GREENLIGHT CAPITAL RE LTD
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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, 2024 · Filed Nov 4, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Key Financial Measures and Non-GAAP Measures
There have been no changes to our key financial measures, including non-GAAP financial measures, as described in the MD&A of our 2023 Form 10-K.
Fully Diluted Book Value Per Share
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):
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | |
|---|---|---|---|---|---|
| Numerator for basic and fully diluted book value per share: | |||||
| Total equity as reported under U.S. GAAP | $663,418 | $634,020 | $624,458 | $596,095 | $575,865 |
| 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 | 34,832,493 | 35,321,144 | 35,321,144 | 35,336,732 | 35,337,407 |
| Add: In-the-money stock options (1) and all outstanding RSUs | 602,013 | 594,612 | 585,334 | 264,870 | 312,409 |
| Denominator for fully diluted book value per share | 35,434,506 | 35,915,756 | 35,906,478 | 35,601,602 | 35,649,816 |
| Basic book value per share | $19.05 | $17.95 | $17.68 | $16.87 | $16.30 |
| Increase in basic book value per share ($) | $1.10 | $0.27 | $0.81 | $0.57 | $0.39 |
| Increase in basic book value per share (%) | 6.1% | 1.5% | 4.8% | 3.5% | 2.5% |
| Fully diluted book value per share | $18.72 | $17.65 | $17.39 | $16.74 | $16.15 |
| Increase in fully diluted book value per share ($) | $1.07 | $0.26 | $0.65 | $0.59 | $0.38 |
| Increase in fully diluted book value per share (%) | 6.1% | 1.5% | 3.9% | 3.7% | 2.4% |
(1)Assuming net exercise by the grantee.
Net Underwriting Income
The reconciliations of net underwriting income to income before income taxes (the most directly comparable U.S. GAAP financial measure) on a consolidated basis are shown below:
| Three months ended September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Income before income tax | $35,960 | $13,506 | $71,911 | $69,335 |
| Add (subtract): | ||||
| Total investment income | (28,088) | (5,105) | (67,033) | (52,496) |
| Foreign exchange losses (gains) | (5,826) | 1,999 | (3,245) | (7,661) |
| Other non-underwriting income | (2,210) | (706) | (9,969) | (5,738) |
| Corporate expenses | 4,253 | 3,266 | 13,334 | 13,820 |
| Interest expense | 2,018 | 1,457 | 4,827 | 2,977 |
| Net underwriting income | $6,107 | $14,417 | $9,825 | $20,237 |
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