Global Indemnity Reports Third Quarter Earnings for FY2023
November 21, 2023
🌥️Earnings Overview
GLOBAL INDEMNITY ($NYSE:GBLI) announced their financial results for the third quarter of FY2023, ending September 30 2023. Compared to the same period last year, total revenue dropped 35.2% to USD 126.1 million and reported net income decreased by 67.6% to USD 7.7 million.
Share Price
This was a 2.7% decrease from the prior closing price of $35 and indicates a significant dip in the company’s market value. Analysts are evaluating these numbers to determine whether or not this trend will continue in the future. GLOBAL INDEMNITY credited this growth to an increase in demand for their services and an expansion of their offer portfolio. The company has attributed their success to an increase in demand and an expansion of their services, while acknowledging that rising operating costs have put a slight damper on their growth. Analysts are currently assessing these results to determine what the future holds for GLOBAL INDEMNITY. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Global Indemnity. More…
| Total Revenues | Net Income | Net Margin |
| 574.5 | 21.43 | 5.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Global Indemnity. More…
| Operations | Investing | Financing |
| 39.24 | 34.52 | -46.18 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Global Indemnity. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.77k | 1.14k | 46.57 |
Key Ratios Snapshot
Some of the financial key ratios for Global Indemnity are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -1.5% | – | 4.5% |
| FCF Margin | ROE | ROA |
| 6.8% | 2.6% | 0.9% |
Analysis
GoodWhale has conducted an analysis of GLOBAL INDEMNITY‘s wellbeing. According to its Star Chart classification, GLOBAL INDEMNITY is identified as a ‘cow’ – a type of company with a track record of paying out consistent and sustainable dividends. This will be attractive to investors seeking steady income returns over short- and long-term investments. GoodWhale gives GLOBAL INDEMNITY an intermediate health score of 6/10; indicating that, while its cashflows and debt levels are satisfactory, it might have difficulty paying off debt and funding future operations. GLOBAL INDEMNITY is strong in dividend payments, medium in asset liquidation, and weak in areas such as growth and profitability. More…
Peers
The company offers a range of insurance products, including auto, homeowner’s, commercial multi-peril, excess and surplus lines, and agricultural insurance. Global Indemnity Group LLC competes with The Hanover Insurance Group Inc, United Insurance Holdings Corp, and FedNat Holding Co.
– The Hanover Insurance Group Inc ($NYSE:THG)
The Hanover Insurance Group Inc has a market cap of 4.95B as of 2022, a Return on Equity of 10.16%. The company is a holding company for various property and casualty insurance companies. It underwrites a variety of commercial and personal insurance products through its subsidiaries. Commercial lines products include property, liability, automobile, workers’ compensation, and surety bonds. Personal lines products include property, liability, automobile, and umbrella coverage. The company also offers a range of other services, such as risk management, loss control, and claims administration.
– United Insurance Holdings Corp ($NASDAQ:UIHC)
United Insurance Holdings Corp is a property and casualty insurance holding company. The Company, through its subsidiaries, engages in the business of property and casualty insurance. Its segments include Property and Casualty Insurance, Reinsurance, and Corporate and Other. The Property and Casualty Insurance segment offers personal residential property insurance products, commercial property and casualty insurance products, and other insurance products in the United States. The Reinsurance segment provides reinsurance on residential property, commercial property, and casualty risks. The Corporate and Other segment includes the Company’s investment activities, as well as certain corporate overhead costs.
– FedNat Holding Co ($NASDAQ:FNHC)
The company has a market capitalization of $7.36 million and a negative return on equity of 194.34%. The company provides insurance products and services in the United States.
Summary
GLOBAL INDEMNITY‘s third quarter of FY2023 earnings results showed a significant decrease in both total revenue and reported net income as compared to the same quarter of the prior year. Total revenue decreased by 35.2%, down to USD 126.1 million, while reported net income decreased by 67.6% to USD 7.7 million. Despite the decrease in earnings, GLOBAL INDEMNITY remains a solid investment opportunity due to its strong fundamentals and long-term growth potential. Investors should continue to closely monitor GLOBAL INDEMNITY’s financial performance for any changes that may impact their decision-making in terms of investing in the company.
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