Revenue growth remains range-bound at 0.5% as of 2026Q1, while underwriting profitability exhibits significant volatility with combined ratios swinging between 85.8% and 104.7% over the past two years.
Global Indemnity Group, LLC (GBLI) annual income statement — 24-year revenue, gross profit & net income 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 |
|---|
| Revenue | 456.21M | 450.1M | 441.19M | 528.13M | 628.53M | 678.27M | 583.55M | 604.47M | 498.94M | 485.51M | 534.51M | 538.78M | 333.75M | 319.13M | 293.02M | 385.02M | 370.13M | 387.75M | 400.08M | 614.63M | 612.44M | 523.1M | 252.98M | 205.32M | 168.75M |
| Revenue Growth % | 3.83% | 2.02% | -16.46% | -15.97% | -7.33% | 16.23% | -3.46% | 21.15% | 2.76% | -9.17% | -0.79% | 61.43% | 4.58% | 8.91% | -23.9% | 4.02% | -4.54% | -3.08% | -34.91% | 0.36% | 17.08% | 106.77% | 23.21% | 21.67% | - |
| Medical Costs & Claims | 338.66M | 385.09M | 360.54M | 471.77M | 595.61M | 607.8M | 551.81M | 483.81M | 525.4M | 452.94M | 460.65M | 476.67M | 247.18M | 238.64M | 249.03M | 400.18M | 248.57M | 289.31M | 447.94M | 473.42M | 478.04M | 432.19M | 213.63M | 167.09M | 220.69M |
| Medical Cost Ratio % | 74.23% | 85.56% | 81.72% | 89.33% | 94.76% | 89.61% | 94.56% | 80.04% | 105.3% | 93.29% | 86.18% | 88.47% | 74.06% | 74.78% | 84.99% | 103.94% | 67.16% | 74.61% | 111.96% | 77.03% | 78.06% | 82.62% | 84.45% | 81.38% | 130.78% |
| Gross Profit | 117.55M | 65M | 80.65M | 56.36M | 32.92M | 70.46M | 31.74M | 120.67M | -26.46M | 32.57M | 73.86M | 62.11M | 86.58M | 80.49M | 43.98M | -15.15M | 121.55M | 98.44M | -47.86M | 141.21M | 134.4M | 90.91M | 39.35M | 38.23M | -51.94M |
| Gross Margin % | 25.77% | 14.44% | 18.28% | 10.67% | 5.24% | 10.39% | 5.44% | 19.96% | -5.3% | 6.71% | 13.82% | 11.53% | 25.94% | 25.22% | 15.01% | -3.94% | 32.84% | 25.39% | -11.96% | 22.97% | 21.94% | 17.38% | 15.55% | 18.62% | -30.78% |
| Gross Profit Growth % | - | -19.4% | 43.1% | 71.17% | -53.27% | 122.01% | -73.7% | 555.95% | -181.26% | -55.9% | 18.93% | -28.26% | 7.56% | 83% | 390.23% | -112.47% | 23.48% | 305.67% | -133.89% | 5.07% | 47.84% | 131.02% | 2.94% | 173.6% | - |
| Operating Expenses | 72.35M | 31.71M | 25.7M | 23.38M | 30.95M | 37.66M | 60.85M | 38.91M | 49.46M | 42.62M | 26.24M | 29.36M | 15.38M | 17.78M | 15.08M | 20.45M | 27.79M | 23.97M | 119.02M | 23.06M | 27.91M | 24.3M | -129.51M | 4.72M | 49.99M |
| OpEx / Revenue % | 15.86% | 7.04% | 5.82% | 4.43% | 4.92% | 5.55% | 10.43% | 6.44% | 9.91% | 8.78% | 4.91% | 5.45% | 4.61% | 5.57% | 5.15% | 5.31% | 7.51% | 6.18% | 29.75% | 3.75% | 4.56% | 4.64% | -51.19% | 2.3% | 29.62% |
| Depreciation & Amortization | 5.98M | 5.66M | 5.76M | 6.2M | 8.4M | 10.41M | 7.03M | 7.1M | 7.02M | 6.5M | 6.31M | 5.28M | 3.47M | 3.81M | 2.28M | 2.22M | 4.47M | 73K | 1.01M | 1.01M | 1.74M | 8.73M | 3.19M | 90K | 0 |
| Combined Ratio % | 90.09% | 92.6% | 87.54% | 93.76% | 99.69% | 95.16% | 104.99% | 86.47% | 115.22% | 102.07% | 91.09% | 93.92% | 78.67% | 80.35% | 90.14% | 109.25% | 74.67% | 80.79% | 141.71% | 80.78% | 82.61% | 87.27% | 33.25% | 83.68% | 160.4% |
| Operating Income | 45.2M | 33.3M | 54.96M | 32.98M | 1.97M | 32.8M | -29.11M | 81.76M | -75.92M | -10.05M | 47.62M | 32.75M | 71.19M | 62.71M | 28.9M | -35.6M | 93.77M | 74.47M | -166.89M | 118.15M | 106.49M | 66.61M | 168.86M | 33.5M | -101.93M |
| Operating Margin % | 9.91% | 7.4% | 12.46% | 6.24% | 0.31% | 4.84% | -4.99% | 13.53% | -15.22% | -2.07% | 8.91% | 6.08% | 21.33% | 19.65% | 9.86% | -9.25% | 25.33% | 19.21% | -41.71% | 19.22% | 17.39% | 12.73% | 66.75% | 16.32% | -60.4% |
| Operating Income Growth % | - | -39.41% | 66.65% | 1573.06% | -93.99% | 212.68% | -135.61% | 207.68% | -655.47% | -121.11% | 45.42% | -54% | 13.53% | 116.98% | 181.17% | -137.97% | 25.91% | 144.62% | -241.25% | 10.95% | 59.86% | -60.55% | 404% | 132.87% | - |
| EBITDA | 51.18M | 38.96M | 60.72M | 39.17M | 10.37M | 43.22M | -22.08M | 88.86M | -68.91M | -3.54M | 53.93M | 38.03M | 74.66M | 66.52M | 31.18M | -33.38M | 98.23M | 74.54M | -165.88M | 119.16M | 108.23M | 75.34M | 172.05M | 33.59M | -101.82M |
| EBITDA Margin % | 11.22% | 8.66% | 13.76% | 7.42% | 1.65% | 6.37% | -3.78% | 14.7% | -13.81% | -0.73% | 10.09% | 7.06% | 22.37% | 20.84% | 10.64% | -8.67% | 26.54% | 19.22% | -41.46% | 19.39% | 17.67% | 14.4% | 68.01% | 16.36% | -60.34% |
| Interest Expense | 0 | 0 | 0 | 0 | 3M | 10.48M | 15.79M | 20.02M | 19.69M | 16.91M | 8.9M | 4.91M | 822K | 6.17M | 5.39M | 6.48M | 7.02M | 7.22M | 8.66M | 11.37M | 11.39M | 9.44M | 5.52M | 1.65M | 115K |
| Non-Operating Income | 0 | 0 | 0 | 0 | -3M | -10.48M | -15.79M | -20.02M | -19.69M | -16.91M | -8.9M | -4.91M | -822K | -6.17M | -5.39M | -6.48M | -7.02M | -7.22M | -8.66M | -11.37M | -11.39M | -9.44M | 163.34M | -1.65M | -115K |
| Pretax Income | 45.2M | 33.3M | 54.96M | 32.98M | 1.97M | 32.8M | -29.11M | 81.76M | -75.92M | -10.05M | 47.62M | 32.75M | 71.19M | 62.71M | 28.9M | -35.6M | 93.77M | 74.47M | -166.89M | 118.15M | 106.49M | 66.61M | 33.86M | 33.5M | -101.93M |
| Pretax Margin % | 9.91% | 7.4% | 12.46% | 6.24% | 0.31% | 4.84% | -4.99% | 13.53% | -15.22% | -2.07% | 8.91% | 6.08% | 21.33% | 19.65% | 9.86% | -9.25% | 25.33% | 19.21% | -41.71% | 19.22% | 17.39% | 12.73% | 13.38% | 16.32% | -60.4% |
| Income Tax | 10.9M | 7.96M | 11.71M | 7.55M | 2.82M | 3.45M | -8.11M | 11.74M | -19.23M | -499K | -2.25M | -8.72M | 8.34M | 1.02M | -5.86M | 2.79M | 8.87M | 4.31M | -29.22M | 18.68M | 18.18M | 2.97M | -2M | 5.18M | -40.52M |
| Effective Tax Rate % | 24.11% | 23.92% | 21.32% | 22.89% | 143.13% | 10.51% | 27.84% | 14.36% | 25.33% | 4.97% | -4.73% | -26.64% | 11.71% | 1.62% | -20.26% | -7.83% | 9.46% | 5.79% | 17.51% | 15.81% | 17.07% | 4.46% | -5.89% | 15.47% | 39.75% |
| Net Income | 34.31M | 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 | -38.34M | 84.87M | 75.44M | -141.56M | 98.92M | 99.42M | 65.59M | 37.05M | 77.13M | -61.66M |
| Net Margin % | 7.52% | 5.63% | 9.8% | 4.81% | -0.14% | 4.33% | -3.6% | 11.58% | -11.36% | -1.97% | 9.33% | 7.7% | 18.83% | 19.33% | 11.86% | -9.96% | 22.93% | 19.46% | -35.38% | 16.09% | 16.23% | 12.54% | 14.64% | 37.56% | -36.54% |
| Net Income Growth % | 21.92% | -41.41% | 70.05% | 3091.65% | -102.9% | 239.74% | -130% | 223.49% | -493.61% | -119.15% | 20.25% | -34.03% | 1.89% | 77.49% | 190.66% | -145.17% | 12.51% | 153.29% | -243.11% | -0.5% | 51.57% | 77.05% | -51.96% | 225.07% | - |
| EPS (Diluted) | 2.38 | 1.75 | 3.12 | 1.83 | -0.09 | 1.97 | -1.48 | 4.88 | -4.02 | -0.55 | 2.84 | 1.69 | 2.48 | 2.45 | 1.30 | -1.31 | 2.80 | 2.91 | -7.74 | 5.30 | 5.36 | 3.58 | 2.56 | 2.84 | -9.63 |
| EPS Growth % | 18.69% | -43.91% | 70.49% | 2153.87% | -104.52% | 233.11% | -130.33% | 221.39% | -630.91% | -119.37% | 68.05% | -31.85% | 1.22% | 88.46% | 199.24% | -146.79% | -3.78% | 137.6% | -246.04% | -1.12% | 49.72% | 39.84% | -9.86% | 129.49% | - |
| EPS (Basic) | - | 1.75 | 3.14 | 1.84 | -0.09 | 2.00 | -1.48 | 4.93 | -4.02 | -0.55 | 2.89 | 1.71 | 2.50 | 2.46 | 1.30 | -1.31 | 2.81 | 2.92 | -7.74 | 5.34 | 5.40 | 3.66 | 2.62 | 2.84 | -9.63 |
| Diluted Shares Outstanding | 14.42M | 14.26M | 13.71M | 13.67M | 14.48M | 14.66M | 14.29M | 14.33M | 14.09M | 17.31M | 17.55M | 24.51M | 25.33M | 25.17M | 26.75M | 30.25M | 30.27M | 25.88M | 18.28M | 18.68M | 18.58M | 18.29M | 14.42M | 8.19M | 6.4M |
Quick answers to the most common questions about buying GBLI stock.
For fiscal year 2025, Global Indemnity Group, LLC (GBLI) reported total revenue of $450.1M. This represents a 166.7% increase compared to $168.7M in 2002.
Global Indemnity Group, LLC (GBLI) is profitable, generating $25.3M in net income for the fiscal year ending 2025 with a net profit margin of 5.6%.
Global Indemnity Group, LLC (GBLI) reported an operating income of $33.3M, resulting in an operating profit margin of 7.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Global Indemnity Group, LLC (GBLI) generated $65.0M in gross profit for the year, representing a gross profit margin of 14.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Underwriting volatility in specialty lines
Metrics are mathematically derived from official filings.
Stagnant Premium Growth Amidst Cycles
According to the provided quarterly data, GBLI's revenue growth has remained largely range-bound, with the most recent quarter showing a modest 0.5% increase, suggesting that the firm is struggling to capture significant market share despite the broader P&C industry's ongoing hard market pricing environment.
The lack of consistent top-line expansion implies that the company's specialized niche in equine and agricultural risks may be reaching a saturation point. Investors should monitor whether this stagnation reflects a deliberate choice to prioritize underwriting discipline over volume or an inability to compete effectively for new business.
Underwriting Profitability Remains Highly Variable
As reported in financial statements, the combined ratio fluctuated significantly, peaking at 104.7% in 2025Q1 before recovering to 92.1% by 2025Q4, which indicates that GBLI's underwriting profitability is highly sensitive to periodic claims spikes and potential catastrophe losses within its specialized insurance portfolios.
The volatility in the combined ratio suggests that the company's core specialty segments are susceptible to unpredictable loss events that can quickly erode underwriting margins. Maintaining a combined ratio consistently below the 100% threshold appears essential for the firm to demonstrate sustainable operational health to institutional stakeholders.
Defensive Capital Structure Limits Expansion
Based on the company's reported figures, GBLI maintains an exceptionally conservative debt-to-equity ratio of 0.01%, which provides a robust buffer against insolvency but may simultaneously constrain the firm's ability to aggressively scale operations or pursue strategic acquisitions in a competitive insurance landscape.
This ultra-low leverage profile suggests a management preference for capital preservation over aggressive growth, which may be appropriate given the inherent volatility of their niche specialty lines. However, this defensive posture warrants further investigation into whether the company is missing opportunities to deploy capital more efficiently for long-term value creation.
Reserve Development Masks Underlying Performance
Analysis of the historical loss ratios, which reached as high as 95.9% in early 2025, suggests that prior-year reserve adjustments may be significantly influencing current earnings, potentially masking the true attritional loss experience of the company's active commercial specialty and reinsurance business segments.
Investors should be cautious of relying solely on headline net income, as the impact of reserve releases or strengthening can create a misleading picture of operational efficiency. The inconsistency in quarterly loss ratios implies that the company's long-term underwriting quality remains difficult to ascertain without further transparency into reserve development patterns.