Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 10

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 10
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$18.26 $16.87 $14.45 Increase in basic book value per share ($)$1.39 $2.42 $0.40 Increase in basic book value per share (%)8.2 %16.8 %2.8 %Fully diluted book value per share$17.95 $16.74 $14.33 Increase in fully diluted book value per share ($)$1.21 $2.41 $0.34 Increase in fully diluted book value per share (%)7.2 %16.8 %2.4 %

(1) Assuming net exercise by the grantee.

53

Consolidated Results of Operations

The table below summarizes our consolidated operating results.

20242023ChangeUnderwriting results:Gross premiums written$698,335 $636,810 $61,525 Net premiums written$621,265 $594,048 $27,217 Net premiums earned$619,954 $583,147 $36,807 Net loss and LAE incurred:  Current year(406,465)(348,798)(57,667)Prior year (1)(20,804)(11,206)(9,598)Net loss and LAE incurred(427,269)(360,004)(67,265)Acquisition costs(176,775)(168,877)(7,898)Underwriting expenses(22,857)(19,587)(3,270)Deposit interest income (expense), net(1,228)(2,687)1,459 Net underwriting income (loss)(8,175)31,992 (40,167)Investment results:Income from investment in Solasglas33,605 28,696 4,909 Net investment income45,954 43,408 2,546 Total investment income79,559 72,104 7,455 Corporate and other expenses(16,377)(23,653)7,276 Foreign exchange gains (losses)(5,606)11,566 (17,172)Other income, net— 265 (265)Interest expense(5,836)(5,344)(492)Income tax expense(749)(100)(649)Net income$42,816 $86,830 $(44,014)Diluted earnings per share$1.24 $2.50 $(