The company's underwriting profitability remains severely strained, evidenced by a net margin of -356.10% that reflects the overwhelming cost of settling legacy claims.
| Metric | TTM | 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 |
|---|
| Revenue | 41.58M | 56.44M | 89.23M | 58.13M | 98.72M | 184.12M | 576.13M | 2.16B | 2.14B | 2.05B | 2.57B | 2.38B | 2.11B | 1.9B | 1.64B | 1.25B | 983.15M | 419.77M |
| Revenue Growth % | -57.85% | -36.75% | 53.5% | -41.11% | -46.38% | -68.04% | -73.39% | 1.22% | 4.24% | -20.26% | 8.06% | 12.85% | 11.07% | 15.81% | 31.44% | 26.94% | 134.21% | - |
| Medical Costs & Claims | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.03M | 5.81M | 38.73M | 1.25M |
| Medical Cost Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.31% | 0.47% | 3.94% | 0.3% |
| Gross Profit | 41.58M | 56.44M | 89.23M | 58.13M | 98.72M | 184.12M | 576.13M | 2.16B | 2.14B | 2.05B | 2.57B | 2.38B | 2.11B | 1.9B | 1.64B | 1.24B | 944.42M | 418.51M |
| Gross Margin % | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 99.69% | 99.53% | 96.06% | 99.7% |
| Gross Profit Growth % | - | -36.75% | 53.5% | -41.11% | -46.38% | -68.04% | -73.39% | 1.22% | 4.24% | -20.26% | 8.06% | 12.85% | 11.07% | 16.16% | 31.65% | 31.53% | 125.66% | - |
| Operating Expenses | 23.5M | 35.35M | 30.8M | 30.95M | 36.02M | 39.12M | 667.09M | 2.6B | 2.27B | 1.94B | 2.42B | 2.22B | 1.97B | 1.81M | 53.89M | 42.18M | -882.02M | 14.97M |
| OpEx / Revenue % | 56.52% | 62.63% | 34.51% | 53.24% | 36.49% | 21.25% | 115.79% | 119.89% | 106% | 94.64% | 93.96% | 93.2% | 93.15% | 0.1% | 3.29% | 3.38% | -89.71% | 3.57% |
| Depreciation & Amortization | -843K | 0 | 2.75M | 49.32M | 3.45M | 6.24M | 5.91M | 4.9M | 5.45M | 20.3M | -147.63M | -157.75M | -141.72M | -87.22M | 0 | 0 | 0 | 0 |
| Combined Ratio % | 56.52% | 62.63% | 34.51% | 53.24% | 36.49% | 21.25% | 115.79% | 119.89% | 106% | 94.64% | 93.96% | 93.2% | 93.15% | 0.1% | 3.59% | 3.85% | -85.78% | 3.87% |
| Operating Income | 3.52M | 21.09M | 58.44M | 27.18M | 62.7M | 145M | -93.67M | -429.49M | -113.42M | 96.58M | 147.63M | 157.75M | 141.72M | 87.22M | 1.58B | 1.2B | 62.4M | 403.54M |
| Operating Margin % | 8.47% | 37.37% | 65.49% | 46.76% | 63.51% | 78.75% | -16.26% | -19.84% | -5.3% | 4.71% | 5.74% | 6.62% | 6.72% | 4.59% | 96.41% | 96.15% | 6.35% | 96.13% |
| Operating Income Growth % | - | -63.91% | 114.96% | -56.64% | -56.76% | 254.8% | 78.19% | -278.69% | -217.43% | -34.58% | -6.41% | 11.31% | 62.48% | -94.48% | 31.79% | 1823.11% | -84.54% | - |
| EBITDA | -4.41M | 21.09M | 61.18M | 76.5M | 66.15M | 151.25M | -87.76M | -424.59M | -107.97M | 116.88M | 0 | 0 | 0 | 0 | 1.58B | 1.2B | 62.4M | 403.54M |
| EBITDA Margin % | -10.62% | 37.37% | 68.56% | 131.6% | 67.01% | 82.15% | -15.23% | -19.61% | -5.05% | 5.7% | 0% | 0% | 0% | 0% | 96.41% | 96.15% | 6.35% | 96.13% |
| Interest Expense | 19.27M | 19.27M | 0 | 0 | 0 | 19.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34.16M | 36.47M | 34.43B | 0 |
| Non-Operating Income | 212.35M | 201.74M | -58.44M | -27.18M | -62.7M | -145M | -528.92M | -2.11B | -2.09B | -2B | -2.51B | -2.32B | -2.05B | 0 | 1.52B | 1.09B | 0 | 0 |
| Pretax Income | -210.02M | -199.91M | -38.37M | -60.6M | 26.66M | 41.66M | -110.27M | -449.85M | -154.41M | 79.47M | 126.32M | 103.7M | 104.72M | 52.47M | 30.45M | 71.19M | 62.4M | 18.79M |
| Pretax Margin % | -505.08% | -354.23% | -43% | -104.24% | 27.01% | 22.63% | -19.14% | -20.78% | -7.22% | 3.87% | 4.91% | 4.35% | 4.96% | 2.76% | 1.86% | 5.7% | 6.35% | 4.48% |
| Income Tax | 1.06M | 1.05M | 196K | -557K | 15K | -104K | -911K | 441K | -6.76M | 413K | 2.04M | 2.16M | 1.86M | 2.21M | 1.93M | 1.33M | 1.34M | 0 |
| Effective Tax Rate % | -0.5% | -0.53% | -0.51% | 0.92% | 0.06% | -0.25% | 0.83% | -0.1% | 4.38% | 0.52% | 1.61% | 2.09% | 1.78% | 4.22% | 6.33% | 1.87% | 2.15% | 0% |
| Net Income | -211.06M | -200.97M | -38.57M | -60.04M | 26.64M | 41.76M | -109.36M | -476.16M | -176.98M | 46.14M | 100.09M | 76.96M | 87.78M | 46.51M | 28.52M | 69.87M | 61.06M | 18.79M |
| Net Margin % | -507.58% | -356.1% | -43.22% | -103.28% | 26.99% | 22.68% | -18.98% | -22% | -8.27% | 2.25% | 3.89% | 3.23% | 4.16% | 2.45% | 1.74% | 5.6% | 6.21% | 4.48% |
| Net Income Growth % | -718.08% | -421.06% | 35.76% | -325.34% | -36.2% | 138.19% | 77.03% | -169.05% | -483.58% | -53.9% | 30.05% | -12.33% | 88.74% | 63.06% | -59.17% | 14.43% | 224.88% | - |
| EPS (Diluted) | -2.13 | -2.01 | -0.38 | 0.63 | 1.35 | 0.93 | -1.32 | -5.73 | -2.07 | 0.59 | 1.17 | 1.04 | 1.15 | 0.64 | 0.39 | 0.98 | 0.87 | 0.32 |
| EPS Growth % | 57.72% | -428.95% | -160.32% | -53.33% | 45.16% | 170.45% | 76.96% | -176.81% | -450.85% | -49.57% | 12.5% | -9.57% | 79.69% | 64.1% | -60.2% | 12.64% | 171.88% | - |
| EPS (Basic) | - | -2.01 | -0.38 | 0.63 | 1.35 | 0.93 | -1.32 | -5.74 | -2.07 | 0.58 | 1.31 | 1.04 | 1.18 | 0.64 | 0.40 | 0.99 | 0.88 | 0.32 |
| Diluted Shares Outstanding | 99.12M | 99.9M | 101.38M | 87.11M | 86.07M | 84.33M | 83.06M | 83.05M | 85.68M | 78.69M | 85.64M | 74.12M | 76.42M | 73.11M | 72.9M | 71.37M | 70.06M | 59.34M |
Legacy reserve development volatility
As reported in recent financial filings, MHLA experienced a significant revenue decline of 51.4% in 2025Q1, signaling a rapid contraction of the active underwriting book that suggests the company is effectively transitioning toward a run-off state rather than pursuing growth in its diversified reinsurance segment.
The persistent volatility in top-line figures, including the extreme -129.5% revenue growth observed in 2024Q4, indicates that the firm is likely navigating the impact of treaty commutations and the deliberate shedding of legacy business. Investors should monitor whether the remaining revenue base can sustain the fixed costs associated with maintaining a Bermuda-based insurance platform.
Based on the provided income statement data, the company's net margin of -356.10% highlights a profound inability to generate underwriting profit, as the costs of settling legacy claims appear to be consistently overwhelming the premiums earned from the shrinking portfolio of active reinsurance contracts.
The absence of consistent positive net income, punctuated by a $158.0 million loss in 2024Q4, suggests that the firm's operational structure is currently incapable of achieving a sustainable combined ratio. This performance implies that the company is effectively consuming its capital base to satisfy historical liabilities rather than creating value through new underwriting.
According to the historical income statement trends, the recurring net losses suggest that prior-year reserve development remains a significant headwind, potentially masking the underlying performance of the diversified segment and complicating any assessment of the company's true long-term solvency or its ability to settle future claims.
The lack of transparency regarding specific loss ratios in the provided data warrants further investigation into whether the company is facing adverse development on its long-tail workers' compensation and general liability lines. Such uncertainty implies that the current equity base may be subject to further erosion if reserve adequacy is not maintained.
As indicated by the company's recent financial performance, the market appears to be pricing MHLA as a liquidating entity, with the -356.10% net margin suggesting that the firm's primary value may reside in its remaining insurance licenses rather than its capacity to generate future underwriting income.
The extreme volatility in quarterly earnings, including the $36.0 million profit in 2022Q4 followed by subsequent losses, suggests that the company's financial results are heavily influenced by non-recurring accounting adjustments and commutations. Investors should be cautious of the potential for further capital impairment as the firm continues to navigate its legacy run-off.
Quick answers to the most common questions about buying MHLA stock.
For fiscal year 2024, Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) reported total revenue of $56.4M. This represents a 86.6% decline compared to $419.8M in 2008.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) reported a net loss of $201.0M for the fiscal year ending 2024.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) reported an operating income of $21.1M, resulting in an operating profit margin of 37.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Maiden Holdings, Ltd. 6.625 NT 2046 (MHLA) generated $56.4M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.