Global Indemnity Group (GBLI) Q2 2026 earnings summary

Executive summary

• Net income rose to $11.1 million ($0.76/share) for Q2 2026 and $15.3 million ($1.05/share) for the first half, up 8% year-over-year and more than doubling from 2025.

• Underwriting income improved, with a current accident year combined ratio of 94.7% for Q2 and 94.8% for the first half, reflecting strong operating trends.

• Gross written premiums rose 9.6% year-over-year to $117.1 million for Q2 2026 and 3.9% to $213.5 million for the first half, with notable growth in Assumed Reinsurance and Collectibles.

• Book value per common share was $48.28 at June 30, 2026, compared to $48.96 at year-end 2025.

• Loss performance was robust, with favorable catastrophe experience and consistent non-catastrophe results.

Financial highlights

• Net earned premiums grew 3.7% year-over-year to $98.7 million for Q2 and 4.6% to $197.0 million for the first half.

• Net investment income increased 11.2% to $16.4 million for Q2, with a $2.3 million mark-to-market gain on limited partnerships.

• Book yield on the fixed income portfolio was 4.42% with an average duration of 1.08 years and AA- credit quality.

• Shareholders’ equity rose to $710.9 million at June 30, 2026, from $706.6 million at December 31, 2025.

• No debt outstanding as of June 30, 2026; total cash and investments were $1.4 billion.

Outlook and guidance

• Management expects full-year Belmont Core gross premium to finish approximately 15% above 2025 levels, implying strong double-digit growth in the second half.

• Investment income is projected to benefit from rising portfolio yields, targeting 4.9% by year-end.

• Expense ratio is expected to normalize by late 2028, with rapid improvement starting in 2027.

• Continued focus on disciplined underwriting and pricing standards amid competitive market conditions.

• No material changes to risk factors or capital resources anticipated for the remainder of 2026.