Global Indemnity Limited (GBLI) has reported 40.54 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $38.37 million, or $2.18 a share in the quarter, compared with $27.30 million, or $1.30 a share for the same period last year. Revenue during the quarter grew 9.85 percent to $149.87 million from $136.43 million in the previous year period. During the quarter, the company has written premium worth $113.71 million on net basis, up 6.63 percent or $7.07 million.
Total expenses come down marginallyOperating income for the quarter was $46.54 million, compared with $29.46 million in the previous year period. Net investment income was at $8.88 million for the quarter, up 6.03 percent or $0.51 million from year-ago period.
Assets grow, liabilities fallTotal assets increased 0.80 percent or $15.65 million to $1,972.95 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,175 million as on Dec. 31, 2016, down 2.68 percent or $32.37 million from year-ago. Return on assets stood at 2.06 percent in the quarter, up 0.55 from 1.51 percent in the last year period. At the same time, return on equity was at 4.81 percent in the quarter, up 1.17 from 3.64 percent in the last year period.
Investments come down marginallyInvestments stood at $1,426.71 million as on Dec. 31, 2016, down 1.54 percent or $22.35 million from year-ago. Meanwhile, yield on investments went up 4 basis points to 0.62 percent in the quarter. Meanwhile, reinsurance recoverables moved up 24.38 percent or $28.18 million over the year to $143.77 million on Dec. 31, 2016.
Total debt was at $163.14 million as on Dec. 31, 2016, down 5.17 percent or $8.89 million from year-ago. Shareholders equity stood at $797.95 million as on Dec. 31, 2016, up 6.40 percent or $48.02 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.20 percent in the quarter from 0.23 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
