Global Indemnity Group, LLC reported a significant increase in net income available to shareholders for the full year ended December 31, 2024, reaching $42.8 million, or $3.12 per share. This represents a 71% increase compared to $25.0 million, or $1.83 per share, in 2023. The company's underwriting income also saw substantial improvement, rising to $17.8 million in 2024 from $3.0 million in the prior year.
The Penn-America segment, a core business unit, achieved 8.0% growth in gross written premiums, totaling $400.0 million for the full year. Excluding the planned decline in Specialty Products, this segment's growth was 11%. Penn-America's accident year underwriting income improved to $22.1 million in 2024 from $18.5 million in 2023, with its calendar year loss ratio improving to 56.9% from 65.8%.
Net investment income increased by 12.6% to $62.4 million in 2024, reflecting successful strategies to leverage the rising interest rate environment. The consolidated calendar year combined ratio improved to 95.6% in 2024 from 99.7% in 2023. Book value per share increased to $49.98 as of December 31, 2024.
Looking ahead, the company anticipates pretax net catastrophe losses of approximately $15.6 million from California wildfires in the first quarter of 2025. Management reiterated long-term financial goals, including achieving a compound annual growth rate of at least 10% for the insurance business, a combined ratio in the low 90s, and an expense ratio of 36%-37%.
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