Q2 2024 Global Indemnity Group LLC Earnings Call Transcript
Key Points
- Global Indemnity Group LLC (GBLI) achieved a 9% increase in revenue through the first six months of 2024, tracking towards their long-term double-digit growth target.
- The company recorded a six-month combined ratio of 94.8% for the Penn-America segment, indicating strong underwriting performance.
- Net income for the first six months of 2024 was $21.5 million, a significant increase from $11.8 million in 2023.
- Investment income increased by 18% to $29.8 million, driven by higher book yields and strategic reinvestments.
- A.M. Best affirmed GBLI's A rating, with the balance sheet strength rated at the strongest level, reflecting financial stability.
- The expansion of the program division is lagging, with revenue growth flat through the first six months of 2024.
- The company continues to record a higher than target expense ratio of 38.6%, which is above their long-term target.
- Gross written premiums decreased to $194.2 million in 2024 from $233.1 million in 2023, primarily due to the runoff of non-core business.
- The company faces challenges in achieving rate increases that are modestly in excess of underlying inflation trends, indicating a tempered market.
- Despite improvements, the runoff expenses remain high as GBLI winds down smaller underwriting portfolios.
Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Global Indemnity group second quarter 2024 earnings conference call. (Operator Instructions)
Thank you. I would now like to turn the conference over to Steven Ries, Head of Investor Relations. Stephen, you may begin.
Thank you, Chris. Both As a reminder, today's conference call is being recorded as some remarks may contain forward looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words, including without limitation, beliefs, expectations or estimates.
We caution you that such forward-looking statements should not be regarded as representation by us that the future plans, estimates or expectations contemplated by us will in fact be achieved. Please refer to our annual report on Form 10-K and our other filings with the SEC for description of the business environment in which
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