Global Indemnity Group reported stronger underlying underwriting profitability and higher adjusted return on equity in 2025, although catastrophic losses from the California wildfires impacted overall reported earnings.
The company reported total premiums written at $398.9 million in 2025, essentially stable compared with $389.8 million in 2024, while investment income edged up to $62.7 million from $62.4 million the previous year.
While Global Indemnity’s reported underwriting revenue fell to $7.3 million in 2025 from $17.8 million a year ago, underwriting revenue for the current incident year (excluding the California wildfires) increased to $32.7 million from $18.8 million the previous year.
This improvement is reflected in the company’s current annual incident combined ratio excluding wildfire losses, which improves to 92.2% from 95.4% in 2024, indicating stronger core underwriting profitability.
However, it must be noted that the disaster impact and higher expenses reduced reported profitability.
Operating income will decline from $42.9 million in 2024 to $28.2 million in 2025, while corporate expenses will increase from $25.7 million to $31.7 million.
In 2025, net profit available to common shareholders will drop to $24.9 million from $42.8 million in the previous year.
Excluding wildfire losses, the net profit available to common shareholders was US$36.9 million.
Although overall earnings fell, profitability metrics improved post-adjustment. Adjusted return on equity excluding the California wildfires rose to 14.7% in 2025 from 12.7% in 2024, reflecting stronger underlying underwriting performance.
Global Indemnity’s loss ratio rose to 58.7% from 56.6%, while the expense ratio rose slightly to 39.9% from 39.0%, pushing the reported combined ratio to 98.6%, compared with 95.6% in 2024. However, based on the current accident year, the combined ratio is 96.2%.
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