GREENLIGHT CAPITAL RE, LTD.
For the period ended Dec 31, 2025. Filed Mar 9, 2026.
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FY2025 · Filed Mar 9, 2026
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Consolidated Results of Operations
The table below summarizes our consolidated operating results.
| 2025 · 2024 · Change | ||||
|---|---|---|---|---|
| Underwriting results: | ||||
| Gross premiums written | $773,261 | $698,335 | $74,926 | |
| Net premiums written | $691,409 | $621,265 | $70,144 | |
| Net premiums earned | $661,144 | $619,954 | $41,190 | |
| Net loss and LAE incurred: | ||||
| Current year | (399,200) | (406,465) | 7,265 | |
| Prior year (1) | (12,392) | (20,804) | 8,412 | |
| Net loss and LAE incurred | (411,592) | (427,269) | 15,677 | |
| Acquisition costs | (184,853) | (176,775) | (8,078) | |
| Underwriting expenses | (28,627) | (22,857) | (5,770) | |
| Deposit interest expense | (421) | (1,228) | 807 | |
| Net underwriting income (loss) | 35,651 | (8,175) | 43,826 | |
| Investment results: | ||||
| Income from investment in Solasglas | 35,711 | 33,605 | 2,106 | |
| Net investment income | 24,457 | 45,954 | (21,497) | |
| Total investment income | 60,168 | 79,559 | (19,391) | |
| Corporate and other expenses | (21,607) | (16,377) | (5,230) | |
| Foreign exchange gains (losses) | 8,465 | (5,606) | 14,071 | |
| Interest expense | (4,366) | (5,836) | 1,470 | |
| Income tax expense | (3,479) | (749) | (2,730) | |
| Net income | $74,832 | $42,816 | $32,016 | |
| Diluted earnings per share | $2.17 | $1.24 | $0.93 | |
| Underwriting ratios: | % Point Change | |||
| Attritional loss ratio | 53.4% | 56.3% | (2.9) | |
| Large event loss ratio | 3.0% | 1.8% | 1.2 | |
| CAT event loss ratio | 4.0% | 7.5% | (3.5) | |
| Current year loss ratio | 60.4% | 65.6% | (5.2) | |
| Prior year reserve development ratio | 1.9% | 3.4% | (1.5) | |
| Loss ratio | 62.3% | 69.0% | (6.7) | |
| Acquisition cost ratio | 28.0% | 28.5% | (0.5) | |
| Composite ratio | 90.2% | 97.5% | (7.2) | |
| Underwriting expense ratio | 4.4% | 3.9% | 0.5 | |
| Combined ratio | 94.6% | 101.4% | (6.8) | |
1 The net financial impact associated with changes in the estimate of losses incurred in prior years, which incorporates earned reinstatement premiums assumed and ceded, adjustments to assumed and ceded acquisition costs, and deposit interest income and expense, was a loss of $11.4 million in 2025 (2024: $21.8 million).
Consolidated Results of Operations for 2025 compared to 2024
Basic book value per share increased by $2.63 per share, or 14.4%, to $20.89 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $2.48 per share, or 13.8%, to $20.43 per share from $17.95 per share at December 31, 2024.
For the year ended December 31, 2025, net income increased by $32.0 million to $74.8 million, driven mainly by the following:
Underwriting income: Increased by $43.8 million due to 6.8 percentage points improvement in our combined ratio, driven predominantly by improved current year loss ratio and lower adverse prior year reserve development ratio. The lower attritional loss and CAT event loss ratios contributed to the lower current year loss ratio; partially offset by an increase in large event loss ratio. Refer to the “Results by Segment” section of the MD&A for further discussion and analysis.
Solasglas investment: Solasglas returned 7.5% in 2025, compared to 9.8% in 2024. However, income from our Solasglas investment was $2.1 million higher in 2025 versus 2024, due to the growth in the Investment Portfolio.
Foreign exchange gains (losses): $8.5 million foreign exchange gains for 2025, compared to $5.6 million foreign exchange losses for 2024, driven mainly by a stronger pound sterling movement against the U.S. dollar in 2025.
Interest expense: Decreased by $1.5 million predominantly driven by a decrease in the average outstanding debt balance in 2025 as a result of debt repayment due strong cash flows generated from operations.
Offset partially by:
Investment income: Decreased by $19.4 million primarily driven by lower investment income on cash and cash equivalents mainly due to lower yields, losses on Innovations investments, and lower returns on funds withheld by third party Lloyd’s syndicates. The Lloyd’s syndicates invest a portion of these funds in fixed maturity securities, equities, and investment funds. We record our share of the investment income and fair value adjustments on these securities when the syndicates report them to us, generally on a quarter in arrears. See Note 14 “Net Investment Income” of the consolidated financial financial statements for further details.
Corporate and other expenses: Increased by $5.2 million predominantly driven by an increase in non-underwriting personnel costs, including higher incentive compensation expense as a result of strong underwriting results in 2025.
Income tax expense: Increased by $2.7 million due to increased taxable income from our operations in Ireland and U.K.
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