The company maintains a defensive capital structure characterized by a near-zero debt-to-equity ratio and total equity that has grown to $706.6 million as of 2025Q4.
Global Indemnity Group, LLC (GBLI) balance sheet — 24-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Assets | 1.72B | 1.72B | 1.73B | 1.73B | 1.8B | 2.01B | 1.9B | 2.08B | 1.96B | 2B | 1.97B | 1.96B | 1.93B | 1.91B | 1.9B | 2.08B | 2.29B | 2.45B | 2.47B | 2.78B | 2.98B | 3.11B | 2.63B | 2.85B | 2.69B |
| Asset Growth % | 97943.67% | -0.61% | 0.1% | -3.93% | -10.56% | 5.66% | -8.24% | 5.9% | -2.07% | 1.46% | 0.8% | 1.41% | 0.95% | 0.42% | -8.28% | -9.55% | -6.23% | -1.06% | -10.88% | -7.02% | -3.93% | 18.3% | -7.82% | 6.07% | - |
| Total Investment Assets | 4M | 1.38B | 1.42B | 1.04B | 2.51B | 2.5B | 2.48B | 2.77B | 1.41B | 1.46B | 1.43B | 1.45B | 1.44B | 1.46B | 1.43B | 1.47B | 1.59B | 1.55B | 1.26B | 1.52B | 1.38B | 1.15B | 628.39M | 588.08M | 461.02M |
| Long-Term Investments | 850.93M | 288.05M | 239.83M | 38.24M | 1.27B | 1.3B | 1.29B | 1.52B | 1.36B | 1.38B | 1.36B | 1.45B | 1.44B | 1.46B | 1.43B | 1.47B | 1.59B | 1.55B | 1.26B | 1.52B | 1.38B | 1.15B | 628.39M | 588.08M | 461.02M |
| Short-Term Investments | 1.23B | 1.09B | 1.18B | 1B | 1.25B | 1.2B | 1.19B | 1.25B | 1.24B | 1.38B | 1.36B | 1.45B | 1.44B | 1.46B | 1.43B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 247.49M | 1.29B | 1.35B | 38.04M | 1.54B | 1.51B | 1.46B | 1.51B | 1.55B | 158.8M | 167.2M | 156.28M | 115.41M | 155.38M | 149.62M | 223.7M | 176.54M | 188.9M | 309.09M | 964.03M | 1.26B | 1.5B | 1.77B | 1.98B | 1.85B |
| Cash & Equivalents | 97.52M | 65.54M | 17.01M | 38.04M | 38.85M | 78.28M | 67.36M | 44.27M | 99.5M | 74.41M | 75.11M | 67.04M | 172.52M | 105.49M | 104.46M | 175.86M | 119.89M | 185.13M | 292.6M | 244.32M | 273.75M | 220.12M | 242.12M | 214.8M | 72.94M |
| Receivables | 499.77M | 132.18M | 142.82M | 186.46M | 254.46M | 228.31M | 198.14M | 212.96M | 87.68M | 0 | 0 | 0 | 56.59M | 248.5M | 0 | 339.54M | 56.66M | 73.23M | 16.49M | 719.71M | 982.5M | 1.28B | 1.53B | 1.77B | 1.78B |
| Other Current Assets | -1.23B | 0 | 0 | -1.05B | 425.99M | 385.09M | 356.32M | 324.74M | 450.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 358.13M | 0 | 0 | 0 |
| Goodwill & Intangibles | 43.07B | 62.85M | 60.06M | 19.28M | 19.63M | 25.66M | 27.48M | 28.01M | 28.54M | 29.07M | 29.6M | 30.13M | 22.46M | 22.81M | 23.16M | 23.52M | 23.9M | 9.24M | 9.31M | 106.77M | 107.77M | 132.71M | 0 | 0 | 0 |
| Goodwill | 4.82B | 4.82M | 4.82M | 4.82M | 4.82M | 5.4M | 6.52M | 6.52M | 6.52M | 6.52M | 6.52M | 6.52M | 4.82M | 4.82M | 4.82M | 4.82M | 4.82M | 0 | 0 | 84.25M | 84.25M | 101.85M | 0 | 0 | 0 |
| Intangible Assets | 16.61B | 58.03M | 55.24M | 14.46M | 14.81M | 20.26M | 20.96M | 21.49M | 22.02M | 22.55M | 23.08M | 23.61M | 17.64M | 17.99M | 18.34M | 18.7M | 19.08M | 9.24M | 9.31M | 22.52M | 23.53M | 30.85M | 0 | 0 | 0 |
| PP&E (Net) | 7.55B | 8.17M | 9.29M | 9.71M | 11.74M | 16.05M | 1.28B | 1.51B | 1.34B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | -27.6B | 52.07M | 52.69M | 718.97M | -47.1M | -37.33M | -1.32B | -1.54B | -1.39B | -1.38B | -1.36B | -1.45B | -1.44B | -1.46B | -1.43B | -1.47B | -1.59B | -1.56B | -1.27B | -1.63B | -1.49B | -1.28B | -628.39M | -588.08M | -461.02M |
| Total Liabilities | 1.01B | 1.01B | 1.04B | 1.08B | 1.17B | 1.31B | 1.19B | 1.35B | 1.33B | 1.28B | 1.17B | 1.21B | 1.02B | 1.04B | 1.1B | 1.23B | 1.37B | 1.61B | 1.84B | 1.94B | 2.22B | 2.47B | 2.19B | 2.47B | 2.42B |
| Total Debt | 7.73M | 8.33M | 10.37M | 12.73M | 15.7M | 145.51M | 149.24M | 296.64M | 288.56M | 294.71M | 163.14M | 172.03M | 174.67M | 100M | 84.93M | 103M | 121.28M | 121.57M | 121.84M | 137.6M | 156.24M | 158.31M | 103.78M | 103.78M | 0 |
| Net Debt | -89.79M | -57.21M | -6.64M | -25.3M | -23.14M | 67.23M | 81.88M | 252.37M | 189.07M | 220.3M | 88.03M | 105M | 2.15M | -5.49M | -19.53M | -72.86M | 1.4M | -63.56M | -170.76M | -106.72M | -117.51M | -61.81M | -138.35M | -111.02M | -72.94M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 126.43M | 126.29M | 296.64M | 288.56M | 294.71M | 163.14M | 172.03M | 174.67M | 100M | 84.93M | 103M | 121.28M | 121.57M | 121.84M | 137.6M | 156.24M | 158.31M | 103.78M | 103.78M | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 956.37M | 991.98M | 2.64M | 47.1M | 37.33M | 34.27M | 31.08M | 695.02M | 10.85M | 219K | 4.59M | 2.8M | 1.59M | 6.83M | 8.89M | 55K | 0 | 147.03M | 15.76M | 17.65M | 48.15M | 22.7M | 0 | 0 |
| Accounts Payable | 3.37M | 1.86M | 8.18M | 2.64M | 17.24M | 35.34M | 8.94M | 20.4M | 14.99M | 10.85M | 18.39M | 4.59M | 2.8M | 5.18M | 4.2M | 8.89M | 17.14M | 53.27M | 25.18M | 15.76M | 16.23M | 48.15M | 22.7M | 0 | 0 |
| Deferred Revenue | 0 | 182.73M | 183.41M | 0 | 47.1M | 0 | 34.27M | 0 | 0 | 0 | 0 | -71.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -48.67M | 750.19M | 800.39M | -1.59M | -17.31M | 1.2M | -13.61M | 9.82M | -14.99M | -4.05M | -18.39M | -4.59M | -2.8M | -5.18M | -6.83M | -8.96M | -17.2M | -53.27M | -25.88M | -3.46M | 1.04M | -48.15M | -1.94M | -59.88M | -68.04M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 1B | 49.47M | 39.75M | 1.07B | 1.11B | -145.51M | 1B | 1.02B | 1.04B | 981.76M | 1.01B | -172.03M | -174.67M | 936.9M | -84.93M | -103M | -121.28M | -121.57M | -121.84M | -137.6M | -156.24M | -158.31M | -103.78M | -103.78M | 0 |
| Total Equity | 710.9M | 706.59M | 689.15M | 648.75M | 626.23M | 706.62M | 718.32M | 726.81M | 629.06M | 718.39M | 797.95M | 749.93M | 908.29M | 873.28M | 806.62M | 841.66M | 928.67M | 833.18M | 631.99M | 836.28M | 763.27M | 639.99M | 432.55M | 380.79M | 268.64M |
| Equity Growth % | 102390.24% | 2.53% | 6.23% | 3.6% | -11.38% | -1.63% | -1.17% | 15.54% | -12.44% | -9.97% | 6.4% | -17.44% | 4.01% | 8.26% | -4.16% | -9.37% | 11.46% | 31.83% | -24.43% | 9.56% | 19.26% | 47.96% | 13.59% | 41.75% | - |
| Shareholders Equity | 710.9M | 706.59M | 689.15M | 648.75M | 626.23M | 706.62M | 718.32M | 726.81M | 629.06M | 718.39M | 797.95M | 749.93M | 908.29M | 873.28M | 806.62M | 841.66M | 928.67M | 833.18M | 631.99M | 836.28M | 763.27M | 639.93M | 432.55M | 380.79M | 268.64M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62K | 0 | 0 | 0 |
| Retained Earnings | 278.61M | 273.56M | 268.67M | 244.99M | 233.47M | 249.3M | 234.97M | 270.77M | 215.13M | 275.84M | 368.28M | 318.42M | 466.72M | 403.86M | 342.17M | 310.01M | 349.64M | 263.93M | 182.98M | 324.54M | 225.33M | 125.91M | 60.32M | 23.27M | 180.12M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 2K | 2K | 2K | 3K | 3K | 3K | 3K | 3K | 3K | 7K | 4K | 4K | 4K | 4K | 3K | 3K | 0 |
| Accumulated OCI | -6.77M | -4M | -10.41M | -22.86M | -43.06M | 6.4M | 34.31M | 17.61M | -21.23M | 8.98M | -618K | 4.08M | 23.38M | 54.03M | 53.35M | 40.17M | 57.21M | 50.49M | 25.11M | 40.17M | 22.58M | 9.47M | 15.51M | 10.03M | 7.33M |
| Return on Equity (ROE) | 0.02% | 3.63% | 6.46% | 3.99% | -0.13% | 4.12% | -2.91% | 10.33% | -8.42% | -1.26% | 6.44% | 5% | 7.06% | 7.34% | 4.22% | -4.33% | 9.63% | 10.3% | -19.28% | 12.37% | 14.17% | 12.23% | 9.11% | 23.75% | -22.95% |
| Return on Assets (ROA) | 0.01% | 1.47% | 2.5% | 1.44% | -0.04% | 1.5% | -1.06% | 3.47% | -2.86% | -0.48% | 2.54% | 2.13% | 3.27% | 3.23% | 1.75% | -1.75% | 3.58% | 3.07% | -5.39% | 3.43% | 3.26% | 2.29% | 1.35% | 2.79% | -2.3% |
| Equity / Assets | 41.25% | 41.06% | 39.81% | 37.51% | 34.78% | 35.11% | 37.71% | 35.01% | 32.09% | 35.89% | 40.44% | 38.31% | 47.06% | 45.68% | 42.37% | 40.55% | 40.47% | 34.05% | 25.55% | 30.13% | 25.57% | 20.6% | 16.47% | 13.37% | 10% |
| Debt / Equity | 0.01x | 0.01x | 0.02x | 0.02x | 0.03x | 0.21x | 0.21x | 0.41x | 0.46x | 0.41x | 0.20x | 0.23x | 0.19x | 0.11x | 0.11x | 0.12x | 0.13x | 0.15x | 0.19x | 0.16x | 0.20x | 0.25x | 0.24x | 0.27x | - |
| Book Value per Share | 49.31 | 49.55 | 50.28 | 47.47 | 43.24 | 48.19 | 50.26 | 50.70 | 44.65 | 41.50 | 45.47 | 30.60 | 35.86 | 34.69 | 30.16 | 27.83 | 30.68 | 32.19 | 34.58 | 44.77 | 41.08 | 34.98 | 30.00 | 46.52 | 41.95 |
| Tangible BV per Share | -1437.44 | 45.14 | 45.90 | 46.06 | 41.89 | 46.44 | 48.34 | 48.75 | 42.62 | 39.83 | 43.79 | 29.37 | 34.97 | 33.78 | 29.29 | 27.05 | 29.89 | 31.84 | 34.07 | 39.05 | 35.28 | 27.73 | 30.00 | 46.52 | 41.95 |
Quick answers to the most common questions about buying GBLI stock.
As of 2025, Global Indemnity Group, LLC (GBLI) had total assets of $1.72B including $1.29B in current assets.
Global Indemnity Group, LLC (GBLI) carries total debt of $8.3M, offset by $1.15B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Global Indemnity Group, LLC (GBLI) has total shareholders' equity (book value) of $706.6M ($49.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Global Indemnity Group, LLC (GBLI) reported a current ratio of 1.35x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Reserve development and volatility
Metrics are mathematically derived from official filings.
Capital Base Stability Amidst Stagnation
According to the latest quarterly balance sheet data, GBLI's total equity has shown a gradual upward trend from $648.8 million in 2023Q4 to $706.6 million by 2025Q4, suggesting that the company is successfully preserving its capital base despite the lack of significant top-line premium growth.
The steady accretion of equity indicates that the firm is prioritizing capital preservation over aggressive expansion, likely reflecting a cautious underwriting stance. Investors should monitor whether this capital accumulation can be effectively deployed to drive future earnings growth or if it will remain largely stagnant.
Reserve Volatility Impacts Underwriting Quality
As reported in financial statements, GBLI's quarterly claims and loss figures have fluctuated between $89.3 million and $104.2 million over the last two years, which suggests that the company's reserve adequacy remains sensitive to the inherent volatility of its specialized commercial and reinsurance business lines.
The variability in loss payouts may indicate that the company is navigating complex, long-tail claims that require frequent adjustments to reserve estimates. This pattern warrants further investigation into whether these fluctuations represent true underwriting volatility or merely the periodic recalibration of historical loss expectations.
Defensive Leverage Supports Solvency Profile
Based on the company's reported figures, GBLI maintains a near-zero debt-to-equity ratio, which provides a fortress-like balance sheet that effectively insulates the firm from interest rate shocks and credit market volatility, as evidenced by the consistent maintenance of total assets at approximately $1.7 billion.
This ultra-conservative capital structure appears to be a deliberate strategic choice to prioritize solvency and policyholder protection over financial leverage. While this approach minimizes the risk of insolvency, it may also limit the company's capacity to enhance return on equity through more efficient capital management.
Legacy Exposure Risks Hidden Value
Analysis of the balance sheet suggests that the company's reliance on specialized niche segments, while providing a competitive moat, may mask underlying risks related to legacy exposures, as indicated by the persistent, non-zero loss ratios that occasionally breach the 100% combined ratio threshold.
The potential for adverse development in older, run-off business lines may continue to weigh on the company's overall financial performance. Investors should remain cautious, as the stability of the current balance sheet could be undermined if these legacy liabilities require significant additional capital injections to settle.