$GBLI reports mixed results for FY2022 with adjusted operating income growth
Mar 9th 2023, 1:31 pm
Analyst Summary: Global Indemnity Group, LLC (NYSE:GBLI) reported a net loss available to shareholders of $1.3 million for the year ended December 31, 2022, down from a net income of $28.9 million for the same period a year earlier. However, adjusted operating income, excluding realized gains and losses, was $19.5 million for 2022, up from $14.6 million in 2021. The growth in gross written and net written premiums for Commercial Specialty and Reinsurance Operations, were primarily driven by increased pricing from both rate and exposure growth. The Exited Lines segment decreased in gross written and net written premiums due to selling the manufactured home and dwelling and farm businesses, as well as exiting lines unrelated to the company's continuing businesses. The company's combined ratio for the Continuing Lines segment was 97.1% for the year ended December 31, 2022, lower than the combined ratio of 97.5% for the same period in 2021. However, the consolidated combined ratio for the year ended December 31, 2022, was 98.8%, which is higher than the consolidated combined ratio of 102.1% for the previous year. The company warns of risks and uncertainties, including COVID-19, which may materially impact the financial results.