Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 6

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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 the lower attritional loss ratio and no CAT losses, coupled with a decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development.

Consolidated Results of Operations for YTD 2025 compared to YTD 2024

Basic book value per share increased by $1.06 per share, or 5.8%, to $19.32 per share from $18.26 per share at December 31, 2024. Fully diluted book value per share increased by $0.95 per share, or 5.3%, to $18.90 per share from $17.95 per share at December 31, 2024. 

For the nine months ended September 30, 2025 (“YTD 2025”), net income decreased by $44.7 million to $25.6 million, compared to the nine months ended September 30, 2024 (“YTD 2024”) driven mainly by the following:

•Total investment income: Decreased by $61.7 million primarily driven by our investment in Solasglas, which reported a loss of $0.5 million during YTD 2025, compared to a gain of $42.4 million during YTD 2024. Solasglas generated a net loss of 0.4% for YTD 2025 compared to a net return of 11.9% for YTD 2024. Additionally, net investment income decreased by $18.8 million predominantly due to net investment loss from our Innovations investment portfolio as noted for Q3 2025, and lower interest income earned from restricted cash and cash equivalents due to the interest rate cuts by central banks during the second half of 2024 and 2025. 

•Foreign exchange gains: Increased by $5.4 million, driven mainly by a stronger movement of the pound sterling against the U.S. dollar during YTD 2025.

Offset partially by:

•Underwriting income: Increased by $12.8 million, driven by 2.5 percentage points improvement in combined ratio, which was predominantly driven by improved current year loss ratio mainly due to lower attritional loss ratio and lower CAT losses, along with a decrease in acquisition cost ratio. This was offset partially by an increase in prior year adverse loss development. For further information on CAT losses and prior year loss development, refer to Note 7 - Loss and Loss Adjustment Expense Reserves of the Q3 2025 condensed consolidated financial statements