,409 | |||||||||
Denominator for fully diluted book value per share | 35,434,506 | 35,915,756 | 35,906,478 | 35,601,602 | 35,649,816 | |||||||||
Basic book value per share | $ | 19.05 | $ | 17.95 | $ | 17.68 | $ | 16.87 | $ | 16.30 | ||||
Fully diluted book value per share | $ | 18.72 | $ | 17.65 | $ | 17.39 | $ | 16.74 | $ | 16.15 |
(1) Assuming net exercise by the grantee.
Net Underwriting Income (Loss)
One way that we evaluate the Company’s underwriting performance is by measuring net underwriting income (loss). We do not use premiums written as a measure of performance. Net underwriting income (loss) is a performance measure used by management to evaluate the fundamentals underlying the Company’s underwriting operations. We believe that the use of net underwriting income (loss) enables investors and other users of the Company’s financial information to analyze our performance in a manner similar to how management analyzes performance. Management also believes this measure follows industry practice and allows the users of financial information to compare the Company’s performance with that of our industry peer group.
Net underwriting income (loss) is considered a non-GAAP financial measure because it excludes items used to calculate net income before taxes under U.S. GAAP. We calculate net underwriting income (loss) as net premiums earned less net loss and loss adjustment expenses, acquisition costs, underwriting expenses (including related G&A expenses), and deposit interest expense, plus deposit interest income. The measure excludes, on a recurring basis: (1) investment income (loss); (2) other income (expense) not related to underwriting, including foreign exchange gains or losses, and Lloyd’s interest income and expense; (3) corporate G&A expenses; and (4) interest expense. We exclude total investment income or loss, foreign exchange gains or losses, and Lloyd’s interest income or expense as we believe these items are influenced by market conditions and other factors unrelated to underwriting decisions. Additionally, we exclude corporate G&A and interest expenses because these costs are generally fixed and not incremental to or directly related to our underwriting operations. We believe all of these amounts are largely independent of our underwriting process, and including them could hinder the analysis of trends in our underwriting operations. Net underwriting income (loss) should not be viewed as a substitute for U.S. GAAP net income before income taxes.
The reconciliations of net underwriting income to income before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
($ in thousands) | |||||||||||||||
Income before income tax | $ | 35,960 | $ | 13,506 | $ | 71,911 | $ | 69,335 | |||||||
Add (subtract): | |||||||||||||||
Total investment income | (28,088 | ) | (5,105 | ) | (67,033 | ) | (52,496 | ) | |||||||
Foreign exchange losses (gains) | (5,826 | ) | 1,999 | (3,245 | ) | (7,661 | ) | ||||||||
Other non-underwriting income | (2,210 | ) | (706 | ) | (9,969 | ) | (5,738 | ) | |||||||
Corporate expenses | 4,253 | 3,266 | 13,334 | 13,820 | |||||||||||
Interest expense | 2,018 | 1,457 | 4,827 | 2,977 | |||||||||||
Net underwriting income | $ | 6,107 | $ | 14,417 | $ | 9,825 | $ | 20,237 |
FAQ
What was Greenlight Re's (GLRE) net income in Q3 2024?
What was GLRE's combined ratio in Q3 2024?
How did GLRE's investment portfolio perform in Q3 2024?