Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 57

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 57
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3,534 Additional paid-in capital481,551 484,532 Retained earnings150,845 108,029 Total shareholders' equity635,879 596,095 Total liabilities and equity$2,016,223 $1,735,307 

The accompanying Notes to the Consolidated Financial Statements are an

 integral part of the Consolidated Financial Statements.

F-4

GREENLIGHT CAPITAL RE, LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

For the years ended December 31, 2024, 2023, and 2022 

(expressed in thousands of U.S. dollars, except per share and share amounts)

 202420232022RevenuesGross premiums written$698,335 $636,810 $563,171 Gross premiums ceded(77,070)(42,762)(33,429)Net premiums written621,265 594,048 529,742 Change in net unearned premium reserves(1,311)(10,901)(60,265)Net premiums earned619,954 583,147 469,477 Income from investment in related party investment fund (net of related party expenses of $9,808, $7,954, and $9,674, respectively)33,605 28,696 54,844 Net investment income45,954 43,408 8,350 Foreign exchange gains (losses)(5,606)11,566 (5,988)Other income2,119 265 — Total revenues696,026 667,082 526,683 ExpensesNet loss and loss adjustment expenses incurred427,269 360,004 316,485 Acquisition costs176,775 168,877 143,148 Underwriting expenses22,857 19,587 13,813 Corporate and other expenses16,377 23,653 17,793 Deposit interest expense3,347 2,687 6,717 Interest expense5,836 5,344 4,201 Total expenses652,461 580,152 502,157 Income before income tax43,565 86,930 24,526 Income tax recovery (expense)(749)(100)816 Net income$42,816 $86,830 $25,342 Earnings per share ("EPS"):  Basic$1.26 $2.55 $0