Underwriting profitability remains highly variable, evidenced by a combined ratio that swung from a 120.8% deficit in 2024Q4 to a 71.6% efficiency in 2025Q4.
| 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 |
|---|
| Revenue | 706.45M | 696.35M | 647.97M | 632.35M | 477.63M | 570.46M | 478.82M | 491.4M | 243.85M | 645.67M | 588.37M | 123.05M | 479.8M | 764.33M | 545.4M | 403.15M | 390.63M | 419.08M | -11.18M | 125.69M | 86.15M | 29.26M |
| Revenue Growth % | 7.94% | 7.47% | 2.47% | 32.39% | -16.27% | 19.14% | -2.56% | 101.52% | -62.23% | 9.74% | 378.15% | -74.35% | -37.23% | 40.14% | 35.28% | 3.2% | -6.79% | 3849.48% | -108.89% | 45.9% | 194.45% | - |
| Medical Costs & Claims | 241.84M | 411.59M | 604.04M | 528.88M | 459.63M | 519.94M | 447.12M | 505.57M | 509.35M | 664.14M | 515.35M | 433.3M | 342.65M | 510.37M | 509.32M | 380.44M | 279.66M | 188.28M | 97.13M | 78.45M | 20.09M | 0 |
| Medical Cost Ratio % | 34.23% | 59.11% | 93.22% | 83.64% | 96.23% | 91.14% | 93.38% | 102.88% | 208.88% | 102.86% | 87.59% | 352.14% | 71.42% | 66.77% | 93.39% | 94.37% | 71.59% | 44.93% | -869.05% | 62.41% | 23.32% | 0% |
| Gross Profit | 274.94M | 284.76M | 43.93M | 103.46M | 18M | 50.52M | 31.7M | -14.17M | -265.5M | -18.47M | 73.02M | -310.25M | 137.15M | 253.96M | 36.07M | 22.7M | 110.97M | 230.8M | -108.31M | 47.24M | 66.06M | 29.26M |
| Gross Margin % | 38.92% | 40.89% | 6.78% | 16.36% | 3.77% | 8.86% | 6.62% | -2.88% | -108.88% | -2.86% | 12.41% | -252.14% | 28.58% | 33.23% | 6.61% | 5.63% | 28.41% | 55.07% | 969.05% | 37.59% | 76.68% | 100% |
| Gross Profit Growth % | - | 548.21% | -57.54% | 474.96% | -64.38% | 59.4% | 323.63% | 94.66% | -1337.54% | -125.29% | 123.53% | -326.21% | -46% | 604.01% | 58.88% | -79.54% | -51.92% | 313.09% | -329.26% | -28.49% | 125.8% | - |
| Operating Expenses | 227.54M | 206.45M | 365K | 16.53M | -6.53M | 29.2M | 27.41M | -10.67M | 88.5M | 26.36M | 25.81M | 23.43M | 24.5M | 20.96M | 17.54M | 13.89M | 16.19M | 21.31M | 12.59M | 11.92M | 9.06M | -2.99M |
| OpEx / Revenue % | 32.21% | 29.65% | 0.06% | 2.61% | -1.37% | 5.12% | 5.72% | -2.17% | 36.29% | 4.08% | 4.39% | 19.04% | 5.11% | 2.74% | 3.22% | 3.45% | 4.14% | 5.08% | -112.67% | 9.48% | 10.52% | -10.23% |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 79K | 16K | 2.3M | 2.35M | 2.77M | 368K | 390K | 405K | 436K | 325K | 250K | 232K | 225K | 117K | 40K | 40K | 20K | 2K |
| Combined Ratio % | 66.44% | 88.75% | 93.28% | 86.25% | 94.87% | 96.26% | 99.1% | 100.71% | 245.17% | 106.94% | 91.98% | 371.18% | 76.52% | 69.51% | 96.6% | 97.81% | 75.74% | 50.01% | -981.72% | 71.89% | 33.84% | -10.23% |
| Operating Income | 47.4M | 78.31M | 43.56M | 86.93M | 24.53M | 21.32M | 4.29M | -3.5M | -354M | -44.83M | 47.21M | -333.69M | 112.65M | 233.01M | 18.54M | 8.81M | 94.78M | 209.5M | -120.9M | 35.33M | 57M | 26.27M |
| Operating Margin % | 6.71% | 11.25% | 6.72% | 13.75% | 5.13% | 3.74% | 0.9% | -0.71% | -145.17% | -6.94% | 8.02% | -271.18% | 23.48% | 30.49% | 3.4% | 2.19% | 24.26% | 49.99% | 1081.72% | 28.11% | 66.16% | 89.77% |
| Operating Income Growth % | - | 79.76% | -49.89% | 254.44% | 15.02% | 397.06% | 222.47% | 99.01% | -689.73% | -194.95% | 114.15% | -396.21% | -51.65% | 1157.11% | 110.31% | -90.7% | -54.76% | 273.27% | -442.26% | -38.03% | 117.02% | - |
| EBITDA | 50.58M | 83.1M | 52.75M | 94.96M | 24.61M | 21.34M | 6.59M | -1.15M | -351.23M | -44.46M | 47.6M | -333.28M | 113.09M | 233.33M | 18.79M | 9.04M | 95M | 209.61M | -120.86M | 35.37M | 57.02M | 26.27M |
| EBITDA Margin % | 7.16% | 11.93% | 8.14% | 15.02% | 5.15% | 3.74% | 1.38% | -0.23% | -144.04% | -6.89% | 8.09% | -270.85% | 23.57% | 30.53% | 3.44% | 2.24% | 24.32% | 50.02% | 1081.36% | 28.14% | 66.19% | 89.78% |
| Interest Expense | 3.21M | 4.79M | 9.18M | 8.03M | 10.92M | 17.92M | 6.28M | 6.26M | 2.5M | 0 | 0 | 18.48M | 7.47M | 25.4M | 17.41M | 13.31M | 3.97M | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -3.17M | -4.79M | -9.18M | -8.03M | -10.92M | -17.92M | -6.28M | -6.26M | -2.5M | 0 | 0 | -18.48M | 0 | 0 | 0 | 0 | 0 | -2.31M | -95.97M | 0 | 0 | 0 |
| Pretax Income | 83.27M | 78.31M | 43.56M | 86.93M | 24.53M | 21.32M | 4.29M | -3.5M | -354M | -44.83M | 47.21M | -333.69M | 112.65M | 233.01M | 18.54M | 8.81M | 94.78M | 209.5M | -120.9M | 35.33M | 57M | 54.2M |
| Pretax Margin % | 11.79% | 11.25% | 6.72% | 13.75% | 5.13% | 3.74% | 0.9% | -0.71% | -145.17% | -6.94% | 8.02% | -271.18% | 23.48% | 30.49% | 3.4% | 2.19% | 24.26% | 49.99% | 1081.72% | 28.11% | 66.16% | 185.25% |
| Income Tax | 2.08M | 3.48M | 749K | 100K | -816K | 3.75M | 424K | 483K | 332K | -451K | 509K | -1.75M | -624K | 538K | 86K | 247K | 396K | -49K | 0 | 0 | 0 | 27.93M |
| Effective Tax Rate % | 2.5% | 4.44% | 1.72% | 0.12% | -3.33% | 17.57% | 9.88% | -13.79% | -0.09% | 1.01% | 1.08% | 0.53% | -0.55% | 0.23% | 0.46% | 2.8% | 0.42% | -0.02% | 0% | 0% | 0% | 51.54% |
| Net Income | 80.95M | 74.83M | 42.82M | 86.83M | 25.34M | 17.58M | 3.87M | -3.99M | -350.05M | -44.95M | 44.88M | -326.43M | 109.59M | 225.7M | 14.6M | 6.77M | 90.64M | 209.54M | -122.07M | 35.33M | 57M | 26.27M |
| Net Margin % | 11.46% | 10.75% | 6.61% | 13.73% | 5.31% | 3.08% | 0.81% | -0.81% | -143.55% | -6.96% | 7.63% | -265.28% | 22.84% | 29.53% | 2.68% | 1.68% | 23.2% | 50% | 1092.13% | 28.11% | 66.16% | 89.77% |
| Net Income Growth % | 78.22% | 74.78% | -50.69% | 242.63% | 44.17% | 354.68% | 196.99% | 98.86% | -678.73% | -200.16% | 113.75% | -397.85% | -51.44% | 1446.1% | 115.66% | -92.53% | -56.74% | 271.66% | -445.55% | -38.03% | 117.02% | - |
| EPS (Diluted) | 2.37 | 2.17 | 1.24 | 2.50 | 0.64 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 | -8.90 | 2.89 | 6.01 | 0.39 | 0.18 | 2.44 | 5.71 | -3.36 | 1.15 | 2.66 | 1.24 |
| EPS Growth % | 82.91% | 75% | -50.4% | 290.63% | 25.49% | 363.64% | 200% | 98.87% | -704.96% | -200.83% | 113.48% | -407.96% | -51.91% | 1441.03% | 116.67% | -92.62% | -57.27% | 269.94% | -392.17% | -56.77% | 114.52% | - |
| EPS (Basic) | - | 2.21 | 1.26 | 2.55 | 0.75 | 0.51 | 0.11 | -0.11 | -9.74 | -1.21 | 1.20 | -8.90 | 2.94 | 6.13 | 0.40 | 0.19 | 2.49 | 5.78 | -3.36 | 1.17 | 2.67 | 1.24 |
| Diluted Shares Outstanding | 34.17M | 34.5M | 34.65M | 34.8M | 39.77M | 34.35M | 36.28M | 36.08M | 35.95M | 37M | 37.34M | 36.67M | 37.87M | 37.59M | 37.36M | 37.29M | 37.22M | 36.72M | 35.97M | 30.81M | 21.46M | 21.18M |
Investment portfolio volatility concentration
As reported in recent financial statements, GLRE achieved a revenue growth rate of 7.47% on average, reflecting a moderate expansion in a hardening reinsurance market, though quarterly figures remain inconsistent, ranging from a 30.6% surge in 2025Q4 to an 11.9% contraction observed during the 2024Q4 period.
The inconsistent revenue trajectory suggests that the company's underwriting capacity is highly sensitive to both market pricing cycles and internal risk appetite adjustments. Investors should monitor whether the recent shift toward specialty lines can provide a more stable premium base compared to the historical volatility seen in property and casualty segments.
Based on the provided income statement data, the combined ratio has fluctuated significantly, peaking at 120.8% in 2024Q4 before tightening to 71.6% in 2025Q4, indicating that underwriting profitability is frequently compromised by loss events that periodically push the company into a technical underwriting deficit.
The wide variance in the combined ratio implies that GLRE's underwriting discipline is susceptible to external shock events, which may necessitate a greater reliance on investment returns to achieve net profitability. The inability to maintain a sub-100% combined ratio consistently suggests that the company's current risk selection process may still be refining its focus on higher-margin, lower-frequency specialty risks.
According to the company's historical income statements, net income is frequently decoupled from underwriting results, with quarterly earnings swings like the $35.8M profit in 2026Q1 suggesting that the hedge-fund-managed investment portfolio remains the primary driver of total book value growth rather than core insurance operations.
The reliance on an external investment manager creates a unique risk profile where equity market volatility can mask or amplify the underlying insurance performance. This structure warrants further investigation into whether the investment strategy is sufficiently uncorrelated with the insurance liabilities to provide a true hedge during periods of market stress.
As evidenced by the erratic loss ratios, such as the 118.4% reported in 2024Q4, there is a potential risk that current earnings may be subject to future adverse reserve development, particularly if the company's long-tail casualty lines are impacted by persistent social inflation trends in the United States.
The volatility in loss ratios suggests that the company's IBNR reserves may be subject to significant estimation risk, which could lead to future earnings restatements or capital strain. Analysts should remain cautious regarding the quality of earnings until the company demonstrates a multi-year trend of favorable reserve development that is not reliant on one-time investment gains.
Quick answers to the most common questions about buying GLRE stock.
For fiscal year 2025, Greenlight Capital Re, Ltd. (GLRE) reported total revenue of $696.3M. This represents a 2280.1% increase compared to $29.3M in 2005.
Greenlight Capital Re, Ltd. (GLRE) is profitable, generating $74.8M in net income for the fiscal year ending 2025 with a net profit margin of 10.7%.
Greenlight Capital Re, Ltd. (GLRE) reported an operating income of $78.3M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Greenlight Capital Re, Ltd. (GLRE) generated $284.8M in gross profit for the year, representing a gross profit margin of 40.9%. This demonstrates the company's core pricing power and production efficiency.