GBLI reports 2022 net loss of $1.3M; adjusted op income rises to $19.5M; combined ratio improves

Global Indemnity Group, LLC

Net loss of $1.3M ($0.09 diluted loss per share) vs net income of $28.9M in 2021; adjusted operating income of $19.5M ($1.30/share) up from $14.6M.
Consolidated combined ratio improved to 98.8% from 102.1%; Continuing Lines combined ratio 97.1%, benefiting from lower catastrophe losses ($11M vs $19.4M).
Sold Farm, Ranch & Stable business for $30M; retained $45M capital and $40M unearned premium reserves.
Repurchased 907,082 shares for $21.9M in Q4 2022 at avg $24.17/share; $60M buyback authorized.
Recorded $5.5M restructuring charges in Q4 2022/Q1 2023; expects $16M annual expense savings starting 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Global Indemnity Group, LLC reported the twelve months ended December 31, 2022 results: net income net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million, EPS $(0.09).

Period: the twelve months ended December 31, 2022
Net income: net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million
EPS: $(0.09)
Result: reported results

Exact text from the filing

Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million compared to net income available to shareholders of $28.9 million for the corresponding period in 2021.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Global Indemnity Group, LLC reported the twelve months ended December 31, 2021 results: net income net income available to shareholders of $28.9 million, EPS $1.97.

Period: the twelve months ended December 31, 2021
Net income: net income available to shareholders of $28.9 million
EPS: $1.97
Result: reported results

Exact text from the filing

Global Indemnity Group, LLC (NYSE:GBLI) (the “Company”) today reported net loss available to shareholders for the twelve months ended December 31, 2022, of $1.3 million compared to net income available to shareholders of $28.9 million for the corresponding period in 2021.

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-065381

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