Operating cash flow was negative in three of the last four quarters, including -$15.8M in 2026Q2 against $11.1M of net income, with steady $5.1M quarterly dividends apparently funded by portfolio liquidation rather than underwriting cash generation.
Global Indemnity Group, LLC (GBLI) cash flow statement — 24-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | -27.63M | 9.06M | 38.84M | 42.89M | 44.24M | 90.8M | 32.67M | 32.38M | 42.07M | -23.65M | -24.4M | 3.75M | -12M | -4.92M | -35.01M | -7.74M | -1.03M | -52.64M | -18.23M | 148.02M | 180.78M | 167.96M | 59.29M | 40.36M | 104.97M |
| Operating CF Growth % | -1004.05% | -76.66% | -9.45% | -3.05% | -51.28% | 177.93% | 0.91% | -23.04% | 277.88% | 3.06% | -750.56% | 131.24% | -143.89% | 85.95% | -352.48% | -654.19% | 98.05% | -188.76% | -112.32% | -18.12% | 7.63% | 183.29% | 46.91% | -61.56% | - |
| Operating CF / Revenue % | -6.07% | 2.01% | 8.8% | 8.12% | 7.04% | 13.39% | 5.6% | 5.36% | 8.43% | -4.87% | -4.56% | 0.7% | -3.6% | -1.54% | -11.95% | -2.01% | -0.28% | -13.58% | -4.56% | 24.08% | 29.52% | 32.11% | 23.44% | 19.66% | 62.21% |
| Net Income | 30.66M | 25.33M | 43.24M | 25.43M | -850K | 29.35M | -21.01M | 70.02M | -56.7M | -9.55M | 49.87M | 41.47M | 62.86M | 61.69M | 34.76M | -39.63M | 84.9M | 75.44M | -141.56M | 98.92M | 99.42M | 65.59M | 37.05M | 77.13M | -61.66M |
| Depreciation & Amortization | 5.74M | 5.66M | 5.76M | 6.2M | 8.4M | 10.41M | 7.03M | 7.1M | 7.02M | 6.5M | 6.31M | 5.28M | 3.47M | 832K | 1.88M | 2.22M | 4.47M | 73K | 1.01M | 2.8M | 4.41M | 8.73M | 3.19M | 90K | 0 |
| Stock-Based Compensation | 924K | 6.14M | 4.79M | 3.49M | 3.9M | 2.35M | 6.77M | 4.22M | 3.45M | 3.74M | 3.53M | 10.27M | 2.9M | 4.35M | 2.63M | -651K | -258K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -3.13M | 751K | 11.3M | 5.33M | 2.4M | 3.4M | -8.27M | 11.78M | -19.55M | -1.02M | -2.73M | -7.2M | -828K | -3K | -1.46M | -525K | 3.48M | 9.65M | -14.94M | -1.56M | 8.61M | -3.23M | -2.1M | -1.15M | -17.1M |
| Other Non-Cash Items | -49.76M | 15.92M | -16.71M | -7.01M | 20.97M | -35.14M | 31.24M | -30.19M | 23.1M | 1.81M | -23.82M | 40.03M | -26.76M | -25.8M | 285K | -15.25M | -19.11M | 4.59M | 3.42M | 798K | -7.69M | -2.44M | -2.26M | -52.96M | 65.01M |
| Working Capital Changes | -12.06M | -44.74M | -9.54M | 9.46M | 9.43M | 80.42M | 16.9M | -30.55M | 84.75M | -25.14M | -57.56M | -86.1M | -53.64M | -45.98M | -73.1M | 46.1M | -74.51M | -123.34M | -19.56M | 45.55M | 73.37M | 93.05M | 25.91M | 14.64M | 118.73M |
| Cash from Investing | 150.94M | 59.91M | -39.51M | -16.33M | 80.13M | -64.52M | 174.59M | -80.24M | 5.32M | -24.21M | 42.16M | 197.24M | -109.24M | -9.06M | 64.64M | 111.66M | -64.4M | -144.5M | 133.44M | -114.85M | -126.48M | -205.59M | -39.27M | -87.39M | -109.09M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | -25.72M | -24.12M | -9.45M | -1.46M | -40.95M | -113.7M | 113.7M | 5.42M | -71.98M | 0 | -10.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | -1.3M | 0 | 0 | 107.92M | -52.92M | -56.09M | 3.47M | 23.55M | -6.96M | 12.25M | 23.77M | -143.8M | 25.87M | 1.1M | 0 | -14.97M | 0 | 0 | 0 | 0 | -58.76M | 0 | -11.52M | 0 |
| Purchase of Investments | -605.98M | -25.02M | -1.14B | -448.58M | -1.18B | -1.25B | -1.26B | -1.5B | -406.79M | -1.11B | -548.64M | -673.04M | -681.49M | -571.54M | -514.66M | -791.14M | -794.44M | -840.19M | -207.57M | -435.22M | -673.97M | -663.83M | -392.61M | -11.55M | -14.47M |
| Sale/Maturity of Investments | 615.86M | 2.57B | 1.1B | 432.25M | 1.12B | 1.21B | 1.5B | 1.42B | 388.56M | 1.1B | 578.55M | 846.51M | 716.06M | 536.61M | 578.2M | 902.8M | 745.01M | 695.68M | 341.02M | 320.37M | 513.19M | 518.25M | 353.34M | 19.87M | 10.35M |
| Other Investing | 141.05M | -2.49B | 0 | 0 | 30M | 28M | 25.72M | 24.12M | 9.45M | 1.46M | 40.95M | 113.7M | -113.7M | -5.42M | 71.98M | 134.97M | 10.84M | 0 | 0 | 0 | 34.3M | -1.25M | 0 | -84.18M | -104.96M |
| Cash from Financing | -25.56M | -20.44M | -20.36M | -27.36M | -163.8M | -15.36M | -184.17M | -7.36M | -22.31M | 47.16M | -9.69M | -192.78M | 74.57M | 15.02M | -101.03M | -47.95M | -734K | 90.49M | -66.83M | -62.59M | 3.93M | 15.63M | 7.31M | 53.88M | -17.6M |
| Dividends Paid | -30.68M | -20.44M | -19.83M | -14.69M | -14.81M | -14.87M | -14.38M | -14.22M | -14.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -22K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -529K | -12.68M | -22.34M | -490K | -153K | -947K | -1.87M | -84.17M | -805K | -190.1M | -139K | -55K | -82.96M | -29.53M | -192K | -274K | -52.02M | -48.42M | -725K | -732K | 0 | -150M | 0 |
| Stock Issued | 6.36M | 0 | 0 | 0 | 3.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91.83M | 0 | 1M | 5.58M | 2.08M | 7.31M | 165.56M | 0 |
| Debt Issuance (Net) | 0 | 0 | 0 | 0 | -1000K | 0 | -1000K | 1000K | -1000K | 1000K | -1000K | 973K | 1000K | 1000K | -1000K | -1000K | -284K | -276K | -1000K | -1000K | -1000K | 1000K | 0 | 1000K | 0 |
| Other Financing | 5.12M | 0 | 0 | 0 | 0 | 0 | -100M | 0 | 0 | -4.25M | 113K | -3.65M | 37K | 0 | 0 | -132K | -258K | -794K | 950K | 2.31M | 1.16M | -2.08M | 0 | 8.32M | 0 |
| Net Change in Cash | 97.75M | 48.53M | -21.03M | -809K | -39.43M | 10.92M | 23.09M | -55.23M | 25.08M | -696K | 8.07M | 8.21M | -46.67M | 1.03M | -71.4M | 55.97M | -66.2M | -106.52M | 48.28M | -29.42M | 58.23M | -22M | 27.33M | 6.85M | -4.12M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43K | 140K | -97K | 0 | 0 | 0 | 0 | 0 | 17.6M |
| Cash at Beginning | 97.52M | 17.01M | 38.04M | 38.85M | 78.28M | 67.36M | 44.27M | 99.5M | 74.41M | 75.11M | 67.04M | 58.82M | 105.49M | 104.46M | 175.86M | 119.89M | 186.09M | 292.6M | 244.32M | 273.75M | 215.51M | 242.12M | 214.8M | 312.94M | 77.06M |
| Cash at End | 173.11M | 65.54M | 17.01M | 38.04M | 38.85M | 78.28M | 67.36M | 44.27M | 99.5M | 74.41M | 75.11M | 67.04M | 58.82M | 105.49M | 104.46M | 175.86M | 119.89M | 186.09M | 292.6M | 244.32M | 273.75M | 220.12M | 242.12M | 319.79M | 72.94M |
| Free Cash Flow | -27.63M | 9.06M | 38.84M | 42.89M | 44.24M | 90.8M | 6.95M | 8.26M | 32.62M | -25.11M | -65.34M | -109.95M | 101.69M | 500K | -106.99M | -7.74M | -11.87M | -52.64M | -18.23M | 148.02M | 180.78M | 167.96M | 59.29M | 40.36M | 104.97M |
| FCF Growth % | -1746.72% | -76.66% | -9.45% | -3.05% | -51.28% | 1206.46% | -15.82% | -74.69% | 229.87% | 61.56% | 40.57% | -208.11% | 20238.8% | 100.47% | -1282.64% | 34.78% | 77.46% | -188.76% | -112.32% | -18.12% | 7.63% | 183.29% | 46.91% | -61.56% | - |
| FCF Margin % | -6.07% | 2.01% | 8.8% | 8.12% | 7.04% | 13.39% | 1.19% | 1.37% | 6.54% | -5.17% | -12.22% | -20.41% | 30.47% | 0.16% | -36.51% | -2.01% | -3.21% | -13.58% | -4.56% | 24.08% | 29.52% | 32.11% | 23.44% | 19.66% | 62.21% |
| FCF per Share | -1.91 | 0.64 | 2.83 | 3.14 | 3.05 | 6.19 | 0.49 | 0.58 | 2.31 | -1.45 | -3.72 | -4.49 | 4.01 | 0.02 | -4 | -0.26 | -0.39 | -2.03 | -1 | 7.92 | 9.73 | 9.18 | 4.11 | 4.93 | 16.39 |
Quick answers to the most common questions about buying GBLI stock.
Global Indemnity Group, LLC (GBLI) generated $9.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Global Indemnity Group, LLC (GBLI) generated $9.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Global Indemnity Group, LLC (GBLI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Global Indemnity Group, LLC (GBLI) returned $20.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Negative OCF despite positive earnings
Metrics are mathematically derived from official filings.
Underwriting No Longer Self-Funds Operations
Operating cash flow turned negative in three of the last four quarters, including -$15.8M in 2026Q2, even as net income stayed positive, implying underwriting is no longer generating float and operations may be drawing on investment income or reserves.
The OCF/NI ratio collapsed from 2.00 in 2024Q1 to -1.43 in 2026Q2, a structural break rather than timing noise given its persistence across four quarters. For a P&C carrier this suggests premium collection is not outpacing claims and operating outflows, weakening the float engine that historically funded GBLI's investment portfolio growth.
Portfolio Reinvestment Scales Sharply
Investment purchases expanded roughly fourfold from $168M in 2024Q1 to a peak of $714M in 2026Q1, largely matched by sales, indicating heavy portfolio turnover and redeployment of maturing assets into a higher-yield environment, according to quarterly cash flow statements.
The near-parity of purchases and sales each quarter (e.g., $655.8M bought vs $739.4M sold in 2026Q2) implies the portfolio is rotating maturities rather than growing materially on net cash. Given negative operating cash flow, the modest net sales in recent quarters appear to be backstopping liquidity, a dynamic investors should monitor for sustainability.
Claims Outflows Halve Amid Reserve Questions
Claims paid fell from $104.2M in 2025Q1 to $53.0M in 2026Q2, a 49% decline, while the reported loss ratio collapsed from 86.7% to 45.7% in the same quarter, a combination that may indicate reserve releases rather than genuine claims normalization.
Falling claims payments alongside a rebounding premium base is unusual for an expanding book; typically payment outflows rise with written premium. The synchronization of halved claims cash with the 2026Q2 earnings jump suggests the P&L improvement may be reserve-driven, meaning reported earnings could be running ahead of underlying cash economics.
Dividends Held Steady Through Cash Stress
GBLI maintained roughly $5.1M in quarterly dividends through 2026 while operating cash flow was negative, meaning distributions appear funded by investment portfolio liquidation rather than underwriting cash generation, according to company cash flow disclosures.
The absence of buybacks since 2024Q3 and trimmed special dividends in seasonal quarters (e.g., $0.1M in 2025Q3) suggest capital return discipline under pressure. Sustaining a ~$20M annual dividend run-rate on negative OCF is possible for an asset-rich carrier but tightens the buffer if reserve development turns unfavorable.
Accrual Gap Widens Against Statutory Income
Cumulative OCF over the last four quarters approximates -$34M against cumulative net income near $34M, a full divergence implying reported earnings are being accrued rather than collected, which warrants scrutiny of reserve and reinsurance receivable movements.
Persistent negative OCF with positive NI for a P&C carrier typically points to reserve build, uncollected reinsurance recoverables, or premium receivable growth absorbing cash. Without corresponding balance sheet detail available here, the earnings quality question raised by the income statement analysis—reserve-release-driven profitability—appears reinforced by the cash record.
What the Cash Statement Obscures
The cash flow statement alone cannot confirm reserve adequacy or reinsurance recoverable collectability, and GBLI's halved claims outflows plus 4x portfolio turnover could mask catastrophe reserve deficits being financed through asset sales rather than operating strength.
A bearish read would note that net investment sales of $83.6M in 2026Q2, combined with negative OCF, are funding operations and dividends in a way that masks underwriting stress. Conversely, if claims payments normalize toward the $90-100M historical range while premiums hold, OCF could recover sharply; this divergence warrants monitoring against statutory filings.