Global Indemnity plc (GBLI) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $9.54 million, or $ 0.54 a share in the quarter, against a net loss of $3.75 million, or $0.15 a share in the last year period.
Revenue during the quarter grew 11.34 percent to $138.13 million from $124.06 million in the previous year period. During the quarter, the company has written premium worth $115.05 million on net basis, down 6.08 percent or $7.45 million.
Total expenses come down marginally
Operating income for the quarter was $10.60 million, compared with an operating loss of $9.73 million in the previous year period.
Net investment income was at $8.80 million for the quarter, down 0.64 percent or $0.06 million from year-ago period.
Assets, liabilities fall
Total assets decreased 14.53 percent or $336.80 million to $1,981.82 million on Sep. 30, 2016. On the other hand, total liabilities were at $1,199.37 million as on Sep. 30, 2016, down 14.14 percent or $197.53 million from year-ago.
Return on assets was at 0.59 percent in the quarter against a negative 0.09 percent in the last year period. Return on equity was at 1.22 percent in the quarter against a negative 0.41 percent in the last year period.
Investments come down
Investments stood at $1,466.37 million as on Sep. 30, 2016, down 13.19 percent or $222.73 million from year-ago. Meanwhile, yield on investments went up 8 basis points to 0.60 percent in the quarter.
Meanwhile, reinsurance recoverables moved down 37.43 percent or $64.88 million over the year to $108.45 million on Sep. 30, 2016.
Total debt was at $173.16 million as on Sep. 30, 2016, down 40.73 percent or $118.98 million from year-ago. Shareholders equity stood at $782.44 million as on Sep. 30, 2016, down 15.11 percent or $139.27 million from year-ago. As a result, debt to equity ratio went down 10 basis points to 0.22 percent in the quarter from 0.32 percent in the last year period.
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