Global Indemnity Q2 net income rises on premium growth - GBLI News | RalliesGlobal Indemnity Q2 net income rises on premium growth
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GBLI• Outlook
- The company did not provide specific guidance for upcoming quarters or the full year.
Result drivers
- Underwriting performance - Lower loss ratio of 53.8% contributed to the improved combined ratio and higher net income.
- Premium growth - Belmont Core gross written premiums rose 7% in Q2, with growth in Vacant Express, Collectibles, and Assumed Reinsurance segments.
- Segment mix - Specialty Products premiums declined due to runoff of terminated business, partially offsetting overall premium growth.
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|
| Q2 Net Income | | $11.10 mln | |
| Q2 Combined Ratio | | 94.70% | |
- The one available analyst rating on the shares is "hold."
- The average consensus recommendation for the property & casualty insurance peer group is "buy."
- Wall Street's median 12-month price target for Global Indemnity Group LLC is $34.12, about 25.4% above its August 4 closing price of $27.22.
- The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago.
Q2 net income rises on lower loss ratio
- U.S. property and casualty insurer's Q2 net income grew 8% yr/yr, driven by a lower loss ratio.
- Belmont Core gross written premiums rose 7% for the quarter.
- Q2 combined ratio improved to 94.7%.
