Greenlight Capital Re, Ltd. (GLRE) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $44.88 million, or $ 1.20 a share in the year, against a net loss of $326.42 million, or $8.90 a share in the last year.
Revenue during the year surged 378.15 percent to $588.37 million from $123.05 million in the previous year. Net premium earned for the year increased 25.65 percent or $104.73 million to $513.12 million. During the year, the company has written premium worth $526.06 million on net basis, up 6.68 percent or $32.93 million.
Total expenses move up
Benefits, losses and expenses for the year were at $541.16 million, or 105.46 percent of premium earned from $456.74 million or 111.84 percent of premium earned in the last year. Operating income for the year was $47.21 million, compared with an operating loss of $333.69 million in the previous year.
Net investment income was at $76.18 million for the year, up 127.02 percent or $358.11 million from year-ago.
"We are pleased with our fourth quarter underwriting performance," said Bart Hedges, chief executive officer of Greenlight Re. "Despite the competitive environment during 2016, we continued to grow and diversify our underwriting portfolio while also resolving some problematic legacy contracts."
Assets, liabilities fall
Total assets decreased 1.76 percent or $47.83 million to $2,664.69 million on Dec. 31, 2016.
Return on assets was at 1.75 percent in the year against a negative 12.24 percent in the last year. Return on equity was at 5.03 percent in the year against a negative 38.46 percent in the last year.
Investments come down marginally
Investments stood at $1,022.54 million as on Dec. 31, 2016, down 3.91 percent or $41.63 million from year-ago.
Net premiums and other receivables increased 16.59 percent or $31.19 million over the year to $219.13 million on Dec. 31, 2016. Meanwhile, reinsurance recoverables moved down 19.71 percent or $0.66 million over the year to $2.70 million on Dec. 31, 2016.
Shareholders equity stood at $891.69 million as on Dec. 31, 2016, up 5.06 percent or $42.91 million from year-ago.
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