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Greenlight Capital Re (GLRE)
NASDAQ:GLRE
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Earnings Data
Report Date
Mar 05, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.59Last Year’s EPS
$0.5Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 04, 2024
|% Change Since: 2.51%
|Next Earnings Date:Mar 05, 2025
Earnings Call Sentiment|Positive
The call reflected a generally positive outlook with significant net income growth, strong investment returns, and improvements in the AM Best rating outlook. However, challenges such as decreased gross premiums written and the impact of hurricane losses were noted.Company Guidance
During the third quarter of 2024, Greenlight Capital Re reported gross written premiums of $168.3 million, reflecting an 8% decrease compared to the same quarter last year due to nonrenewed contracts. However, excluding these contracts, gross premiums increased by 3.3%. The company achieved a net income of $35.2 million, or $1.01 per diluted share, marking a significant increase from $0.39 per share in Q3 2023. The combined ratio stood at 95.9%, with catastrophe losses contributing 9.3 percentage points, while favorable prior-year loss development improved it by 3.1 points. Greenlight Re's investment portfolio, including the Solasglas fund, contributed a 5.2% return, bolstered by strong performance in specific sectors and positions. The company also highlighted growth in its specialty book by 52% in gross premiums and noted that its fully diluted book value per share grew by 16% over the past year, reaching $18.72 as of September 30, 2024.Significant Net Income Growth
Greenlight Re reported a net income of $35.2 million, up $21.7 million compared to the third quarter of 2023. This equates to a 6.1% growth in fully diluted book value per share during the quarter.
Strong Investment Returns
The Solasglas fund reported an income of $19.8 million, achieving a 5.2% return on the investment portfolio.
Improvement in AM Best Rating Outlook
AM Best affirmed Greenlight Re's A- rating and upgraded the outlook to positive from stable in October.
Underwriting Profit and Combined Ratio
The company reported a combined ratio of 95.9% for the quarter, marking the eighth consecutive quarter of underwriting profit.
Specialty Book Growth
The specialty book grew by $21.4 million or 52% compared to the third quarter last year, driven by new Marine and Energy business.
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GLRE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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GLRE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 04, 2024 | $13.56 | $14.59 | +7.60% |
| Aug 06, 2024 | $12.43 | $12.13 | -2.41% |
| May 08, 2024 | $12.74 | $13.01 | +2.12% |
| Mar 05, 2024 | $11.96 | $12.36 | +3.34% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Greenlight Capital Re (GLRE) report earnings?
Greenlight Capital Re (GLRE) is schdueled to report earning on Mar 05, 2025, TBA Not Confirmed.
What is Greenlight Capital Re (GLRE) earnings time?
Greenlight Capital Re (GLRE) earnings time is at Mar 05, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is GLRE EPS forecast?
GLRE EPS forecast for the fiscal quarter 2024 (Q4) is $0.59.
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