Greenlight Re Announces Financial Results for Fourth Quarter and Year-End December 31, 2025
Rhea-AI Summary
Greenlight Capital Re (NASDAQ: GLRE) reported fourth-quarter and full-year 2025 results on March 9, 2026. Q4 highlights: gross premiums written $161.3M (+12%), net premiums earned $165.6M (+12%), combined ratio 92.1%, net income $49.3M, diluted EPS $1.44, fully diluted book value $20.43.
Full-year 2025: gross premiums written $773.3M (+11%), net premiums earned $661.1M (+7%), underwriting income $35.7M, combined ratio 94.6%, net income $74.8M, diluted EPS $2.17, book value per share +13.8% to $20.43.
Positive
- Combined ratio improved to 92.1% in Q4, 94.6% for full year
- Record underwriting income of $35.7M for 2025
- Gross premiums written rose 11% to $773.3M for 2025
- Net income of $74.8M and diluted EPS $2.17 for 2025
- Book value per share increased 13.8% to $20.43 for year-end
- Share repurchases totaled $9.8M in 2025 at $13.76 average
Negative
- Total investment income declined to $60.2M in 2025 from $79.6M in 2024
News Market Reaction – GLRE
On the day this news was published, GLRE gained 5.35%, reflecting a notable positive market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $26M to the company's valuation, bringing the market cap to $515M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GLRE was down 0.7% pre-news while peers were mixed: HG +2.55%, GBLI +1.35%, ACIC +0.69%, SPNT -0.95%, AMBC -0.99%. Moves do not point to a unified sector trend.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Quarterly earnings | Neutral | -2.0% | Record combined ratio but quarterly net loss driven by investment weakness. |
| Aug 04 | Quarterly earnings | Neutral | +1.5% | Q2 mixed results with solid underwriting but softer net income versus prior year. |
| May 07 | Quarterly earnings | Positive | +0.1% | Strong Q1 net income, premium growth, and robust investment income performance. |
| Mar 10 | Annual earnings | Negative | -3.1% | Q4 2024 loss with high combined ratio despite profitable full-year results. |
| Nov 04 | Quarterly earnings | Positive | +7.6% | Strong Q3 2024 net income, sub-100% combined ratio, and investment gains. |
Earnings releases have generally been received in line with their tone, with both strong and weak quarters seeing price moves that align with the underlying results.
Over the past year, GLRE’s earnings releases have highlighted steadily improving underwriting and consistent book value growth. Q3 2024 showed strong profitability with a combined ratio below 100% and solid investment income. Q4 2024 brought a quarterly loss but full-year profitability and investment gains. Through 2025, Q1–Q3 results featured growing premiums, positive net income year-to-date, and rising fully diluted book value per share. Today’s Q4 and full-year 2025 report extends that narrative with record underwriting income and further book value expansion.
Historical Comparison
In the last five earnings releases, GLRE’s average 1-day move was about 0.84%, with reactions generally aligning to the underlying tone of results and underwriting trends.
Earnings over 2024–2025 show a progression from volatile quarterly results toward stronger, more consistent underwriting, premium growth, and steadily rising fully diluted book value per share.
Market Pulse Summary
The stock moved +5.3% in the session following this news. A strong positive reaction aligns with the company’s improvement trend in underwriting and book value. Prior earnings releases showed average 1-day moves of about 0.84%, generally tracking the tone of results. With record full-year underwriting income, a sub-100% combined ratio and fully diluted book value per share at $20.43, sentiment could stay constructive. However, investors have previously reacted to swings in investment income, so future quarters’ portfolio performance may influence sustainability.
Key Terms
combined ratio financial
non-gaap financial
regulation g regulatory
AI-generated analysis. Not financial advice.
Improves Q4 Combined Ratio to
Achieves Record Full-Year Underwriting Income.
GRAND CAYMAN, Cayman Islands, March 09, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) (“Greenlight Re” or the “Company”) today reported its financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter 2025 Highlights (all comparisons are to fourth quarter 2024 unless noted otherwise):
- Gross premiums written increased
12% to$161.3 million ; - Net premiums earned increased
12% to$165.6 million ; - Net underwriting income of
$13.0 million , compared to an underwriting loss of$18.0 million ; - Combined ratio of
92.1% , compared to112.1% ; - Total investment income of
$44.8 million , compared to$2.6 million ; - Net income of
$49.3 million , or$1.44 per diluted ordinary share, compared to a net loss of$27.4 million , or$(0.81) per diluted ordinary share; - Repurchased
$2.8 million of shares at an average cost of$14.02 per share; and - Fully diluted book value per share increased
8.1% to$20.43 , from$18.90 at September 30, 2025.
Year ended December 31, 2025 Highlights (all comparisons are to the same period in 2024):
- Gross premiums written increased
11% to$773.3 million ; - Net premiums earned increased
7% to$661.1 million ; - Net underwriting income of
$35.7 million compared to an underwriting loss of$8.2 million ; - Combined ratio of
94.6% , compared to101.4% ; - Total investment income of
$60.2 million , compared to$79.6 million ; - Net income of
$74.8 million , or$2.17 per diluted ordinary share, compared to$42.8 million , or$1.24 per diluted ordinary share; - Repurchased
$9.8 million of shares at an average cost of$13.76 per share; and - Fully diluted book value per share increased
13.8% to$20.43 , from$17.95 at December 31, 2024.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, “We are proud of our fourth quarter 2025 underwriting results, which resulted in a combined ratio of
David Einhorn, Chairman of the Board of Directors, said, “Greenlight Re had a solid year, with good results on both sides of the balance sheet; it grew fully-diluted book value per share
Greenlight Capital Re, Ltd. Fourth Quarter and Year-End 2025 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Tuesday, March 10, 2026, at 9:00 a.m. Eastern Time. Dial-in details:
U.S. toll free 1-877-407-9753
International 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1727630&tp_key=a76f5f514d
A telephone replay will be available following the call through March 15, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13754963. An audio file of the call will also be available on the Company’s website, www.greenlightre.com.
Non-GAAP Financial Measures
In presenting the Company’s results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company’s performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.
Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the “Company”) within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company’s behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd’s platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company’s innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky
| GREENLIGHT CAPITAL RE, LTD. CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Investments | |||||||
| Investment in related party investment fund, at fair value | $ | 504,555 | $ | 387,144 | |||
| Other investments | 62,911 | 73,160 | |||||
| Fixed maturity investments, at fair value | 65,609 | — | |||||
| Total investments | 633,075 | 460,304 | |||||
| Cash and cash equivalents | 111,756 | 64,685 | |||||
| Restricted cash and cash equivalents | 531,976 | 584,402 | |||||
| Reinsurance balances receivable | 664,381 | 704,483 | |||||
| Reinsurance recoverable on unpaid loss and loss adjustment expenses | 81,392 | 85,790 | |||||
| Deferred acquisition costs | 99,954 | 82,249 | |||||
| Unearned premiums ceded | 39,223 | 29,545 | |||||
| Other assets | 8,026 | 4,765 | |||||
| Total assets | $ | 2,169,783 | $ | 2,016,223 | |||
| Liabilities and equity | |||||||
| Liabilities | |||||||
| Loss and loss adjustment expense reserves | $ | 967,960 | $ | 860,969 | |||
| Unearned premium reserves | 361,704 | 324,551 | |||||
| Reinsurance balances payable | 95,853 | 105,892 | |||||
| Funds withheld | 16,105 | 21,878 | |||||
| Other liabilities | 15,460 | 6,305 | |||||
| Debt | 4,724 | 60,749 | |||||
| Total liabilities | 1,461,806 | 1,380,344 | |||||
| Commitments and Contingencies (Note 17) | |||||||
| Shareholders' equity | |||||||
| Preferred share capital (par value | — | — | |||||
| Ordinary share capital (par value | $ | 3,390 | $ | 3,483 | |||
| Additional paid-in capital | 478,910 | 481,551 | |||||
| Retained earnings | 225,677 | 150,845 | |||||
| Total shareholders' equity | 707,977 | 635,879 | |||||
| Total liabilities and equity | $ | 2,169,783 | $ | 2,016,223 | |||
| GREENLIGHT CAPITAL RE, LTD. CONSOLIDATED RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars, except percentages and per share amounts) | ||||||||||||||||
| Three months ended December 31 | Year ended December 31 | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Underwriting results: | ||||||||||||||||
| Gross premiums written | $ | 161,311 | $ | 143,756 | $ | 773,261 | $ | 698,335 | ||||||||
| Net premiums written | $ | 144,803 | $ | 131,297 | $ | 691,409 | $ | 621,265 | ||||||||
| Net premiums earned | $ | 165,621 | $ | 148,136 | $ | 661,144 | $ | 619,954 | ||||||||
| Net loss and LAE incurred: | ||||||||||||||||
| Current year | (95,726 | ) | (100,998 | ) | (399,200 | ) | (406,465 | ) | ||||||||
| Prior year | (4,310 | ) | (21,747 | ) | (12,392 | ) | (20,804 | ) | ||||||||
| Net loss and LAE incurred | (100,036 | ) | (122,745 | ) | (411,592 | ) | (427,269 | ) | ||||||||
| Acquisition costs | (44,177 | ) | (38,549 | ) | (184,853 | ) | (176,775 | ) | ||||||||
| Underwriting expenses | (8,316 | ) | (4,634 | ) | (28,627 | ) | (22,857 | ) | ||||||||
| Deposit interest expense | (54 | ) | (208 | ) | (421 | ) | (1,228 | ) | ||||||||
| Net underwriting income (loss) | 13,038 | (18,000 | ) | 35,651 | (8,175 | ) | ||||||||||
| Investment results: | ||||||||||||||||
| Income from investment in Solasglas | 36,194 | (8,817 | ) | 35,711 | 33,605 | |||||||||||
| Net investment income | 8,650 | 11,374 | 24,457 | 45,954 | ||||||||||||
| Total investment income | 44,844 | 2,557 | 60,168 | 79,559 | ||||||||||||
| Corporate and other expenses | (6,781 | ) | (3,043 | ) | (21,607 | ) | (16,377 | ) | ||||||||
| Foreign exchange gains (losses) | (167 | ) | (8,851 | ) | 8,465 | (5,606 | ) | |||||||||
| Interest expense | (328 | ) | (1,009 | ) | (4,366 | ) | (5,836 | ) | ||||||||
| Income tax expense | (1,325 | ) | 928 | (3,479 | ) | (749 | ) | |||||||||
| Net income | $ | 49,281 | $ | (27,418 | ) | $ | 74,832 | $ | 42,816 | |||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | 1.47 | $ | (0.81 | ) | $ | 2.21 | $ | 1.26 | |||||||
| Diluted | $ | 1.44 | $ | (0.81 | ) | $ | 2.17 | $ | 1.24 | |||||||
| Underwriting ratios: | ||||||||||||||||
| Current year loss ratio | 57.8 | % | 68.1 | % | 60.4 | % | 65.6 | % | ||||||||
| Prior year reserve development ratio | 2.6 | % | 14.7 | % | 1.9 | % | 3.4 | % | ||||||||
| Loss ratio | 60.4 | % | 82.8 | % | 62.3 | % | 69.0 | % | ||||||||
| Acquisition cost ratio | 26.7 | % | 26.0 | % | 28.0 | % | 28.5 | % | ||||||||
| Composite ratio | 87.1 | % | 108.8 | % | 90.2 | % | 97.5 | % | ||||||||
| Underwriting expense ratio | 5.1 | % | 3.3 | % | 4.4 | % | 3.9 | % | ||||||||
| Combined ratio | 92.1 | % | 112.1 | % | 94.6 | % | 101.4 | % | ||||||||
The following tables present the Company’s results by segment and on a consolidated basis:
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended December 31, 2025 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 124,193 | $ | 37,143 | $ | (25 | ) | $ | 161,311 | ||||||
| Net premiums written | $ | 123,598 | $ | 21,228 | $ | (23 | ) | $ | 144,803 | ||||||
| Net premiums earned | $ | 141,410 | $ | 24,235 | $ | (24 | ) | $ | 165,621 | ||||||
| Net loss and LAE incurred | (85,568 | ) | (14,470 | ) | 2 | (100,036 | ) | ||||||||
| Acquisition costs | (36,615 | ) | (7,879 | ) | 317 | (44,177 | ) | ||||||||
| Other underwriting expenses | (6,010 | ) | (2,306 | ) | — | (8,316 | ) | ||||||||
| Deposit interest expense, net | (54 | ) | — | — | (54 | ) | |||||||||
| Underwriting income (loss) | 13,163 | (420 | ) | 295 | 13,038 | ||||||||||
| Net investment income (loss) | 15,013 | 327 | (6,690 | ) | 8,650 | ||||||||||
| Corporate and other expenses | — | (805 | ) | (5,976 | ) | (6,781 | ) | ||||||||
| Income (loss) from investment in Solasglas | 36,194 | 36,194 | |||||||||||||
| Foreign exchange gains (losses) | (167 | ) | (167 | ) | |||||||||||
| Interest expense | (328 | ) | (328 | ) | |||||||||||
| Income (loss) before income taxes | $ | 28,176 | $ | (898 | ) | $ | 23,328 | $ | 50,606 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 60.5 | % | 59.7 | % | NM* | 60.4 | % | ||||||||
| Acquisition cost ratio | 25.9 | % | 32.5 | % | NM* | 26.7 | % | ||||||||
| Composite ratio | 86.4 | % | 92.2 | % | NM* | 87.1 | % | ||||||||
| Underwriting expenses ratio | 4.3 | % | 9.5 | % | NM* | 5.1 | % | ||||||||
| Combined ratio | 90.7 | % | 101.7 | % | NM* | 92.1 | % | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended December 31, 2024 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 123,095 | $ | 20,663 | $ | (2 | ) | $ | 143,756 | ||||||
| Net premiums written | $ | 113,907 | $ | 17,390 | $ | — | $ | 131,297 | |||||||
| Net premiums earned | $ | 127,870 | $ | 19,014 | $ | 1,252 | $ | 148,136 | |||||||
| Net loss and LAE incurred | (105,306 | ) | (12,955 | ) | (4,484 | ) | (122,745 | ) | |||||||
| Acquisition costs | (32,539 | ) | (5,729 | ) | (281 | ) | (38,549 | ) | |||||||
| Other underwriting expenses | (4,010 | ) | (624 | ) | — | (4,634 | ) | ||||||||
| Deposit interest expense, net | (208 | ) | — | — | (208 | ) | |||||||||
| Underwriting income (loss) | (14,193 | ) | (294 | ) | (3,513 | ) | (18,000 | ) | |||||||
| Net investment income | 10,871 | 266 | 237 | 11,374 | |||||||||||
| Corporate and other expenses | — | (437 | ) | (2,606 | ) | (3,043 | ) | ||||||||
| Income from investment in Solasglas | (8,817 | ) | (8,817 | ) | |||||||||||
| Foreign exchange gains (losses) | (8,851 | ) | (8,851 | ) | |||||||||||
| Other income | — | — | |||||||||||||
| Interest expense | (1,009 | ) | (1,009 | ) | |||||||||||
| Income (loss) before income taxes | $ | (3,322 | ) | $ | (465 | ) | $ | (24,559 | ) | $ | (28,346 | ) | |||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 82.4 | % | 68.1 | % | NM* | 82.8 | % | ||||||||
| Acquisition cost ratio | 25.4 | % | 30.1 | % | NM* | 26.0 | % | ||||||||
| Composite ratio | 107.8 | % | 98.2 | % | NM* | 108.8 | % | ||||||||
| Underwriting expenses ratio | 3.3 | % | 3.3 | % | NM* | 3.3 | % | ||||||||
| Combined ratio | 111.1 | % | 101.5 | % | NM* | 112.1 | % | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars) Year ended December 31, 2025 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 652,229 | $ | 121,598 | $ | (566 | ) | $ | 773,261 | ||||||
| Net premiums written | $ | 601,690 | $ | 90,233 | $ | (514 | ) | $ | 691,409 | ||||||
| Net premiums earned | $ | 576,032 | $ | 85,626 | $ | (514 | ) | $ | 661,144 | ||||||
| Net loss and LAE incurred | (358,396 | ) | (51,472 | ) | (1,724 | ) | (411,592 | ) | |||||||
| Acquisition costs | (158,465 | ) | (26,818 | ) | 430 | (184,853 | ) | ||||||||
| Other underwriting expenses | (21,114 | ) | (7,513 | ) | — | (28,627 | ) | ||||||||
| Deposit interest expense, net | (421 | ) | — | — | (421 | ) | |||||||||
| Underwriting income (loss) | 37,636 | (177 | ) | (1,808 | ) | 35,651 | |||||||||
| Net investment income (loss) | 32,036 | (10,064 | ) | 2,485 | 24,457 | ||||||||||
| Corporate and other expenses | — | (2,703 | ) | (18,904 | ) | (21,607 | ) | ||||||||
| Income (loss) from investment in Solasglas | 35,711 | 35,711 | |||||||||||||
| Foreign exchange gains (losses) | 8,465 | 8,465 | |||||||||||||
| Interest expense | (4,366 | ) | (4,366 | ) | |||||||||||
| Income (loss) before income taxes | $ | 69,672 | $ | (12,944 | ) | $ | 21,583 | $ | 78,311 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 62.2 | % | 60.1 | % | NM* | 62.3 | % | ||||||||
| Acquisition cost ratio | 27.5 | % | 31.3 | % | NM* | 28.0 | % | ||||||||
| Composite ratio | 89.7 | % | 91.4 | % | NM* | 90.2 | % | ||||||||
| Underwriting expenses ratio | 3.7 | % | 8.8 | % | NM* | 4.4 | % | ||||||||
| Combined ratio | 93.4 | % | 100.2 | % | NM* | 94.6 | % | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars) Year ended December 31, 2024 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | $ | 603,798 | $ | 94,725 | $ | (188 | ) | $ | 698,335 | ||||||
| Net premiums written | $ | 541,446 | $ | 80,016 | $ | (197 | ) | $ | 621,265 | ||||||
| Net premiums earned | $ | 511,922 | $ | 86,352 | $ | 21,680 | $ | 619,954 | |||||||
| Net loss and LAE incurred | (341,586 | ) | (51,939 | ) | (33,744 | ) | (427,269 | ) | |||||||
| Acquisition costs | (144,852 | ) | (27,151 | ) | (4,772 | ) | (176,775 | ) | |||||||
| Other underwriting expenses | (19,175 | ) | (3,682 | ) | — | (22,857 | ) | ||||||||
| Deposit interest expense, net | (1,228 | ) | — | — | (1,228 | ) | |||||||||
| Underwriting income (loss) | 5,081 | 3,580 | (16,836 | ) | (8,175 | ) | |||||||||
| Net investment income | 42,629 | 702 | 2,623 | 45,954 | |||||||||||
| Corporate and other expenses | — | (2,445 | ) | (13,932 | ) | (16,377 | ) | ||||||||
| Income from investment in Solasglas | 33,605 | 33,605 | |||||||||||||
| Foreign exchange gains (losses) | (5,606 | ) | (5,606 | ) | |||||||||||
| Other income | — | — | |||||||||||||
| Interest expense | (5,836 | ) | (5,836 | ) | |||||||||||
| Income (loss) before income taxes | $ | 47,710 | $ | 1,837 | $ | (5,982 | ) | $ | 43,565 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 66.7 | % | 60.1 | % | 155.6 | % | 69.0 | % | |||||||
| Acquisition cost ratio | 28.3 | % | 31.4 | % | 22.0 | % | 28.5 | % | |||||||
| Composite ratio | 95.0 | % | 91.5 | % | 177.6 | % | 97.5 | % | |||||||
| Underwriting expenses ratio | 4.0 | % | 4.3 | % | — | % | 3.9 | % | |||||||
| Combined ratio | 99.0 | % | 95.8 | % | 177.6 | % | 101.4 | % | |||||||
GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards (“non-GAAP financial measures”), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company’s historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company’s business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.
We use the following non-GAAP financial measure in this news release.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.
We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.
Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or “RSUs”. We believe these adjustments better reflect the ultimate dilution to our shareholders.
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||||||||
| ($ in thousands, except per share and share amounts) | |||||||||||||||||||
| Numerator for basic and fully diluted book value per share: | |||||||||||||||||||
| Total equity as reported under U.S. GAAP | $ | 707,977 | $ | 658,889 | $ | 663,318 | $ | 666,804 | $ | 635,879 | |||||||||
| Denominator for basic and fully diluted book value per share: | |||||||||||||||||||
| Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 33,897,709 | 34,099,226 | 34,198,153 | 34,557,449 | 34,831,324 | ||||||||||||||
| Add: In-the-money stock options(1)and all outstanding RSUs | 755,997 | 757,505 | 775,124 | 773,938 | 590,001 | ||||||||||||||
| Denominator for fully diluted book value per share | 34,653,706 | 34,856,731 | 34,973,277 | 35,331,387 | 35,421,325 | ||||||||||||||
| Basic book value per share | $ | 20.89 | $ | 19.32 | $ | 19.40 | $ | 19.30 | $ | 18.26 | |||||||||
| Fully diluted book value per share | $ | 20.43 | $ | 18.90 | $ | 18.97 | $ | 18.87 | $ | 17.95 | |||||||||
(1) Assuming net exercise by the grantee.
FAQ
What drove Greenlight Re (GLRE) Q4 2025 combined ratio improvement?
How much did Greenlight Re (GLRE) earn in net income for full-year 2025?
What were Greenlight Re's (GLRE) premium growth figures for 2025?
How did Greenlight Re (GLRE) change shareholder capital return in 2025?
Why did Greenlight Re (GLRE) investment income fall in 2025 versus 2024?
