Greenlight Capital Re (GLRE) Q4 2025 earnings summary

Executive summary

• Achieved record full-year and Q4 2025 underwriting income, with a combined ratio of 94.6% for the year and 92.1% in Q4, reflecting consistent execution and improved profitability.

• Net income for Q4 2025 was $49.3 million, and for the full year $74.8 million, up from $42.8 million in 2024.

• Fully diluted book value per share grew 13.8% in 2025 to $20.43, with an 8.1% increase in Q4.

• Gross premiums written increased to $773.3 million in 2025, up 11% year-over-year.

• AM Best upgraded the company’s rating to A in November, reflecting improved capital strength.

Financial highlights

• Q4 2025 net underwriting profit: $13 million; combined ratio: 92.1%.

• Investment return from Solasglas in Q4: $36 million (7.9% gain); net investment income for Q4: $44.8 million.

• Full-year 2025 underwriting profit: $35.7 million; combined ratio: 94.6%.

• Return on equity rose to 11.1% for 2025 from 7.0% in 2024.

• Total shareholders’ equity reached $708 million at year-end 2025.

Outlook and guidance

• Optimistic about 2026 opportunities and positioning, despite market softening in some lines.

• Focus remains on underwriting excellence, diversified risk profile, and disciplined growth in the Innovations segment.

• Innovations segment expected to normalize expense ratio as it gains scale over 18–24 months.

• Continued emphasis on long-term book value growth and value-oriented investment strategy.