Greenlight Capital Re (GLRE) Q4 2025 earnings summary

Executive summary

• Achieved record full-year underwriting income of $35.7 million in 2025, with a combined ratio of 94.6% for the year and 92.1% in Q4 2025.

• Net income for Q4 2025 was $49.3 million, and for the full year, $74.8 million, up from $42.8 million in 2024.

• Fully diluted book value per share rose 8.1% in Q4 and 13.8% year-over-year to $20.43.

• Gross premiums written increased to $773.3 million in 2025, up from $698.3 million in 2024, with Q4 premiums up 12%.

• Q4 marked the 10th profitable underwriting quarter out of the last 12, reflecting effective strategy execution.

Financial highlights

• Q4 2025 net underwriting profit was $13 million, with a combined ratio of 92.1%.

• Investment return from Solasglas was $36 million (7.9% gain) in Q4; total Q4 investment income was $44.8 million, up from $2.6 million in Q4 2024.

• Return on equity rose to 11.1% for 2025 from 7.0% in 2024.

• Debt leverage ratio reduced from 9.5% to 0.7% during 2025; total shareholders’ equity reached $708 million at year-end.

• Repurchased $9.8 million in shares during 2025, including $2.8 million in Q4.

Outlook and guidance

• Optimistic about 2026 opportunities and positioning, with a focus on underwriting excellence, diversified risk profile, and disciplined growth in the Innovations segment.

• Continued emphasis on long-term book value growth and value-oriented investment strategy.

• Innovations portfolio expected to grow, with expense ratio normalizing as scale increases.