--- title: "Global Indemnity LLC | 8-K: FY2025 Revenue Beats Estimate at USD 450.1 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/278599767.md" datetime: "2026-03-10T18:16:29.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/278599767.md) - [en](https://longbridge.com/en/news/278599767.md) - [zh-HK](https://longbridge.com/zh-HK/news/278599767.md) --- # Global Indemnity LLC | 8-K: FY2025 Revenue Beats Estimate at USD 450.1 M Revenue: As of FY2025, the actual value is USD 450.1 M, beating the estimate of USD 446.95 M. EPS: As of FY2025, the actual value is USD 1.75, missing the estimate of USD 2.08. EBIT: As of FY2025, the actual value is USD -29.37 M. Global Indemnity Group, LLC reported financial results for the year ended December 31, 2025, with comparisons to 2024, and no outlook or guidance content was provided . #### Operational Metrics - **Net Losses from California Wildfires**: Pre-tax net losses totaled - $15.7 million, and after-tax losses were - $12.0 million for the year ended December 31, 2025 . - **Pretax Adjusted Operating Contribution**: This increased by 17.5% to $95.4 million in 2025 from $81.2 million in 2024 . - **Adjusted Return on Equity**: This improved to 14.7% in 2025, up from 12.7% in 2024 . - **Current Accident Year Combined Ratio Excluding California Wildfires**: This improved to 92.2% for the full year 2025, compared to 95.4% in 2024. The ratio progressed throughout 2025: 94.8% for the 1st quarter, 94.7% for the 1st half, and 93.2% for the 1st nine months . - **Current Accident Year Underwriting Income Excluding California Wildfires**: This reached $32.7 million for the full year 2025, an increase from $18.8 million in 2024 . - **Operating Income Excluding California Wildfires**: This was $40.2 million in 2025, a decrease from $42.9 million in 2024, primarily due to elevated corporate expenses . - **Operating Income (As Reported)**: This was $28.2 million in 2025, down from $42.9 million in 2024 . - **Net Income Available to Common Shareholders (As Reported)**: This was $24.9 million in 2025, a decrease from $42.8 million in 2024 . - **Net Income Available to Common Shareholders Excluding California Wildfires**: This was $36.9 million in 2025, compared to $42.8 million in 2024 . - **Calendar Year Combined Ratio**: This was 98.6% in 2025, an increase from 95.6% in 2024, reflecting the 4-point Wildfire impact offset by a 1-point improvement excluding Wildfires . - **Loss Ratio**: This was 58.7% in 2025, compared to 56.6% in 2024 . - **Expense Ratio**: This was 39.9% in 2025, compared to 39.0% in 2024, reflecting the build-out of the Katalyx platform . - **Underwriting Income**: This was $7.3 million in 2025, down from $17.8 million in 2024 . - **Corporate Expenses**: These were $31.7 million in 2025, up from $25.7 million in 2024 . - **Net Losses and Loss Adjustment Expenses**: These were $228.3 million in 2025, compared to $213.2 million in 2024 . - **Acquisition Costs and Other Operating Expenses**: These amounted to $156.8 million in 2025, up from $147.3 million in 2024 . - **Income Before Income Taxes**: This was $33.3 million in 2025, a decrease from $55.0 million in 2024 . - **Income Tax Expense**: This was $8.0 million in 2025, down from $11.7 million in 2024 . - **Net Income**: This was $25.3 million in 2025, compared to $43.2 million in 2024 . #### Segment Performance (Income/Loss) - **Agency and Insurance Services**: Segment income was $4.1 million in 2025, compared to $0 in 2024 . - **Belmont Core**: Segment income was $2.9 million in 2025, down from $19.7 million in 2024. Excluding California Wildfires, Belmont Core segment income was $18.6 million in 2025, compared to $19.7 million in 2024 . - **Belmont Non-Core**: Segment loss was - $1.0 million in 2025, compared to a loss of - $1.9 million in 2024 . - **Consolidated Segment Income**: This was $6.0 million in 2025, down from $17.8 million in 2024. Excluding California Wildfires, consolidated segment income was $21.7 million in 2025, compared to $17.8 million in 2024 . #### Investment Results - **Net Investment Income**: This was $62.7 million in 2025, essentially unchanged from $62.4 million in 2024 . - **Fixed Maturities Income**: This remained flat at $59.5 million in both 2025 and 2024 . - **Total Investment Return**: This was $67.0 million (4.7%) in 2025, compared to $78.3 million (5.5%) in 2024 . - **Net Realized Investment Gains (Losses)**: This was - $3.7 million in 2025, compared to gains of $0.5 million in 2024 . - **Net Unrealized Investment Gains**: These were $8.0 million in 2025, down from $15.4 million in 2024 . - **Average Invested Assets**: These were $1.43 billion for the year . #### Premium Growth - **Gross Written Premiums**: Consolidated gross written premiums were $398.9 million in 2025, up from $389.8 million in 2024 . - **Belmont Core Gross Written Premiums**: These were $401.4 million in 2025, compared to $400.0 million in 2024. Excluding terminated products in 2024, Belmont Core gross written premiums grew 9.2% . - **Wholesale Commercial**: Grew 3.0% to $256.0 million in 2025 . - **Vacant Express**: Grew 15.5% to $46.8 million in 2025 . - **Assumed Written Premiums**: Grew 76.7% to $44.9 million in 2025 . - **Collectibles**: Grew 8.4% to $17.2 million in 2025 . - **Net Written Premiums**: These were $387.8 million in 2025, compared to $379.2 million in 2024 . - **Net Earned Premiums**: These were $388.8 million in 2025, up from $377.0 million in 2024 . - **Commissions and Fee Income**: Consolidated commissions and fee income was $2.3 million in 2025, compared to $1.3 million in 2024 . - **Total Revenues**: Consolidated total revenues were $450.1 million in 2025, up from $441.2 million in 2024 . #### Capital Position and Book Value - **Common Shareholders’ Equity**: Increased to $702.6 million at December 31, 2025, from $685.1 million at December 31, 2024 . - **Book Value Per Share**: This was $48.96 at December 31, 2025, compared to $49.98 at December 31, 2024 . - **Dividends Paid**: The company returned $20.4 million to shareholders in 2025, maintaining its regular dividend of $1.40 per share . - **Total Assets**: Total assets were $1,720.8 million at December 31, 2025, compared to $1,731.3 million at December 31, 2024 . - **Cash and Invested Assets, Net**: These were $1,420.2 million at December 31, 2025, compared to $1,440.7 million at December 31, 2024 . - **Unpaid Losses and Loss Adjustment Expenses**: These were $750.2 million at December 31, 2025, decreasing from $800.4 million at December 31, 2024 . - **Unearned Premiums**: These were $182.7 million at December 31, 2025, compared to $183.4 million at December 31, 2024 . - **AM Best Rating**: AM Best affirmed Global Indemnity Group, LLC’s ‘A’ (Excellent) rating for its U.S. insurance subsidiaries in August 2025 . #### Cash Flow The provided reference material does not contain specific information regarding operating cash flow or free cash flow . #### Outlook / Guidance The report does not contain explicit forward-looking statements or guidance regarding future financial performance or outlook . ### Related Stocks - [GBLI.US](https://longbridge.com/en/quote/GBLI.US.md) ## Related News & Research - [SemiLEDs Reports Second Quarter Fiscal Year 2026 Financial Results | LEDS Stock News](https://longbridge.com/en/news/282650581.md) - [Pineapple Financial Reports Fiscal Q2 2026 Financial Results and Provides Digital Asset Treasury Update | PAPL Stock News](https://longbridge.com/en/news/282587469.md) - [Zacks Research Has Positive Estimate for KBR FY2028 Earnings](https://longbridge.com/en/news/282670727.md) - [Key facts: Bloom Energy supply 2.8 GW; files 8-K on unregistered sales](https://longbridge.com/en/news/282739037.md) - [TCS makes 25,000 fresher offers in FY27, more hiring depends on demand: CEO](https://longbridge.com/en/news/282436594.md)