Global Indemnity sees 71% net income increase in 2024

Global Indemnity Group (GBLI) has released its financial results for 2024, which include a 71% increase in net income available to shareholders of $42.8 million, compared to $25.0 million from the same period in 2023.

GBLI’s operating income for the year also witnessed a notable increase, growing 51% to $42.9 million, compared to $27.2 million reported in 2023.

In terms of investment, GBLI posted an investment income of $62.4 million for the period, an 13% increase from $55.4 million in 2023.

The company noted that the growth in investment income was due to an increase in book yield on its bond portfolio to 4.4% at December 31, 2024 from 4.0% at December 31, 2023 and growth of 4% in the investment portfolio to $1.44 billion driven primarily by operating cash flow.

In addition, GBLI’s current accident year underwriting income climbed to $18.8 million for 2024, compared to $14.3 million from the prior year.

The firm stated that the increase was driven by the Penn-America segment’s $22.1 million underwriting income, with a combined ratio of 94.4%. This is an increase from the 2023 underwriting income of $18.5 million and a combined ratio of 95.2%.

The Penn-America segment’s improved results were attributed to growth in gross written premiums and improved non-catastrophe and catastrophe property results.

Additionally, GBLI’s catastrophe losses decreased 26% to $12.7 million in 2024, compared to $17.2 million in 2023, a figure that also impacted the firm’s underwriting results.

Moving towards Penn-America, gross written premiums – products terminated – increased 12% to $395.1 million in 2024 compared to $352.4 million in 2023.

InsurTech grew 17% to $56.3 million in 2024 compared with $48.3 million in 2023 from organic agency growth, new agency appointments and new products.

Wholesale Commercial also saw higher policy premiums, excluding audit premiums, growing by 12% in 2024 driven by aggregate premium rate increase of 7%.

Lastly, Assumed Reinsurance increased 83% from $13.9 million in 2023 to $25.4 million in 2024 due to new treaties commencing in both 2023 and 2024.

For 2024, GBLI also reported an increase of less than $0.1 million of prior accident year loss development

Moreover, back in August 1, 2024, rating agency AM Best affirmed Global Indemnity Group, LLC’s A (Excellent) rating for its U.S. insurance subsidiaries.

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