Detailed financial statements for Global Indemnity Group, LLC (GBLI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Global Indemnity Group, LLC, an international entity, provides specialized property and casualty insurance as well as reinsurance services through its subsidiary companies. The organization's operations are divided across three primary business areas: Commercial Specialty, Farm, Ranch, & Stable, and Reinsurance Operations. The Commercial Specialty division distributes various coverages, including property, general liability, casualty, and professional lines products.
Analysis Summary
Global Indemnity Group, LLC reported revenue of $450.1M in the most recent fiscal year, growing at a 5-year CAGR of -5.1%.
Trailing-twelve-month margins: gross margin 25.8%, operating margin 9.9%, net margin 7.5%.
At the current price of $30.00, GBLI trades at a P/E of 13.15 and an ROE of 0.02%. Market capitalisation stands at $430M.
Balance sheet quality for GBLI: current ratio of 1.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $534.5M | $485.5M | $498.9M | $604.5M | $583.5M | $678.3M | $628.5M | $528.1M | $441.2M | $450.1M |
| Cost of Revenue | $460.7M | $452.9M | $525.4M | $483.8M | $551.8M | $607.8M | $595.6M | $471.8M | $360.5M | $385.1M |
| Gross Profit | $73.9M | $32.6M | -$26.5M | $120.7M | $31.7M | $70.5M | $32.9M | $56.4M | $80.7M | $65.0M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $17.3M | $25.7M | $29.8M | $18.9M | $42.0M | $20.0M | $14.0M | $23.4M | 0 | 0 |
| Operating Expenses | $26.2M | $42.6M | $49.5M | $38.9M | $60.9M | $37.7M | $31.0M | $23.4M | $25.7M | $31.7M |
| Operating Income | $47.6M | -$10.1M | -$75.9M | $81.8M | -$29.1M | $32.8M | $2.0M | $33.0M | $55.0M | $33.3M |
| EBITDA | $62.8M | $13.4M | -$49.2M | $108.9M | -$6.3M | $53.7M | $13.4M | $39.2M | $60.7M | $39.0M |
| Interest Expense | $8.9M | $16.9M | $19.7M | $20.0M | $15.8M | $10.5M | $3.0M | 0 | 0 | 0 |
| Pre-tax Income | $47.6M | -$10.1M | -$75.9M | $81.8M | -$29.1M | $32.8M | $2.0M | $33.0M | $55.0M | $33.3M |
| Income Tax | -$2.2M | -$499000 | -$19.2M | $11.7M | -$8.1M | $3.4M | $2.8M | $7.5M | $11.7M | $8.0M |
| Net Income | $49.9M | -$9.6M | -$56.7M | $70.0M | -$21.0M | $29.4M | -$850000 | $25.4M | $43.2M | $25.3M |
| EPS | $2.89 | $-0.55 | $-4.02 | $4.93 | $-1.48 | $2.00 | $-0.09 | $1.84 | $3.14 | $1.75 |
| EPS (Diluted) | $2.84 | $-0.55 | $-4.02 | $4.88 | $-1.48 | $1.97 | $-0.09 | $1.83 | $3.12 | $1.75 |
| Shares Outstanding (Diluted) | $17.5M | $17.3M | $14.1M | $14.3M | $14.3M | $14.7M | $14.5M | $13.7M | $13.7M | $14.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -9.2% | +2.8% | +21.2% | -3.5% | +16.2% | -7.3% | -16.0% | -16.5% | +2.0% | |
| Net Income Growth (YoY) | -119.2% | -493.6% | +223.5% | -130.0% | +239.7% | -102.9% | +3091.6% | +70.0% | -41.4% | |
| EPS Growth (YoY) | -119.0% | -630.9% | +222.6% | -130.0% | +235.1% | -104.5% | +2165.1% | +70.7% | -44.3% | |
| Shares Change (YoY) | -1.4% | -18.6% | +1.7% | -0.3% | +2.6% | -1.2% | -5.6% | +0.3% | +4.0% | |
| Gross Margin | 13.8% | 6.7% | -5.3% | 20.0% | 5.4% | 10.4% | 5.2% | 10.7% | 18.3% | 14.4% |
| Operating Margin | 8.9% | -2.1% | -15.2% | 13.5% | -5.0% | 4.8% | 0.3% | 6.2% | 12.5% | 7.4% |
| EBITDA Margin | 11.8% | 2.8% | -9.9% | 18.0% | -1.1% | 7.9% | 2.1% | 7.4% | 13.8% | 8.7% |
| Net Margin | 9.3% | -2.0% | -11.4% | 11.6% | -3.6% | 4.3% | -0.1% | 4.8% | 9.8% | 5.6% |
| Effective Tax Rate | -4.7% | 5.0% | 25.3% | 14.4% | 27.8% | 10.5% | 143.1% | 22.9% | 21.3% | 23.9% |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when FMP does not expose it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 0.02% |
| Return on Invested Capital | 1.99% |
| Return on Assets | 1.99% |
| Gross Margin | 25.77% |
| Operating Margin | 9.91% |
| Net Margin | 7.52% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 0.00 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.22 | -76.40 | -9.01 | 6.01 | -19.32 | 12.56 | -261.62 | 17.52 | 11.46 | 16.22 |
| P/B | 0.83 | 1.01 | 0.81 | 0.58 | 0.57 | 0.51 | 0.54 | 0.67 | 0.71 | 0.57 |
| P/S | 1.23 | 1.50 | 1.02 | 0.70 | 0.70 | 0.53 | 0.54 | 0.83 | 1.11 | 0.89 |
| Gross Margin | 13.8% | 6.7% | -5.3% | 20.0% | 5.4% | 10.4% | 5.2% | 10.7% | 18.3% | 14.4% |
| Operating Margin | 8.9% | -2.1% | -15.2% | 13.5% | -5.0% | 4.8% | 0.3% | 6.2% | 12.5% | 7.4% |
| Net Margin | 9.3% | -2.0% | -11.4% | 11.6% | -3.6% | 4.3% | -0.1% | 4.8% | 9.8% | 5.6% |
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Explore sector: Financial Services · Insurance - Property & Casualty
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