0001385613-26-000010
SEC filingGreenlight Capital Re, Ltd. reported solid financial results for fiscal year 2025, with total revenues of $729.8 million and net income of $74.8 million. The company's underwriting operations generated net premiums earned of $661.1 million, while investment activities contributed significantly with $35.7 million from related party investment funds and $24.5 million in net investment income. The combined ratio, a key insurance metric, was not explicitly disclosed in the provided data. The company maintained strong liquidity with $111.8 million in cash and cash equivalents and $532.0 million in restricted cash, while total assets reached $2.17 billion. Shareholders' equity stood at $708.0 million, and the company generated $210.2 million in operating cash flow. Basic and diluted earnings per share were both $2.00 for the period.
Greenlight Capital Re, Ltd. reported fiscal year 2025 results with total revenues of $729.8 million and net income of $74.8 million. The company's insurance operations generated $661.1 million in net premiums earned, while investment activities contributed $60.2 million from investment income and related party fund returns. Total expenses amounted to $651.5 million, with the largest components being net loss and loss adjustment expenses of $411.6 million and acquisition costs of $184.9 million. The company maintained a strong balance sheet position with total assets of $2.17 billion and shareholders' equity of $708.0 million. Basic and diluted earnings per share were both $2.00 for the period.
The company's revenue streams were diversified across insurance underwriting and investment activities. Net premiums earned of $661.1 million represented the core insurance revenue, derived from gross premiums written of $773.3 million less gross premiums ceded of $81.9 million and a change in net unearned premium reserves of -$30.3 million. Investment-related revenues totaled $68.7 million, consisting of $35.7 million from investment in related party investment fund, $24.5 million in net investment income, and $8.5 million in foreign exchange gains. Other income was reported as $0. The revenue mix shows approximately 90.6% from insurance operations and 9.4% from investment activities.
The company achieved income before income tax of $78.3 million, representing a 10.7% margin on total revenues. After accounting for income tax expense of $3.5 million, the net income margin was 10.2%. The expense structure was dominated by insurance-related costs, with net loss and loss adjustment expenses of $411.6 million (62.3% of total expenses) and acquisition costs of $184.9 million (28.0% of total expenses). Underwriting expenses were $28.6 million, corporate and other expenses were $21.6 million, and interest expenses totaled $4.8 million. The company's profitability was supported by strong investment returns and disciplined expense management.
The company generated strong operating cash flow of $210.2 million, significantly exceeding net income of $74.8 million due to non-cash adjustments including $35.7 million in income from investments in related party investment fund and $107.0 million increase in loss and loss adjustment expense reserves. Investing activities used $149.2 million primarily for contributions to investment in Solasglas ($95.7 million) and purchases of fixed maturity investments ($65.6 million). Financing activities used $65.1 million for debt repayment ($55.3 million) and share repurchases ($9.8 million). The balance sheet shows total assets of $2.17 billion, with investments of $633.1 million, cash and equivalents of $111.8 million, and restricted cash of $532.0 million. Total liabilities were $1.46 billion, resulting in shareholders' equity of $708.0 million.
The filing does not contain specific forward-looking guidance, management commentary, or explicit risk factor disclosures in the provided content. The financial data indicates the company maintained a solid capital position with $708.0 million in shareholders' equity and strong liquidity with $643.8 million in total cash and restricted cash. The company's investment in related party investment fund, valued at $504.6 million, represents a significant portion of total investments and contributed meaningfully to investment income. The absence of specific outlook information in the provided content suggests investors should refer to the complete 10-K filing for management's discussion and analysis of future prospects, strategic priorities, and detailed risk factors.