WILMINGTON, DE — Global Indemnity Group LLC (Nasdaq: GBLI) reported financial results for the year ended December 31, 2025, citing improved underwriting performance during the year despite losses related to California wildfires.
The company reported net income available to common shareholders of $24.9 million, or $1.75 per share, compared with $42.8 million, or $3.12 per share, in 2024.
Operating income totaled $28.2 million, or $1.95 per diluted share, compared with $42.9 million, or $3.10 per share, the previous year. The results include an after-tax impact of $12.0 million from California wildfire losses.
Excluding wildfire losses, operating income was $40.2 million, or $2.79 per diluted share.
The company said underwriting profitability improved during the year, with the current accident year combined ratio excluding wildfire losses improving to 92.2% in 2025 from 95.4% in 2024.
Current accident year underwriting income excluding wildfire losses increased to $32.7 million from $18.8 million in the prior year.
Gross written premiums totaled $398.9 million in 2025, compared with $389.8 million in 2024.
Within the company’s Belmont Core segment, gross written premiums reached $401.4 million compared with $400.0 million a year earlier. Growth was driven by increases in several lines, including wholesale commercial premiums of $256.0 million and vacant property coverage under the Vacant Express program, which rose to $46.8 million.
Assumed reinsurance premiums increased to $44.9 million, while collectibles insurance premiums rose to $17.2 million.
Net investment income was $62.7 million, compared with $62.4 million in 2024. Total investment return declined to $67.0 million, or 4.7%, from $78.3 million, or 5.5%, primarily due to lower unrealized gains and realized losses in the investment portfolio.
The company reported total revenues of $450.1 million for the year, compared with $441.2 million in 2024.
Shareholders’ equity increased to $706.6 million as of December 31, 2025 from $689.1 million a year earlier. Book value per share was $48.96 compared with $49.98 at the end of 2024.
Global Indemnity maintained its regular dividend during 2025 and returned $20.4 million to shareholders during the year. Since its initial public offering in 2003, the company has returned $649.5 million to shareholders through share repurchases and dividends.
Global Indemnity Group is a publicly traded holding company with property and casualty insurance operations and related insurance service businesses.
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