WILMINGTON, DE — Global Indemnity Group, LLC (NYSE:GBLI) closed out 2024 with remarkable financial results, posting a 71% rise in net income available to shareholders, reaching $42.8 million or $3.12 per share, up from $25.0 million or $1.83 per share in 2023. The company’s strong performance reflects its strategic focus on growth and efficiency across core business segments.
Operating income for 2024 rose 58% to $42.9 million, underscoring the firm’s ability to deliver consistent returns. Total investment income grew 13% to $62.4 million, driven by an increase in the book yield of its bond portfolio as well as a 4% expansion of its investment portfolio, now valued at $1.44 billion. Return on equity climbed to 8.4%, compared to 7.2% in the prior year.
Segment Highlights
Global Indemnity’s Penn-America segment proved to be a key driver of underwriting success, generating $22.1 million in underwriting income with a combined ratio of 94.4%, improving upon its 2023 results of $18.5 million and a 95.2% combined ratio. Gross written premiums for the segment rose 12% to $395.1 million, reflecting increases in non-catastrophe and catastrophe property results.
The company’s InsurTech segment also delivered double-digit growth, with premiums climbing 17% to $56.3 million, driven by organic agency growth, new appointments, and product introductions. Meanwhile, the Wholesale Commercial division experienced a 12% rise in policy premiums, bolstered by a 7% increase in aggregate premium rates.
Global Indemnity’s expanded footprint in reinsurance also contributed to its performance. Assumed Reinsurance income surged 83% to $25.4 million, boosted by newly established treaties initiated in both 2023 and 2024.
Catastrophe losses declined by 26%, amounting to $12.7 million in 2024 compared to $17.2 million the previous year. Across all segments, the company maintained disciplined loss development, reporting less than $0.1 million for prior accident year loss adjustments.
Long-Term Stability Affirmed
Adding to its momentum, Global Indemnity’s financial strength and stability were reaffirmed by AM Best, which upheld its A (Excellent) rating for U.S. insurance subsidiaries in August 2024.
With strong financial outcomes across key metrics and a focused approach to driving growth, Global Indemnity is well-positioned for continued success in 2025.
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