The business behind the dividend
| Measure | GBLI | Median | Formula |
|---|---|---|---|
| Return on equity | 3.6% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 7.4% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | 0.9% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Free cash flow, Interest cover, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.6% | 6.3% | 3.9% | -0.1% | 4.2% | -2.9% | 9.6% | -9.0% | -1.3% | 6.2% | 3.6% |
| Operating margin | 7.4% | 12.5% | 6.2% | — | — | — | 13.5% | -15.2% | -2.1% | 8.9% | 7.4% |
| Net margin | 5.6% | 9.8% | 4.8% | -0.1% | 4.3% | -3.6% | 11.6% | -11.4% | -2.0% | 9.3% | 4.3% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Global Indemnity Group LLC pays out less than 21 of them. The median for that group is 30.6%, against this company’s 80.0%.
Closest on GAAP earnings
- Kearny Financial (KRNY) 77.2%
- Eagle Financial Services (EFSI) 78.0%
- CNA Financial (CNA) 81.9%
- Kestrel Group (KG) 86.4%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →