Global Indemnity Group, LLC (Ticker: GBLI) reported its financial results for the third quarter and nine months ended September 30, 2024, showing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For Q3 2024, the company recorded total revenues of $111.8 million, a decrease from $126.1 million in Q3 2023. The decline in revenue was primarily attributed to a drop in net earned premiums, which fell to $95.4 million from $111.7 million year-over-year. For the nine months ended September 30, 2024, total revenues were $332.7 million, down from $418.9 million in the same period in 2023. Gross written premiums for the quarter increased slightly to $99.8 million, while net written premiums rose to $97.2 million, reflecting a 1.6% increase from Q3 2023.
Net income for Q3 2024 was $12.8 million, a substantial increase from $7.7 million in Q3 2023, marking a 65.7% rise. For the nine months, net income reached $34.2 million, up from $19.5 million in the prior year, representing a 75.2% increase. The improvement in profitability was driven by a notable increase in underwriting income, which surged to $5.8 million for Q3 2024, compared to $0.7 million in Q3 2023. The Penn-America segment, which focuses on specialty property and casualty products, reported gross written premiums of $103.2 million for Q3 2024, an 18.7% increase from the previous year.
The company’s total assets increased to $1.76 billion as of September 30, 2024, up from $1.73 billion at the end of 2023. Shareholders' equity also rose to $686.7 million, a 5.9% increase from $648.8 million at year-end 2023. The restructuring plan initiated in late 2022 was completed in early 2023, with total restructuring costs incurred amounting to $5.4 million.
In terms of strategic developments, Global Indemnity Group has exited several non-core divisions, including Professional Liability and Excess Casualty, to focus on its core operations. The company has also initiated a share repurchase program with an authorization of up to $135 million, of which $101 million remains as of September 30, 2024.
Overall, the company demonstrated resilience in its financial performance, with improved profitability metrics and a strategic focus on core operations, despite a decline in total revenues compared to the previous fiscal period.
About Global Indemnity Group, LLC
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