Global Indemnity Group, LLC
For the period ended Sep 30, 2025. Filed Oct 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 31, 2025
GBLI$21.75+3.6%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-06.
0000950170-25-104150
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001193125-25-259858
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 137 previous paragraphs and 140 current paragraphs.
66 unchanged; 61 reworded; 12 added; 9 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
2025 Third Quarter Results of Operations
Current report
Gross written premiums increased 8.6% to $108.4 million as compared to the same period in 2024.
Current report
Net investment income of $17.9 million in 2025 was 8.6% higher than the same period in 2024 due to increase in income from investment in limited partnerships of $1.5 million.
Current report
Current accident year combined ratio was 90.4% in 2025 compared to 93.5% for the same period in 2024.
Current report
On August 8, 2025, AM Best affirmed the Financial Strength Rating of A (Excellent) for the U.S. operating subsidiaries of Global Indemnity Group, LLC.
Current report
The Company continued executing its post-reorganization strategy through the acquisition of Sayata and initiating the launch of Valyn Re LLC, a reinsurance managing general agency. The Company is focused on building significant scale in its Agency and Insurance Services segment under Katalyx Holdings LLC and across wholesale, retail and direct-to-consumer channels. This is intended to be accomplished through continued organic business growth, increasing operational efficiency, incubation and new products and services launches, including attracting third-party carrier capacity, and strategic acquisitions. In addition, the Company expects to make continued investments in technology and the Company’s Belmont Core segment.
Current report
Gross written premiums increased by 8.6% to $108.4 million for the quarter ended September 30, 2025 compared to $99.8 million for the same period in 2024 and increased 6.8% to $313.8 million for the nine months ended September 30, 2025 compared to $294.0 million for the same period in 2024.
Current report
The increase in the expense ratio for the nine months ended September 30, 2025 is primarily due to the investment in underwriting personnel at Katalyx Holdings LLC.
Current report
Net investment income from the Company’s fixed maturities portfolio decreased by 3.6% for the quarter ended September 30, 2025 as compared to the same period in 2024 primarily due to a lower average yield in 2025 as compared to 2024. Net investment income from the Company’s fixed maturities portfolio grew by 2.0% for the nine months ended September 30, 2025 as compared to the same period in 2024 due to a higher average yield in 2025 as compared to 2024.
Current report
Net investment income from equities increased by $0.5 million to $0.7 million for the quarter ended September 30, 2025 and increased by $0.4 million to $1.0 million for the nine months ended September 30, 2025 as compared to the same periods in 2024 primarily driven by the Company's $25 million investment in common equities during the third quarter of 2025.
Current report
Net Realized Investment Gains (Losses)
Current report
Net realized investment losses for the quarter and nine months ended September 30, 2025 were primarily due to changes in fair value on the Company's $25 million investment in common equities held during the quarter.
Removed paragraphs (9)
Previous report
2025 Second Quarter Results of Operations
Previous report
Gross written premiums increased 6.1% to $106.8 million.
Previous report
Net investment income of $14.7 million in 2025 was 3.9% lower than the same period in 2024 due to loss from investment in limited partnerships of $0.6 million. Net investment income from the Company's fixed maturities portfolio increased 2.3% to $15.3 million. Book yield on the fixed maturities portfolio increased to 4.54% at June 30, 2025 from 4.49% at March 31, 2025.
Previous report
Current accident year combined ratio was 94.6% in 2025 compared to 96.7% for the same period in 2024.
Previous report
Gross written premiums increased by 6.1% to $106.8 million for the quarter ended June 30, 2025 compared to $100.7 million for the same period in 2024 and increased 5.8% to $205.5 million for the six months ended June 30, 2025 compared to $194.2 million for the same period in 2024.
Previous report
California Wildfires of 8.3 points, was 94.7% for the six months ended June 30, 2025 compared to 95.8% for the same period in 2024.
Previous report
The increase in the expense ratio for the six months ended June 30, 2025 is primarily due to decline in earned premiums within Belmont Non-Core partially offset by a decrease in the commission expense ratio due to mix of business.
Previous report
Net investment income from the Company’s fixed maturities portfolio increased 2.3% and 4.4% for the quarter and six months ended June 30, 2025, respectively, as compared to the same periods in 2024 due to an improved yield. The book yield on the Company’s fixed maturities portfolio was 4.54% and 4.47% as of June 30, 2025 and June 30, 2024, respectively. During the six months ended June 30, 2025, approximately $400 million of the fixed maturities portfolio was reinvested at 5.5%, consisting of high quality corporates and structured securities. As a result of this strategy, duration increased to 1.2 as of June 30, 2025 compared to duration of 0.8 as of December 31, 2024.
Previous report
Net Realized Investment Gains
Reworded paragraphs (61)
Previous wording
Agency and Insurance Services consists of (i) three agencies: Penn-America Insurance Services, LLC, J.H. Ferguson and Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC that source, underwrite, and service policies and (ii) two strategic insurance product and service businesses: Liberty Insurance Adjustment Agency, Inc., a claims adjustment and claims service business, and Kaleidoscope Insurance Technologies, Inc., a proprietary insurance software and services provider.
Current wording
Agency and Insurance Services includes (i) four agencies focused on sourcing, underwriting, and servicing primary and reinsurance business: Penn-America Insurance Services, LLC, Valyn Re LLC (formed in October 2025 to provide proportional treaty coverage for both commercial and personal lines), J.H. Ferguson & Associates, LLC, which includes the Vacant Express division, and Collectibles Insurance Services, LLC and (ii) three specialized insurance product and service businesses: Kaleidoscope Insurance Technologies, Inc., a developer of proprietary underwriting and policy systems supporting Katalyx Holdings agencies and broader digital initiatives; Sayata, an artificial intelligence-enabled insurance marketplace; and Liberty Insurance Adjustment Agency, Inc., a provider of claims evaluation, adjustment, and related services.
Previous wording
Segment results for the quarter and six months ended June 30, 2024 have been recast to conform to the new reportable segments.
Current wording
Segment results for the quarter and nine months ended September 30, 2024 have been recast to conform to the new reportable segments.
Previous wording
Current accident year underwriting income increased 61% to $5.6 million for 2025 compared to $3.5 million of underwriting income for the same period in 2024.
Current wording
Current accident year underwriting income increased 54% to $10.2 million for 2025 compared to $6.6 million of underwriting income for the same period in 2024.
Previous wording
Net income of $10.3 million, or $0.71 per share diluted, in 2025 compared to $10.1 million, or $0.73 per share diluted, for the same period in 2024.
Current wording
Net income of $12.5 million, or $0.86 per share diluted, in 2025 compared to $12.8 million, or $0.92 per share diluted, for the same period in 2024.
Previous wording
2025 Second Quarter Consolidated Financial Condition
Current wording
2025 Third Quarter Consolidated Financial Condition
Previous wording
Total cash and investments of $1.4 billion at June 30, 2025 and December 31, 2024; fixed maturities and cash comprise 98% of total investments.
Current wording
Total cash and investments of $1.4 billion at September 30, 2025 and December 31, 2024; fixed maturities and cash comprise 96% of total investments.
Previous wording
Since the Company's initial public offering in 2003, the total capital returned to shareholders was $639.3 million, comprising $522.2 million of share repurchases and $117.1 million of distributions / dividends. This includes $10.2 million of distributions during 2025.
Current wording
Since the Company's initial public offering in 2003, the total capital returned to shareholders was $644.4 million, comprising $522.2 million of share repurchases and $122.2 million of distributions / dividends. This includes $15.3 million of distributions during 2025.
Previous wording
Shareholders' equity increased by $6.1 million to $695.3 million at June 30, 2025 from $687.1 million at March 31, 2025.
Current wording
Shareholders' equity increased by $8.8 million to $704.1 million at September 30, 2025 from $695.3 million at June 30, 2025.
Previous wording
Book value per common share increased to $48.35 at June 30, 2025 from $47.85 at March 31, 2025.
Current wording
Book value per common share increased to $48.88 at September 30, 2025 from $48.35 at June 30, 2025.
Previous wording
The following table summarizes the Company’s results for the quarters and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes the Company’s results for the quarters and nine months ended September 30, 2025 and 2024:
Previous wording
In the aggregate, direct written premiums for Wholesale Commercial, Vacant Express, and Collectibles grew by 10.3% and 9.5% for the quarter and six months ended June 30, 2025, respectively, as compared to same periods in 2024. This growth was driven by premium rate increases, new agency appointments, organic growth of existing agents, and new products.
Current wording
In the aggregate, direct written premiums for Wholesale Commercial, Vacant Express, and Collectibles grew by 8.7% and 9.2% for the quarter and nine months ended September 30, 2025, respectively, as compared to same periods in 2024. This growth was driven by premium rate increases, new agency appointments, organic growth of existing agents, and new products.
Previous wording
Direct written premiums for Specialty Products declined by 26.1% and 42.0% for the quarter and six months ended June 30, 2025, respectively, as compared to same periods in 2024 due to terminating products not meeting profitability expectations. Excluding terminated business, growth in direct written premiums would have been 32.4% and 20.4% for the quarter and six months ended June 30, 2025, respectively.
Current wording
Direct written premiums for Specialty Products declined by 45.5% and 43.1% for the quarter and nine months ended September 30, 2025, respectively, as compared to same periods in 2024 due to terminating products not meeting profitability expectations. Excluding terminated business, Specialty Product's direct written premiums declined 3.9% for the quarter ended September 30, 2025 and grew by 12.3% for the nine months ended September 30, 2025.
Previous wording
Belmont Core's assumed business grew to $12.0 million and $23.0 million for the quarter and six months ended June 30, 2025, respectively, from $6.5 million and $9.4 million for the same period in 2024 due to new treaties incepting during 2024 and 2025.
Current wording
Belmont Core's assumed business grew to $15.6 million and $38.6 million for the quarter and nine months ended September 30, 2025, respectively, from $9.9 million and $19.3 million for the same period in 2024 due to new treaties incepting during 2024 and 2025 and organic growth from existing treaties.
Previous wording
The Company generated underwriting income of $5.8 million for the quarter ended June 30, 2025 compared to $3.5 million of underwriting income for the same period in 2024. The current accident year combined ratio improved 2.1 points to 94.6% for the quarter ended June 30, 2025 from 96.7% for the same period in 2024.
Current wording
The Company generated underwriting income of $10.0 million for the quarter ended September 30, 2025 compared to $5.8 million of underwriting income for the same period in 2024. The current accident year combined ratio improved 3.5 points to 90.4% for the quarter ended September 30, 2025 from 93.5% for the same period in 2024.
Previous wording
Net earned premiums within the Belmont Core segment increased by 9.1% to $97.5 million for the quarter ended June 30, 2025 compared to $89.4 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $40.4 million and $39.1 million for the quarters ended June 30, 2025 and 2024, respectively. Casualty net earned premiums were $57.1 million and $50.2 million for the quarters ended June 30, 2025 and 2024, respectively.
Current wording
Net earned premiums within the Belmont Core segment increased by 5.8% to $99.4 million for the quarter ended September 30, 2025 compared to $94.0 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $40.6 million and $43.0 million for the quarters ended September 30, 2025 and 2024, respectively. Casualty net earned premiums were $58.7 million and $50.9 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous wording
Agency and Insurance Services segment recorded $11.5 million of commission income on direct premiums produced for Belmont Core and $3.4 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments during the quarter ended June 30, 2025. There were no revenues for
Current wording
Agency and Insurance Services segment recorded $11.0 million of commission income on direct premiums produced for Belmont Core and $3.4 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments during the quarter ended September 30, 2025. There were no revenues for 2024 since these affiliated agreements incepted effective on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.
Previous wording
Policy and installment fee income was $0.5 million and $0.4 million for the quarters ended June 30, 2025 and 2024, respectively.
Current wording
Policy and installment fee income was $0.6 million and $0.4 million for the quarters ended September 30, 2025 and 2024, respectively.
Previous wording
The current accident year loss ratio improved by 2.3 points to 55.6% for the quarter ended June 30, 2025 compared to 57.9% for the same period in 2024 primarily driven by an improvement in the non-catastrophe property loss ratio.
Current wording
The current accident year loss ratio improved by 4.9 points to 50.1% for the quarter ended September 30, 2025 compared to 55.0% for the same period in 2024 primarily driven by an improvement in both the non-catastrophe and catastrophe property loss ratio.
Previous wording
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million for the quarters ended June 30, 2025 and 2024. Please see Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.
Current wording
Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million for the quarters ended September 30, 2025 and 2024. Please see Note 7 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.
Previous wording
Underwriting loss of $4.7 million for the six months ended June 30, 2025 includes net losses and loss adjustment expenses related to California Wildfires in January 2025 ("California Wildfires"), totaling $15.7 million, compared to $8.8 million of underwriting income for the same period in 2024. Excluding California Wildfires, the underwriting income was $11.0 million for the six months ended June 30, 2025. The current accident year combined ratio, excluding the impact of the
Current wording
Underwriting income of $5.3 million for the nine months ended September 30, 2025 includes net losses and loss adjustment expenses related to California Wildfires in January 2025 ("California Wildfires"), totaling $15.8 million, compared to $14.6 million of underwriting income for the same period in 2024. Excluding California Wildfires, the underwriting income was $21.1 million for the nine months ended September 30, 2025. The current accident year combined ratio, excluding the impact of the California Wildfires of 5.5 points, was 93.2% for the nine months ended September 30, 2025 compared to 95.0% for the same period in 2024.
Previous wording
Net earned premiums within the Belmont Core segment increased by 6.3% to $189.8 million for the six months ended June 30, 2025 compared to $178.5 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $78.1 million and $79.0 million for the six months ended June 30, 2025 and 2024, respectively. Casualty net earned premiums were $111.7 million and $99.5 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Net earned premiums within the Belmont Core segment increased by 6.1% to $289.2 million for the nine months ended September 30, 2025 compared to $272.5 million for the same period in 2024 due to growth in its gross written premiums. Property net earned premiums were $118.7 million and $122.1 million for the nine months ended September 30, 2025 and 2024, respectively. Casualty net earned premiums were $170.4 million and $150.4 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Agency and Insurance Services segment recorded $22.0 million of commission income on direct premiums produced for Belmont Core and $6.9 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments for the six months ended June 30, 2025. There were no revenues for 2024 since these affiliated agreements incepted on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.
Current wording
Agency and Insurance Services segment recorded $33.1 million of commission income on direct premiums produced for Belmont Core and $10.3 million of service fee income for technology and claims services provided to Belmont Core and Non-Core segments for the nine months ended September 30, 2025. There were no revenues for 2024 since these affiliated agreements incepted effective on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.
Previous wording
Policy and installment fee income was $1.0 million and $0.7 million for the six months ended June 30, 2025 and 2024, respectively.
Current wording
Policy and installment fee income was $1.6 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
The current accident year loss ratio increased by 6.9 points to 63.5% for the six months ended June 30, 2025 compared to 56.6% for the same period in 2024 driven by the California Wildfires which impacted the current accident year loss ratio by 8.3 points.
Current wording
The current accident year loss ratio increased by 2.9 points to 58.9% for the nine months ended September 30, 2025 compared to 56.0% for the same period in 2024 driven by the California Wildfires which impacted the current accident year loss ratio by 5.5 points.
Previous wording
Net losses and loss adjustment expenses related to prior accident years were less than $0.1 million for the six months ended June 30, 2025 and 2024. Please see Note 6 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.
Current wording
Net losses and loss adjustment expenses related to prior accident years were a decrease of less than $0.1 million and ($0.1) million for the nine months ended September 30, 2025 and 2024, respectively. Please see Note 7 of the notes to the consolidated financial statements in Item 1 of Part I of this report for further discussion on prior accident year development.
Previous wording
The current accident year non-catastrophe property loss ratio improved by 7.4 points during the quarter ended June 30, 2025 as compared to the same period in 2024 driven by lower claims frequency.
Current wording
The current accident year non-catastrophe property loss ratio improved by 6.7 points during the quarter ended September 30, 2025 as compared to the same period in 2024 driven by lower claims frequency.
Previous wording
The current accident year catastrophe loss ratio increased by 3.9 points during the quarter ended June 30, 2025 as compared to the same period in 2024 recognizing higher claims severity.
Current wording
The current accident year catastrophe loss ratio improved by 5.0 points during the quarter ended September 30, 2025 as compared to the same period in 2024 recognizing lower claims frequency.
Previous wording
The current accident year casualty loss ratio improved by 1.3 points during the quarter ended June 30, 2025 mainly driven by improved pricing from rate increases in 2024.
Current wording
The current accident year casualty loss ratio improved by 0.8 points during the quarter ended September 30, 2025 mainly driven by improved pricing from rate increases in 2024 and 2025.
Previous wording
The current accident year non-catastrophe property loss ratio was 42.4% for the six months ended June 30, 2025 compared to 44.6% for the same period in 2024, an improvement of 2.2 points driven by lower claims frequency.
Current wording
The current accident year non-catastrophe property loss ratio was 40.1% for the nine months ended September 30, 2025 compared to 43.8% for the same period in 2024, an improvement of 3.7 points driven by lower claims frequency.
Previous wording
The current accident year catastrophe net losses and loss adjustment expenses increased to $23.1 million for the six months ended June 30, 2025 compared to $6.8 million for the same period in 2024. Excluding the California Wildfires, catastrophe net losses and loss adjustment expenses would have been $7.4 million or a loss ratio of 9.4% for the six months ended June 30, 2025 compared to $6.8 million of catastrophe net losses and loss adjustment expenses or an 8.6% catastrophe loss ratio for the same period in 2024.
Current wording
The current accident year catastrophe net losses and loss adjustment expenses increased to $24.4 million for the nine months ended September 30, 2025 compared to $10.3 million for the same period in 2024. Excluding the California Wildfires, catastrophe net losses and loss adjustment expenses would have been $8.6 million or a loss ratio of 7.2% for the nine months ended September 30, 2025 compared to $10.3 million of catastrophe net losses and loss adjustment expenses or an 8.4% catastrophe loss ratio for the same period in 2024.
Previous wording
The current accident year casualty loss ratio improved by 1.5 points for the six months ended June 30, 2025 mainly driven by improved pricing from rate increases in 2024.
Current wording
The current accident year casualty loss ratio improved by 1.2 points for the nine months ended September 30, 2025 mainly driven by improved pricing from rate increases in 2024 and 2025.
Previous wording
The following table summarizes the components of the expense ratio for the quarters and six months ended June 30, 2025 and 2024:
Current wording
The following table summarizes the components of the expense ratio for the quarters and nine months ended September 30, 2025 and 2024:
Previous wording
Net investment income decreased 3.9% to $14.7 million for the quarter ended June 30, 2025 from $15.3 million for the same period in 2024 and decreased 1.1% to $29.5 million for the six months ended June 30, 2025 from $29.8 million for the same period in 2024 mainly driven by performance in limited partnerships offset by improved yield on fixed maturities.
Current wording
Net investment income increased 8.6% to $17.9 million for the quarter ended September 30, 2025 from $16.5 million for the same period in 2024 and increased 2.3% to $47.4 million for the nine months ended September 30, 2025 from $46.3 million for the same period in 2024 mainly driven by performance in limited partnerships for the quarter and improved yield on fixed maturities for the nine months.
Previous wording
Income from limited partnerships declined to a loss of $0.7 million for the six months ended June 30, 2025 compared to a gain of $0.9 million for the same period in 2024 mainly due to the decline in fair value in one of the Company's limited partnership investments.
Current wording
Income from limited partnerships increased by $1.5 million for the quarter ended September 30, 2025 and decreased by $0.2 million for the nine months ended September 30, 2025. These fluctuations were primarily attributable to changes in the fair value of one of the Company's limited partnership investments.
Previous wording
The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating and consist of the following:
Current wording
The Company's fixed maturities portfolio continues to maintain high quality with an AA- average rating and consists of the following:
Previous wording
The components of net realized investment gains for the quarters and six months ended June 30, 2025 and 2024 were as follows:
Current wording
The components of net realized investment gains (losses) for the quarters and nine months ended September 30, 2025 and 2024 were as follows:
Previous wording
See Note 2 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters and six months ended June 30, 2025 and 2024.
Current wording
See Note 3 of the notes to the consolidated financial statements in Item 1 of Part I of this report for an analysis of total investment return on a pre-tax basis for the quarters and nine months ended September 30, 2025 and 2024.
Previous wording
Corporate expenses increased $1.1 million to $7.5 million for the quarter ended June 30, 2025 from $6.4 million for the same period in 2024 primarily due to an increase in professional fees related to Company’s newly formed agency and insurance services companies.
Current wording
Corporate expenses increased $1.9 million to $7.8 million for the quarter ended September 30, 2025 from $5.9 million for the same period in 2024 primarily due to an increase in professional fees related to the acquisition of Sayata and an increase in employee and recruiting costs related to investment in the Company’s newly formed Agency and Insurance Services segment.
Previous wording
Corporate expenses increased $4.3 million to $17.0 million for the six months ended June 30, 2025 compared to $12.8 million for the same period in 2024 primarily driven by $2.9 million of advisory fees consisting mainly of stock compensation approved and granted by the Board of Directors to Fox Paine & Company, LLC in the first quarter of 2025 related to the Company’s internal reorganization and employee costs and professional fees related to investment in the Company’s newly formed agency and insurance services companies. See Note 8 of the notes to the consolidated financial statements in Item 1 of Part I of this report for additional information on the advisory fee.
Current wording
Corporate expenses increased $6.2 million to $24.9 million for the nine months ended September 30, 2025 compared to $18.7 million for the same period in 2024 primarily driven by $2.9 million of advisory fees consisting mainly of stock compensation approved and granted by the Board of Directors to Fox Paine & Company, LLC in the first quarter of 2025 related to the Company’s internal reorganization, an increase in professional fees related to the acquisition of Sayata, and an increase in employee and recruiting costs related to investment in the Company’s newly formed Agency and Insurance Services segment.
Previous wording
Income tax expense was $2.8 million on net income before tax of $13.1 million for the quarter ended June 30, 2025. This compares to income tax expense of $2.6 million on net income before tax of $12.7 million for the same period in 2024.
Current wording
Income tax expense was $3.5 million on net income before tax of $16.1 million for the quarter ended September 30, 2025. This compares to income tax expense of $3.1 million on net income before tax of $15.9 million for the same period in 2024.
Showing the first 40 of 61 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
See Note 9 of the notes to the consolidated financial statements in Item 1 of Part I of this report for additional information on the advisory fee.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
2024 since these affiliated agreements incepted on January 1, 2025. The commission and service fee income for the Agency and Insurance Services segment are eliminated in the Company's Consolidated Financial Statements.