Enstar Group (ESGR) Q4 2024 earnings summary

Executive summary

• Entered definitive merger agreement to be acquired by Sixth Street for $5.1 billion ($338/share); approved by shareholders in November 2024.

• Market leader in legacy (re)insurance acquisitions, with global operations and a focus on capital release solutions.

Financial highlights

• Return on equity (ROE) for 2024 was 10.7%, down from 24.2% in 2023; adjusted ROE was 12.7% vs. 18.8% prior year.

• Net income attributable to ordinary shareholders was $540 million in 2024, compared to $1,082 million in 2023.

• Book value per ordinary share rose to $380.29 at year-end 2024 from $343.45 in 2023; fully diluted BVPS increased to $368.47 from $336.72.

• Annualized total investment return (TIR) was 6.3% in 2024, down from 7.2% in 2023; adjusted TIR was 7.1% vs. 5.5% prior year.

• Ordinary shares repurchased: 2,439,447 in 2024 at an average price of $233.92.

Outlook and guidance

• Forward-looking statements highlight risks and uncertainties; no specific financial guidance provided due to pending acquisition.