Enstar Q3 2023 Earnings Report
Key Takeaways
Enstar Group Limited reported net earnings of $38 million for the third quarter of 2023, a significant improvement compared to the net loss of $432 million in the same period last year. The company's return on equity was 0.9%, primarily driven by investment returns of $146 million. Enstar also closed a previously announced transaction with AIG and agreed to repurchase $191 million of ordinary shares.
Net earnings attributable to Enstar ordinary shareholders were $38 million, or $2.43 per diluted ordinary share.
Return on equity was 0.9% and Adjusted ROE was 2.5%.
Run-off liability earnings were $15 million, driven by favorable development on workers' compensation and property lines of business.
Annualized total investment return was 1.8% and Annualized Adjusted TIR was 4.5%.
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Enstar Revenue by Segment
Forward Guidance
Enstar expects to leverage its core strengths of scale, claims management experience, and strong balance sheet to continue providing long-term value.
Positive Outlook
- Agreement with AIG to provide protection on its retained exposure to adverse development on Validus Re carried loss reserves.
- Ongoing execution of strategic priorities.
- Year-to-date growth in book value per share.
- Scale.
- Claims management experience.