- Farm, Ranch and Stable renewal rights sold for $30.0 million to
Everett Cash Mutual to reinsure 100% of the business effective
August 8, 2022. Everett Cash Mutual will also purchase American
Reliable for book value which is expected to be $10 million at the
time of close, which, subject to regulatory approvals and customary
closing conditions, is expected to close in or before the first
quarter of 2023. Farm, Ranch and Stable is now included in Exited
Lines.
- Growth in Gross Written Premium - An increase of 26.1% and
28.4% in gross written premiums for Continuing Lines for the three
and six months ended June 30, 2022, respectively, compared to the
corresponding periods in 2021.
- The combined ratio for Continuing Lines was 95.4% for the six
months ended June 30, 2022 (Loss Ratio 58.4% and Expense Ratio
37.0%).
- Lower Catastrophes – Catastrophe losses for Continuing Lines
were $5.4 million in 2022 compared to $11.6 million in 2021.
- Investment income for the three and six months ended June 30,
2022, was $1.9 million and $8.5 million, respectively, compared to
$10.6 million and $20.5 million for the three and six months ended
June 30, 2021. One alternative investment negatively impacted
investment income $6.0 million and $7.2 million for the three
months and six months ended 2022, respectively, compared to the
corresponding periods in 2021. This investment was exited early in
the third quarter of 2022.
- On April 15, 2022, the Company prepaid its remaining $130
million of outstanding debt, resulting in a $3.5 million write off
of deferred debt costs.
- Global Indemnity continued to reduce the duration of its fixed
income portfolio in response to rising interest rates. The Company
has sold approximately $360 million of fixed income securities with
maturities of 5 years and greater that had an average yield of
2.3%. These securities were redeployed into corporate and
securitized investments. Duration at June 30, 2022 was to 1.7 years
compared to duration of 3.0 at December 31, 2021 and book yield on
the portfolio increased from 2.2% at December 31, 2021 to 2.7% at
June 30, 2022. In reducing duration and increasing yield, GBLI
realized losses of $9.9 million for the second quarter of 2022 and
realized losses of $35.3 million for the six months ended June 30,
2022.
- Primarily as a result of substantially shortening the duration
of the Company’s fixed income securities in its investment
portfolio, the impact of an alternative investment, and the write
off related to debt redemption, the Company generated a net loss to
shareholders of $12.3 million, or $0.84 per share, for the three
months ended June 30, 2022, compared to net income available to
shareholders of $6.3 million, or $0.43 per share, for the
corresponding period in 2021. Net loss for the six months ended
June 30, 2022, was $27.2 million, or $1.87 per share, compared to
net income available to shareholders of $11.7 million, or $0.80 per
share, for the corresponding period in 2021.
- Book value decreased $65.3 million from $706.6 million at
December 31, 2021 to $641.3 million at June 30, 2022. Book value
per share decreased $4.76 from $48.44 at December 31, 2021 to
$43.68 at June 30, 2022.
Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today
reported adjusted operating income, which excludes realized gains
and losses, the results of Exited Lines and the loss on the
extinguishment of debt, of $7.3 million for the six months ended
June 30, 2022, compared to $11.4 million for the corresponding
period in 2021. Adjusted operating income, was $1.8 million for the
three months ended June 30, 2022, compared to $8.7 million for the
corresponding period in 2021. Net loss available to shareholders
for the six months ended June 30, 2022, was $27.2 million compared
to net income available to shareholders of $11.7 million for the
corresponding period in 2021. Net loss available to shareholders
for the three months ended June 30, 2022 was $12.3 million,
compared to net income available to shareholders of $6.3 million
for the corresponding period in 2021.
Selected Operating and Balance Sheet
(Dollars in millions, except per share data)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2022
2021
2022
2021
Gross Written Premiums
$
196.8
$
175.2
$
387.8
$
338.8
Net Written Premiums
$
167.2
$
160.7
$
326.6
$
308.3
Net Earned Premiums
$
155.7
$
149.4
$
304.6
$
293.1
Net income (loss) available to
shareholders
$
(12.3
)
$
6.3
$
(27.2
)
$
11.7
Net income (loss) from Continuing
Lines
$
(9.7
)
$
13.7
$
(24.8
)
$
20.8
Net loss from Exited Lines (1)
$
(2.6
)
$
(7.4
)
$
(2.4
)
$
(9.1
)
Net income (loss) available to
shareholders per share
$
(0.84
)
$
0.43
$
(1.87
)
$
0.80
Adjusted operating income
$
1.8
$
8.7
$
7.3
$
11.4
Adjusted operating income per share
$
0.12
$
0.58
$
0.48
$
0.76
Combined ratio analysis:
Loss ratio
59.5
%
60.9
%
58.2
%
62.0
%
Expense ratio
39.2
%
38.3
%
38.7
%
38.2
%
Combined ratio
98.7
%
99.2
%
96.9
%
100.2
%
(1)
Underwriting income (loss) from Exited Lines, net of tax.
As of
June 30,
2022
As of
March 31,
2022
As of
December 31,
2021
Book value per share (1)
$
43.68
$
45.78
$
48.44
Shareholders’ equity (2)
$
641.3
$
669.7
$
706.6
Cash and invested assets (3)
$
1,326.5
$
1,464.6
$
1,532.0
(1)
Net of cumulative Company
distributions/dividends to common shareholders totaling $4.50 per
share, $4.25 per share and $4.00 per share as of June 30, 2022,
March 31, 2022 and December 31, 2021, respectively.
(2)
Shareholders’ equity includes $4
million of series A cumulative fixed rate preferred shares.
(3)
Including receivable/(payable)
for securities sold/(purchased).
Global Indemnity Group, LLC’s Business Segment Information
for the Three and Six Months Ended June 30, 2022 and 2021
For the Three Months Ended
June 30, 2022
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross written premiums
$
156,191
$
40,632
$
196,823
Net written premiums
$
147,565
$
19,593
$
167,158
Net earned premiums
$
133,768
$
21,981
$
155,749
Other income (loss)
199
(25
)
174
Total revenues
133,967
21,956
155,923
Losses and Expenses:
Net losses and loss adjustment
expenses
78,523
14,095
92,618
Acquisition costs and other
underwriting expenses
50,591
10,507
61,098
Income (loss) from segments
$
4,853
$
(2,646
)
$
2,207
Combined ratio analysis:
Loss ratio
58.7
%
64.1
%
59.5
%
Expense ratio
37.8
%
47.8
%
39.2
%
Combined ratio
96.5
%
111.9
%
98.7
%
For the Three Months Ended
June 30, 2021
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross written premiums
$
123,893
$
51,343
$
175,236
Net written premiums
$
116,134
$
44,519
$
160,653
Net earned premiums
$
100,026
$
49,382
$
149,408
Other income
222
290
512
Total revenues
100,248
49,672
149,920
Losses and Expenses:
Net losses and loss adjustment
expenses
54,269
36,669
90,938
Acquisition costs and other
underwriting expenses
36,775
20,438
57,213
Income (loss) from segments
$
9,204
$
(7,435
)
$
1,769
Combined ratio analysis:
Loss ratio
54.3
%
74.2
%
60.9
%
Expense ratio
36.8
%
41.4
%
38.3
%
Combined ratio
91.1
%
115.6
%
99.2
%
For the Six Months Ended June
30, 2022
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross written premiums
$
301,902
$
85,904
$
387,806
Net written premiums
$
287,323
$
39,317
$
326,640
Net earned premiums
$
260,494
$
44,078
$
304,572
Other income
438
175
613
Total revenues
260,932
44,253
305,185
Losses and Expenses:
Net losses and loss adjustment
expenses
152,033
25,280
177,313
Acquisition costs and other
underwriting expenses
96,457
21,333
117,790
Income (loss) from segments
$
12,442
$
(2,360
)
$
10,082
Combined ratio analysis:
Loss ratio
58.4
%
57.4
%
58.2
%
Expense ratio
37.0
%
48.4
%
38.7
%
Combined ratio
95.4
%
105.8
%
96.9
%
For the Six Months Ended June
30, 2021
(Dollars in thousands)
Continuing
Lines
Exited
Lines
Total
Revenues:
Gross written premiums
$
235,178
$
103,616
$
338,794
Net written premiums
$
220,257
$
88,079
$
308,336
Net earned premiums
$
195,516
$
97,592
$
293,108
Other income
410
510
920
Total revenues
195,926
98,102
294,028
Losses and Expenses:
Net losses and loss adjustment
expenses
114,934
66,787
181,721
Acquisition costs and other
underwriting expenses
71,606
40,371
111,977
Income (loss) from segments
$
9,386
$
(9,056
)
$
330
Combined ratio analysis:
Loss ratio
58.8
%
68.4
%
62.0
%
Expense ratio
36.6
%
41.4
%
38.2
%
Combined ratio
95.4
%
109.8
%
100.2
%
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 the United States, as well as reinsurance worldwide.
Global Indemnity Group, LLC’s Continuing Lines segments are
Commercial Specialty and Reinsurance Operations. The Exited Lines
segment is comprised of business which the Company has decided it
will no longer write.
Forward-Looking Information
The forward-looking statements contained in this press release1
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.
[1] Disseminated pursuant to the "safe harbor" provisions of
Section 21E of the Security Exchange Act of 1934.
Selected Financial Data for the Three Months Ended June 30,
2022:
- Gross written premiums, net written premiums, and net earned
premiums excluding the Exited Lines (“Continuing Lines”), increased
26.1%, 27.1% and 33.7%, respectively. Consolidated gross written
premiums, net written premiums, and net earned premiums increased
12.3%, 4.0%, and 4.2%, respectively.
- Underwriting income/(loss) – For the Continuing Lines business,
underwriting income was $4.9 million in 2022 compared to $9.2
million in 2021.
- Excluding prior year development, underwriting income (loss)
from Continuing Lines was $3.9 million compared to $8.7 million in
2021.
- Consolidated underwriting income / (loss) was $2.2 million in
2022 compared to $1.8 million in 2021.
- Investment income – $1.9 million in 2022 compared to $10.6
million in 2021. The decrease was primarily due to decreased
returns from alternative investments and a decrease in dividend
income as a result of the liquidation of the Company’s common stock
portfolio during the first quarter of 2022.
- Realized gains/(losses) – ($9.9) million in 2022 compared to
$3.8 million in 2021. Realized losses in 2022 were primarily due to
the Company selling certain securities to offset anticipated rising
interest rates by shortening duration and accelerating future
maturities.
- Book value per share – Decrease of $2.10 per share mainly due
to rising interest rates. In addition to realized losses,
shareholders’ equity includes $13.9 million of net after-tax
unrealized losses.
- Tax expense/(benefit) – ($0.6) million tax benefit in 2022
compared to $0.8 million tax expense in 2021.
Selected Financial Data for the Six Months Ended June 30,
2022:
- Gross written premiums, net written premiums, and net earned
premiums excluding the Exited Lines (“Continuing Lines”), increased
28.4%, 30.4% and 33.2%, respectively. Consolidated gross written
premiums, net written premiums, and net earned premiums increased
14.5%, 5.9%, and 3.9%, respectively.
- Underwriting income/(loss) – For the Continuing Lines business,
underwriting income (loss) was $12.4 million in 2022 compared to
$9.4 million in 2021.
- Excluding prior year development, underwriting income (loss)
from Continuing Lines was $11.8 million compared to $6.2 million in
2021.
- Consolidated underwriting income was $10.1 million in 2022
compared to $0.3 million in 2021.
- Investment income – $8.5 million in 2022 compared to $20.5
million in 2021. The decrease was primarily due to decreased
returns from alternative investments and a decrease in dividend
income as a result of the liquidation of the Company’s common stock
portfolio during the first quarter of 2022.
- Realized gains/(losses) – ($35.3) million in 2022 compared to
$7.7 million in 2021. Realized losses in 2022 were primarily due to
the Company selling certain securities to offset anticipated rising
interest rates by shortening duration and accelerating future
maturities.
- Book value per share – Decrease of $4.76 per share mainly due
to rising interest rates. In addition to realized losses,
shareholders’ equity includes $33.0 million of net after-tax
unrealized losses.
- Tax expense/(benefit)– ($4.0) million tax benefit in 2022
compared to $0.6 million tax expense in 2021.
Global Indemnity Group, LLC’s Gross Written and Net Written
Premiums Results by Segment for the Three and Six Months Ended June
30, 2022 and 2021
Three Months Ended June
30,
Gross Written Premiums
Net Written Premiums
2022
2021
%
Change
2022
2021
%
Change
Commercial Specialty
$
109,797
$
99,406
10.5
%
$
101,171
$
91,647
10.4
%
Reinsurance Operations
46,394
24,487
89.5
%
46,394
24,487
89.5
%
Continuing Lines
156,191
123,893
26.1
%
147,565
116,134
27.1
%
Exited Lines
40,632
51,343
(20.9
%)
19,593
44,519
(56.0
%)
Total
$
196,823
$
175,236
12.3
%
$
167,158
$
160,653
4.0
%
Six Months Ended June
30,
Gross Written Premiums
Net Written Premiums
2022
2021
%
Change
2022
2021
%
Change
Commercial Specialty
$
214,063
$
188,740
13.4
%
$
199,484
$
173,819
14.8
%
Reinsurance Operations
87,839
46,438
89.2
%
87,839
46,438
89.2
%
Continuing Lines
301,902
235,178
28.4
%
287,323
220,257
30.4
%
Exited Lines
85,904
103,616
(17.1
%)
39,317
88,079
(55.4
%)
Total
$
387,806
$
338,794
14.5
%
$
326,640
$
308,336
5.9
%
Commercial Specialty: Gross written premiums and net
written premiums increased 10.5% and 10.4%, respectively, for the
three months ended June 30, 2022 as compared to the same period in
2021. Gross written premiums and net written premiums increased
13.4% and 14.8%, respectively, for the six months ended June 30,
2022 as compared to the same period in 2021. The growth in gross
written premiums and net written premiums was primarily driven by
organic growth in existing programs, increased pricing, and several
new programs.
Reinsurance Operations: Gross written premiums and net
written premiums both increased 89.5% for the three months ended
June 30, 2022 as compared to the same period in 2021. Gross written
premiums and net written premiums both increased 89.2% for the six
months ended June 30, 2022 as compared to the same period in 2021.
The growth in gross written premiums and net written premiums was
primarily due to organic growth of existing casualty treaties.
Exited Lines: Gross written premiums and net written
premiums decreased 20.9% and 56.0%, respectively, for the three
months ended June 30, 2022 as compared to the same period in 2021.
Gross written premiums and net written premiums decreased 17.1% and
55.4%, respectively, for the six months ended June 30, 2022 as
compared to the same period in 2021. The decrease in gross written
premiums and net written premiums was primarily due to exiting
lines of business unrelated to the Company’s continuing
businesses.
Global Indemnity Group, LLC’s Combined Ratio for the Three
and Six Months Ended June 30, 2022 and 2021
For the Continuing Lines business, the combined ratio was 96.5%
for the three months ended June 30, 2022, (Loss Ratio 58.7% and
Expense Ratio 37.8%) as compared to 91.1% (Loss Ratio 54.3% and
Expense Ratio 36.8%) for the three months ended June 30, 2021. The
consolidated combined ratio was 98.7% for the three months ended
June 30, 2022, (Loss Ratio 59.5% and Expense Ratio 39.2%) as
compared to 99.2% (Loss Ratio 60.9% and Expense Ratio 38.3%) for
the three months ended June 30, 2021.
- For the continuing lines business, the accident year casualty
loss ratio increased by 0.6 points to 60.0% in 2022 from 59.4% in
2021. The consolidated accident year casualty loss ratio increased
by 0.2 points to 59.1% in 2022 from 58.9% in 2021. This increase in
the continuing lines and the consolidated accident year casualty
loss ratio is primarily due to a change in the mix of
business.
- For the continuing lines business, the accident year property
loss ratio increased by 11.6 points to 57.9% in 2022 from 46.3% in
2021. The consolidated accident year property loss ratio increased
by 11.2 points to 66.8% in 2022 from 55.6% in 2021. The increase in
the continuing lines and the consolidated accident year property
loss ratio is primarily due to higher non-catastrophe claims
severity.
For the Continuing Lines business, the combined ratio was 95.4%
for the six months ended June 30, 2022, (Loss Ratio 58.4% and
Expense Ratio 37.0%) as compared to 95.4% (Loss Ratio 58.8% and
Expense Ratio 36.6%) for the six months ended June 30, 2021. The
consolidated combined ratio was 96.9% for the six months ended June
30, 2022, (Loss Ratio 58.2% and Expense Ratio 38.7%) as compared to
100.2% (Loss Ratio 62.0% and Expense Ratio 38.2%) for the six
months ended June 30, 2021.
- For the continuing lines business, the accident year casualty
loss ratio increased by 0.5 points to 59.3% in 2022 from 58.8% in
2021. The consolidated accident year casualty loss ratio increased
by 0.5 points to 58.8% in 2022 from 58.3% in 2021. This increase in
the continuing lines and the consolidated accident year casualty
loss ratio is primarily due to a change in the mix of
business.
- For the continuing lines business, the accident year property
loss ratio improved by 6.2 points to 56.9% in 2022 from 63.1% in
2021. The consolidated accident year property loss ratio improved
by 0.6 points to 63.3% in 2022 from 63.9% in 2021. The improvement
in the continuing lines and the consolidated accident year property
loss ratio is primarily due to lower catastrophe claims
frequency.
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars
and shares in thousands, except per share data)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2022
2021
2022
2021
Gross written premiums
$
196,823
$
175,236
$
387,806
$
338,794
Ceded written premiums
(29,665
)
(14,583
)
(61,166
)
(30,458
)
Net written premiums
$
167,158
$
160,653
$
326,640
$
308,336
Net earned premiums
$
155,749
$
149,408
$
304,572
$
293,108
Net investment income
1,930
10,633
8,522
20,469
Net realized investment gains (losses)
(9,916
)
3,833
(35,301
)
7,652
Other income
97
521
523
898
Total revenues
147,860
164,395
278,316
322,127
Net losses and loss adjustment
expenses
92,618
90,938
177,313
181,721
Acquisition costs and other underwriting
expenses
61,098
57,213
117,790
111,977
Corporate and other operating expenses
2,993
6,329
7,653
10,605
Interest expense
410
2,696
3,005
5,291
Loss on extinguishment of debt
3,529
-
3,529
-
Income (loss) before income
taxes
(12,788
)
7,219
(30,974
)
12,533
Income tax expense (benefit)
(626
)
844
(4,039
)
641
Net income (loss)
(12,162
)
6,375
(26,935
)
11,892
Less: Preferred stock distributions
110
110
220
220
Net income (loss) available to common
shareholders
$
(12,272
)
$
6,265
$
(27,155
)
$
11,672
Per share data:
Net income (loss) available to common
shareholders
Basic
$
(0.84
)
$
0.43
$
(1.87
)
$
0.81
Diluted (1)
$
(0.84
)
$
0.43
$
(1.87
)
$
0.80
Weighted-average number of shares
outstanding
Basic
14,543
14,412
14,529
14,397
Diluted (1)
14,543
14,682
14,529
14,651
Cash distributions declared per common
share
$
0.25
$
0.25
$
0.50
$
0.50
Combined ratio analysis: (2)
Loss ratio
59.5
%
60.9
%
58.2
%
62.0
%
Expense ratio
39.2
%
38.3
%
38.7
%
38.2
%
Combined ratio
98.7
%
99.2
%
96.9
%
100.2
%
(1)
For the three and six months ended June 30, 2022,
“weighted-average shares outstanding – basic” was used to calculate
“diluted earnings per share” due to a net loss for each period.
(2)
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.
GLOBAL INDEMNITY GROUP, LLC
CONSOLIDATED BALANCE SHEETS (Dollars in thousands)
ASSETS
(Unaudited)
June 30, 2022
December 31, 2021
Fixed Maturities:
Available for sale, at fair value
(amortized cost: 2022 - $1,151,195 and 2021 - $1,193,746; net of
allowance for expected credit losses of: $0 in 2022 and 2021)
$
1,118,129
$
1,201,866
Equity securities, at fair value
17,870
99,978
Other invested assets
140,197
152,651
Total investments
1,276,196
1,454,495
Cash and cash equivalents
59,842
78,278
Premium receivables, net of allowance for
expected credit losses of $2,919 at June 30, 2022 and $2,996 at
December 31, 2021
161,959
128,444
Reinsurance receivables, net of allowance
for expected credit losses of $8,992 at June 30, 2022 and December
31, 2021
104,064
99,864
Funds held by ceding insurers
23,906
27,958
Deferred federal income taxes
49,671
37,329
Deferred acquisition costs
70,089
60,331
Intangible assets
20,068
20,261
Goodwill
5,398
5,398
Prepaid reinsurance premiums
51,538
53,494
Lease right of use assets
15,040
16,051
Other assets
24,008
30,906
Total assets
$
1,861,779
$
2,012,809
LIABILITIES AND SHAREHOLDERS’
EQUITY
Liabilities:
Unpaid losses and loss adjustment
expenses
$
804,661
$
759,904
Unearned premiums
336,677
316,566
Ceded balances payable
14,755
35,340
Payable for securities purchased
9,564
794
Contingent commissions
6,328
7,903
Debt
-
126,430
Lease liabilities
17,912
19,079
Other liabilities
30,602
40,172
Total liabilities
1,220,499
1,306,188
Shareholders’ equity:
Series A cumulative fixed rate preferred
shares, $1,000 par value; 100,000,000 shares authorized, shares
issued and outstanding: 4,000 and 4,000 shares, respectively,
liquidation preference: $1,000 and $1,000 per share,
respectively
4,000
4,000
Common shares: no par value; 900,000,000
common shares authorized; class A common shares issued: 10,675,757
and 10,574,589, respectively; class A common shares outstanding:
10,642,307 and 10,557,093, respectively; class B common shares
issued and outstanding: 3,947,206 and 3,947,206, respectively
-
-
Additional paid-in capital (1)
450,052
447,406
Accumulated other comprehensive income,
net of taxes
(26,625
)
6,404
Retained earnings (1)
214,757
249,301
Class A common shares in treasury, at
cost: 33,450 and 17,496 shares, respectively
(904
)
(490
)
Total shareholders’ equity
641,280
706,621
Total liabilities and shareholders’
equity
$
1,861,779
$
2,012,809
(1)
Since the Company’s initial public offering in 2003, the Company
has returned $554 million to shareholders, including $488 million
in share repurchases and $66 million in
dividends/distributions.
GLOBAL INDEMNITY GROUP, LLC SELECTED
INVESTMENT DATA (Dollars in millions)
Market Value as of
(Unaudited)
June 30, 2022
December 31, 2021
Fixed maturities
$
1,118.1
$
1,201.9
Cash and cash equivalents
59.8
78.3
Total bonds and cash and cash
equivalents
1,177.9
1,280.2
Equities and other invested assets
158.1
252.6
Total cash and invested assets, gross
1,336.0
1,532.8
Payable for securities purchased
(9.5
)
(0.8
)
Total cash and invested assets, net
$
1,326.5
$
1,532.0
Total Investment Return
(1)
For the Three Months
Ended June 30,
(unaudited)
For the Six Months
Ended June 30,
(unaudited)
2022
2021
2022
2021
Net investment income
$
1.9
$
10.6
$
8.5
$
20.4
Net realized investment gains (losses)
(9.9
)
3.8
(35.3
)
7.7
Net unrealized investment gains
(losses)
(17.5
)
11.3
(41.3
)
(18.9
)
Net realized and unrealized investment
return
(27.4
)
15.1
(76.6
)
(11.2
)
Total investment return
$
(25.5
)
$
25.7
$
(68.1
)
$
9.2
Average total cash and invested assets
$
1,395.5
$
1,452.8
$
1,429.2
$
1,463.0
Total investment return %
(1.8
%)
1.8
%
(4.8
%)
0.6
%
(1)
Amounts in this table are shown
on a pre-tax basis.
GLOBAL INDEMNITY GROUP, LLC SUMMARY
OF ADJUSTED OPERATING INCOME (Unaudited) (Dollars and shares in
thousands, except per share data)
For the Three Months
Ended June 30,
For the Six Months
Ended June 30,
2022
2021
2022
2021
Adjusted operating income, net of
tax
$
1,827
$
8,686
$
7,257
$
11,419
Adjustments:
Underwriting loss from Exited Lines, net
of tax
(2,090
)
(5,874
)
(1,864
)
(7,154
)
Adjusted operating income (loss) including
Exited Lines, net of tax (1)
(263
)
2,812
5,393
4,265
Net realized investment gains (losses)
(8,370
)
3,563
(28,799
)
7,627
Loss on extinguishment of debt
(3,529
)
-
(3,529
)
-
Net income (loss)
$
(12,162
)
$
6,375
$
(26,935
)
$
11,892
Weighted average shares outstanding –
basic
14,543
14,412
14,529
14,397
Weighted average shares outstanding –
diluted
14,749
14,682
14,728
14,651
Adjusted operating income per share –
basic (2)
$
0.12
$
0.60
$
0.48
$
0.78
Adjusted operating income per share –
diluted (2)
$
0.12
$
0.58
$
0.48
$
0.76
(1)
Adjusted operating income (loss) including Exited Lines, net of
tax, excludes preferred shareholder distributions of $0.11 million
for both the three months ended June 30, 2022 and 2021 and $0.22
million for both the six months ended June 30, 2022 and 2021.
(2)
The adjusted operating income (loss) per share calculation is
net of preferred shareholder distributions of $0.11 million for
both the three months ended June 30, 2022 and 2021 and $0.22
million for both the six months ended June 30, 2022 and 2021.
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 gains (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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005070/en/
Media Stephen W. Ries Head of Investor Relations (610)
668-3270 sries@gbli.com
Global Indemnity (NYSE:GBLI)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Global Indemnity (NYSE:GBLI)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024