Enstar Group Limited Reports First Quarter 2024 Results

GlobeNewswire05-03

Net Income Attributable to Enstar Ordinary Shareholders of $119 Million; Return on Equity of 2.4% Primarily Driven by Positive Investment Results Growth in Book Value per Ordinary Share of 1.7% to $...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nEnstar Group Limited Reports First Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-03 04:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/enstar-group-limited-reports-first-201800819.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Net Income Attributable to Enstar Ordinary Shareholders of $119 Million; Return on Equity of 2.4% Primarily Driven by Positive Investment Results\nGrowth in Book Value per Ordinary Share of 1.7% to $...</p>\n\n<a href=\"https://finance.yahoo.com/news/enstar-group-limited-reports-first-201800819.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ESGRO","symbol_name":"EnStar Group Ltd","start_time":0,"source_url":"https://finance.yahoo.com/news/enstar-group-limited-reports-first-201800819.html","article_id":"2432956916","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/PAwlpEiYisKO0htXrvQ7Qw--~B/aD0xNzA7dz02MjM7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/globenewswire.com/3b583f0bc8cdfbc049738e1edce5614b"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432956916","pubTimestamp":1714681080,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Net Income Attributable to Enstar Ordinary Shareholders of $119 Million; Return on Equity of 2.4% Primarily Driven by Positive Investment Results. Growth in Book Value per Ordinary Share of 1.7% to $349.41 . Announced $400 Million Loss Portfolio Transaction with SiriusPoint, Subsequent to Quarter End. Bermuda-based Wholly Owned Subsidiary, Cavello Bay Reinsurance Limited Assigned Insurer Financial Strength Rating of ‘A’ with Stable Outlook by S&P Global Ratings. Net income attributable to Enstar ordinary shareholders of $119 million, or $8.02 per diluted ordinary share, compared to $424 million, or $24.79 per diluted ordinary share, for the three months ended March 31, 2023.Announced $400 million Loss Portfolio Transfer  agreement with SiriusPoint subsequent to quarter-end, to reinsure a portfolio of workers’ compensation business coverin","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ESGRO":"EnStar Group Ltd","BK4561":"索罗斯持仓","ESGRP":"Perpetual Non-Cumulative Preferred Share, Series D, Par Value $1.00 Per Share","BK4019":"再保险","ESGR":"恩斯塔","BK4121":"生命科学工具和服务","PPD":"PPD, Inc.","BK4530":"医药外包概念"},"translate_title":"恩斯达集团有限公司报告2024年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ESGR":1,"ESGRO":0.9,"ESGRP":0.9,"PPD":0.9},"content_text":"Net Income Attributable to Enstar Ordinary Shareholders of $119 Million; Return on Equity of 2.4% Primarily Driven by Positive Investment Results\nGrowth in Book Value per Ordinary Share of 1.7% to $349.41 (Fully Diluted* $341.53) \nAnnounced $400 Million Loss Portfolio Transaction with SiriusPoint, Subsequent to Quarter End\nBermuda-based Wholly Owned Subsidiary, Cavello Bay Reinsurance Limited Assigned Insurer Financial Strength Rating of ‘A’ with Stable Outlook by S&P Global Ratings\n\n* Non-GAAP measure; refer to \"Non-GAAP Financial Measures\" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure.\nHAMILTON, Bermuda, May 02, 2024 (GLOBE NEWSWIRE) -- Enstar Group Limited (Nasdaq: ESGR) today announced financial results for the first quarter 2024.\nFirst Quarter 2024 Highlights:\n\n\n\n \n \n \n \n \n\n\n\n\nNet income attributable to Enstar ordinary shareholders of $119 million, or $8.02 per diluted ordinary share, compared to $424 million, or $24.79 per diluted ordinary share, for the three months ended March 31, 2023.\nReturn on equity (\"ROE\") of 2.4% and Adjusted ROE* of 2.6% for the quarter compared to ROE and Adjusted ROE* of 9.5% and 6.8%, respectively, in the first quarter of 2023. The prior-year period’s ROE and Adjusted ROE* included a $194 million net gain recognized on the novation of Enhanzed Re reinsurance closed block of life annuity policies. Year-over-year ROE performance was also impacted by a decline in the gain from fair value changes in trading securities, funds held and other investments. First quarter 2024 Adjusted ROE* also excludes $25 million of net realized losses on our fixed maturities and fair value changes in trading securities and funds held.\nRun-off liability earnings (\"RLE\") of $24 million for the quarter (compared to RLE of $10 million in the prior-year period) was driven by favorable development on our professional indemnity/directors and officers and asbestos lines of business, partially offset by adverse development on our general casualty and environmental lines of business.\nAnnualized total investment return (“TIR”) of 4.9% and Annualized Adjusted TIR* of 5.5% for the quarter compared to Annualized TIR and Annualized Adjusted TIR* of 9.5% and 6.3%, respectively, for the three months ended March 31, 2023. Recognized investment results in the first quarter of 2024 benefited from net investment income of $160 million and fair value change in other investments, including equities, of $104 million, partially offset by net realized and unrealized losses on our fixed maturities, including other comprehensive income (“OCI”), of $37 million.\nEnstar’s Bermuda-based wholly owned subsidiary Cavello Bay Reinsurance Limited was assigned an Insurer Financial Strength Rating of ‘A’ with stable outlook by S&P Global Ratings.\nAnnounced $400 million Loss Portfolio Transfer (“LPT”) agreement with SiriusPoint subsequent to quarter-end, to reinsure a portfolio of workers’ compensation business covering underwriting years 2018 to 2023.\n\n* Non-GAAP measure; refer to \"Non-GAAP Financial Measures\" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure.\nDominic Silvester, Enstar CEO, said:\n\n\n\n \n\n\n\n“Our momentum continues with a growth in book value of 1.7% in the first quarter, driven by solid performance in our investment portfolio and another quarter of positive Run-Off Liability Earnings.\nWe were pleased to execute a $400 million Loss Portfolio Transfer with SiriusPoint earlier this week. The transaction expands our Workers’ Compensation portfolio, which is a line of business where we have a wealth of experience and have had significant success. We look forward to taking advantage of opportunities across our business throughout the year, as we stay focused on meeting the growing risk management needs of the (re)insurance sector while creating long-term value for our shareholders.”\nKey Financial and Operating Metrics\n\n\n\n \n\n\n\nWe use the following GAAP and Non-GAAP measures to monitor the performance of and manage the company:\n\n\n\n \nThree Months Ended\n \n \n\n\n \nMarch 31,\n \n$ / pp / bp Change\n\n\n \n \n2024\n \n \n \n2023\n \n \n\n\n \n(in millions of U.S. dollars, except per share data)\n\n\nKey Earnings Metrics\n \n \n \n \n \n\n\nNet income attributable to Enstar ordinary shareholders\n$\n119\n \n \n$\n424\n \n \n$\n(305\n)\n\n\nAdjusted operating income attributable to Enstar ordinary shareholders*\n$\n141\n \n \n$\n401\n \n \n$\n(260\n)\n\n\nROE\n \n2.4\n%\n \n \n9.5\n%\n \n(7.1)pp\n\n\nAdjusted ROE*\n \n2.6\n%\n \n \n6.8\n%\n \n(4.2)pp\n\n\n \n \n \n \n \n \n\n\nKey Run-off Metrics\n \n \n \n \n \n\n\nPrior period development\n$\n24\n \n \n$\n10\n \n \n$\n14\n \n\n\nAdjusted prior period development*\n$\n24\n \n \n$\n36\n \n \n$\n(12\n)\n\n\nRLE\n \n0.2\n%\n \n \n0.1\n%\n \n0.1pp\n\n\nAdjusted RLE*\n \n0.2\n%\n \n \n0.3\n%\n \n(0.1)pp\n\n\n \n \n \n \n \n \n\n\nKey Investment Return Metrics\n \n \n \n \n \n\n\nTotal investable assets\n$\n17,677\n \n \n$\n17,773\n \n \n$\n(96\n)\n\n\nAdjusted total investable assets*\n$\n18,466\n \n \n$\n18,767\n \n \n$\n(301\n)\n\n\nAnnualized investment book yield\n \n4.36\n%\n \n \n3.58\n%\n \n78bp\n\n\nTIR\n \n4.9\n%\n \n \n9.5\n%\n \n(4.6)pp\n\n\nAdjusted TIR*\n \n5.5\n%\n \n \n6.3\n%\n \n(0.8)pp\n\n\n \n \n \n \n \n \n\n\n \nAs of\n \n \n\n\nKey Shareholder Metrics\nMarch 31, 2024\n \nDecember 31, 2023\n \n \n\n\nBook value per ordinary share\n$\n349.41\n \n \n$\n343.45\n \n \n$\n5.96\n \n\n\nFully diluted book value per ordinary share*\n$\n341.53\n \n \n$\n336.72\n \n \n$\n4.81\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\npp - Percentage point(s)\nbp - Basis point(s)\n*Non-GAAP measure; refer to \"Non-GAAP Financial Measures\" further below for explanatory notes and a reconciliation to the most directly comparable GAAP measure.\nResults of Operations By Segment - For the Three Months Ended March 31, 2024 and 2023\n\n\n\n \n\n\n\nRun-off Segment\nThe following is a discussion and analysis of the results of operations for our Run-off segment.\n\n\n\n \n \nThree Months Ended\n \n \n\n\n \n \nMarch 31,\n \n$ Change\n\n\n \n \n \n2024\n \n \n \n2023\n \n \n\n\n \n \n(in millions of U.S. dollars)\n\n\nNet premiums earned\n \n$\n11\n \n \n$\n8\n \n \n$\n3\n \n\n\nOther income:\n \n \n \n \n \n \n\n\nReduction in estimates of net ultimate defendant A&E liabilities - prior periods\n \n \n—\n \n \n \n2\n \n \n \n(2\n)\n\n\nReduction in estimated future defendant A&E expenses\n \n \n1\n \n \n \n1\n \n \n \n—\n \n\n\nAll other income\n \n \n2\n \n \n \n2\n \n \n \n—\n \n\n\nTotal other income\n \n \n3\n \n \n \n5\n \n \n \n(2\n)\n\n\nTotal revenues\n \n \n14\n \n \n \n13\n \n \n \n1\n \n\n\n \n \n \n \n \n \n \n\n\nEXPENSES\n \n \n \n \n \n \n\n\nNet incurred losses and LAE:\n \n \n \n \n \n \n\n\nCurrent period\n \n \n5\n \n \n \n10\n \n \n \n(5\n)\n\n\nPrior periods:\n \n \n \n \n \n \n\n\nReduction in estimates of net ultimate losses\n \n \n(6\n)\n \n \n(15\n)\n \n \n9\n \n\n\nReduction in provisions for ULAE\n \n \n(17\n)\n \n \n(18\n)\n \n \n1\n \n\n\nTotal prior periods\n \n \n(23\n)\n \n \n(33\n)\n \n \n10\n \n\n\nTotal net incurred losses and LAE\n \n \n(18\n)\n \n \n(23\n)\n \n \n5\n \n\n\nAcquisition costs\n \n \n1\n \n \n \n2\n \n \n \n(1\n)\n\n\nGeneral and administrative expenses\n \n \n42\n \n \n \n39\n \n \n \n3\n \n\n\nTotal expenses\n \n \n25\n \n \n \n18\n \n \n \n7\n \n\n\n \n \n \n \n \n \n \n\n\nSEGMENT NET LOSS\n \n$\n(11\n)\n \n$\n(5\n)\n \n$\n(6\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\nOverall Results\nThree Months Ended March 31, 2024 versus 2023: Net loss from our Run-off segment was $11 million compared to net loss of $5 million in the comparative quarter, primarily due to:\n\nA $10 million decrease in favorable PPD in the current quarter, mainly driven by a $9 million increase in the reduction in estimates of net ultimate losses in the comparative quarter. \n  \nDuring the first quarter of 2024, the net favorable development was primarily due to favorable development on our Professional Indemnity/Directors and Officers line of business of $29 million driven by favorable claims experience and favorable development on our Asbestos line of business of $24 million resulting from actuarial analysis. These were partially offset by adverse development on our General Casualty line of business of $18 million driven by adverse claims experience and adverse development on our Environmental line of business of $25 million due to results from actuarial reviews in the period.\nIn comparison, during the first quarter of 2023 we recognized favorable development of $11 million on our workers’ compensation line of business as a result of favorable claims experience, most notably in the 2021 acquisition year.\n \nA net favorable change in current period net incurred losses and LAE and acquisition costs of $6 million.\n\nInvestments Segment\nThe following is a discussion and analysis of the results of operations for our Investments segment.\n\n\n\n \nThree Months Ended\n \n \n\n\n \nMarch 31,\n \n$ Change\n\n\n \n \n2024\n \n \n \n2023\n \n \n\n\n \n(in millions of U.S. dollars)\n\n\nREVENUES\n \n \n \n \n \n\n\nNet investment income:\n \n \n \n \n \n\n\nFixed maturities\n$\n142\n \n \n$\n131\n \n \n$\n11\n \n\n\nCash and restricted cash\n \n8\n \n \n \n5\n \n \n \n3\n \n\n\nOther investments, including equities\n \n20\n \n \n \n24\n \n \n \n(4\n)\n\n\nLess: Investment expenses\n \n(10\n)\n \n \n(4\n)\n \n \n(6\n)\n\n\nTotal net investment income\n \n160\n \n \n \n156\n \n \n \n4\n \n\n\nNet realized losses:\n \n \n \n \n \n\n\nFixed maturities\n \n(6\n)\n \n \n(18\n)\n \n \n12\n \n\n\nTotal net realized losses\n \n(6\n)\n \n \n(18\n)\n \n \n12\n \n\n\nFair value changes in:\n \n \n \n \n \n\n\nFixed maturities, trading\n \n(19\n)\n \n \n59\n \n \n \n(78\n)\n\n\nOther investments, including equities\n \n104\n \n \n \n147\n \n \n \n(43\n)\n\n\nTotal fair value changes in trading securities and other investments\n \n85\n \n \n \n206\n \n \n \n(121\n)\n\n\nTotal revenues\n \n239\n \n \n \n344\n \n \n \n(105\n)\n\n\n \n \n \n \n \n \n\n\nEXPENSES\n \n \n \n \n \n\n\nGeneral and administrative expenses\n \n10\n \n \n \n11\n \n \n \n(1\n)\n\n\nTotal expenses\n \n10\n \n \n \n11\n \n \n \n(1\n)\n\n\n \n \n \n \n \n \n\n\n(Loss) income from equity method investments\n \n(5\n)\n \n \n11\n \n \n \n(16\n)\n\n\n \n \n \n \n \n \n\n\nSEGMENT NET INCOME\n$\n224\n \n \n$\n344\n \n \n$\n(120\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\nOverall Results\nThree Months Ended March 31, 2024 versus 2023: Net income from our Investments segment was $224 million for the three months ended March 31, 2024 compared to net income of $344 million for the three months ended March 31, 2023. The variance of $120 million was primarily due to:\n\na decrease in the gain from fair value changes in fixed maturities of $78 million, primarily as a result of increases in interest rates across U.S., U.K. and European markets in the current period, in comparison to decreases in interest rates in the comparative period;\nfair value change in other investments, including equities, of $104 million, compared to $147 million in the comparative period. The decrease of $43 million was primarily driven by: \n  \na decrease in gain in the fair value change in other investments of $18 million for the three months ended March 31, 2024, primarily driven by an unfavorable variance in the fair value change of an embedded derivative in relation to the Aspen LPT, partially offset by increases in the fair value change related to CLO equity funds, private equity funds, real estate funds and high yield bond and loan funds relative to the comparative quarter; and\na decrease in the gain in fair value changes in equities of $16 million for the three months ended March 31, 2024, largely as a result of the reduced amount of equities within the investment portfolio relative to the comparative quarter.\n \nan increase in our net investment income of $4 million, which is primarily due to the reinvestment of fixed maturities at higher yields, deployment of consideration received from deals closed over the past 12 months and the impact of rising interest rates on the $3.1 billion of our average fixed maturities outstanding during the current period that are subject to floating interest rates. Our floating rate investments generated net investment income of $58 million, an increase of $2 million in comparison to the comparative quarter.\n\nIncome and (Loss) by Segment - For the Three Months Ended March 31, 2024 and 2023\n\n\n\n \n\n\n\n\n\n\n \nThree Months Ended\n \n \n\n\n \nMarch 31,\n \n \n\n\n \n \n2024\n \n \n \n2023\n \n \n$ Change\n\n\n \n(in millions of U.S. dollars)\n\n\nREVENUES\n \n \n \n \n \n\n\nRun-off\n$\n14\n \n \n$\n13\n \n \n$\n1\n \n\n\nInvestments\n \n239\n \n \n \n344\n \n \n \n(105\n)\n\n\nAssumed Life (1)\n \n—\n \n \n \n275\n \n \n \n(275\n)\n\n\nSubtotal\n \n253\n \n \n \n632\n \n \n \n(379\n)\n\n\nCorporate and other (1)\n \n(3\n)\n \n \n—\n \n \n \n(3\n)\n\n\nTotal revenues\n$\n250\n \n \n$\n632\n \n \n$\n(382\n)\n\n\n \n \n \n \n \n \n\n\nSEGMENT NET INCOME (LOSS)\n \n \n \n \n \n\n\nRun-off\n$\n(11\n)\n \n$\n(5\n)\n \n$\n(6\n)\n\n\nInvestments\n \n224\n \n \n \n344\n \n \n \n(120\n)\n\n\nAssumed Life (1)\n \n—\n \n \n \n275\n \n \n \n(275\n)\n\n\nTotal segment net income\n \n213\n \n \n \n614\n \n \n \n(401\n)\n\n\nCorporate and other (1)\n \n(94\n)\n \n \n(190\n)\n \n \n96\n \n\n\nNET INCOME ATTRIBUTABLE TO ENSTAR ORDINARY SHAREHOLDERS\n$\n119\n \n \n$\n424\n \n \n$\n(305\n)\n\n\n \n \n \n \n \n \n\n\n\n(1) Effective January 1, 2024, Assumed Life and Legacy Underwriting were determined to no longer meet the definition of reportable segments and their residual income and loss activities were prospectively included in Corporate and other activities. Activities prior to January 1, 2024 are recorded in their respective segments. In addition, Legacy Underwriting had no revenue or income activity for the three months ended March 31, 2024 and 2023 and therefore is excluded from the table above.\nFor additional detail on the former Assumed Life and Legacy Underwriting segments and Corporate and other activities, please refer to our Quarterly Report on Form 10-Q for the period ended March 31, 2024.\nCautionary Statement\n\n\n\n \n\n\n\nThis press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the intent, belief or current expectations of Enstar and its management team. Investors can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘aim’, ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future events or performance. Investors are cautioned that any such forward-looking statements speak only as of the date they are made, are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Important risk factors regarding Enstar can be found under the heading \"Risk Factors\" in our Form 10-K for the year ended December 31, 2023 and are incorporated herein by reference. Furthermore, Enstar undertakes no obligation to update any written or oral forward-looking statements or publicly announce any updates or revisions to any of the forward-looking statements contained herein, to reflect any change in its expectations with regard thereto or any change in events, conditions, circumstances or assumptions underlying such statements, except as required by law.\nAbout Enstar\n\n\n\n \n\n\n\nEnstar is a NASDAQ-listed leading global (re)insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe and Australia. A market leader in completing legacy acquisitions, Enstar has acquired over 115 companies and portfolios since its formation. For further information about Enstar, see www.enstargroup.com. \nContacts\n\n\n\n \n\n\n\nFor Investors: Matthew Kirk (investor.relations@enstargroup.com)\nFor Media: Jenna Kerr (communications@enstargroup.com)\nENSTAR GROUP LIMITEDCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSFor the Three Months Ended March 31, 2024 and 2023\n\n\n\n \nThree Months EndedMarch 31,\n\n\n \n \n2024\n \n \n \n2023\n \n\n\n \n(expressed in millions of U.S. dollars, except share and per share data)\n\n\nREVENUES\n \n \n \n\n\nNet premiums earned\n$\n11\n \n \n$\n8\n \n\n\nNet investment income\n \n160\n \n \n \n156\n \n\n\nNet realized losses\n \n(6\n)\n \n \n(18\n)\n\n\nFair value changes in trading securities, funds held and other investments\n \n85\n \n \n \n206\n \n\n\nOther income\n \n—\n \n \n \n280\n \n\n\nTotal revenues\n \n250\n \n \n \n632\n \n\n\n \n \n \n \n\n\nEXPENSES\n \n \n \n\n\nNet incurred losses and loss adjustment expenses\n \n \n \n\n\nCurrent period\n \n5\n \n \n \n10\n \n\n\nPrior periods\n \n(24\n)\n \n \n(10\n)\n\n\nTotal net incurred losses and loss adjustment expenses\n \n(19\n)\n \n \n—\n \n\n\nAmortization of net deferred charge assets\n \n30\n \n \n \n17\n \n\n\nAcquisition costs\n \n1\n \n \n \n2\n \n\n\nGeneral and administrative expenses\n \n87\n \n \n \n89\n \n\n\nInterest expense\n \n22\n \n \n \n23\n \n\n\nNet foreign exchange gains\n \n(9\n)\n \n \n(6\n)\n\n\nTotal expenses\n \n112\n \n \n \n125\n \n\n\n \n \n \n \n\n\nINCOME BEFORE INCOME TAXES\n \n138\n \n \n \n507\n \n\n\nIncome tax (expense) benefit\n \n(5\n)\n \n \n1\n \n\n\n(Loss) income from equity method investments\n \n(5\n)\n \n \n11\n \n\n\nNET INCOME\n \n128\n \n \n \n519\n \n\n\nNet income attributable to noncontrolling interest\n \n—\n \n \n \n(86\n)\n\n\nNET INCOME ATTRIBUTABLE TO ENSTAR GROUP LIMITED\n \n128\n \n \n \n433\n \n\n\nDividends on preferred shares\n \n(9\n)\n \n \n(9\n)\n\n\nNET INCOME ATTRIBUTABLE TO ENSTAR GROUP LIMITED ORDINARY SHAREHOLDERS\n$\n119\n \n \n$\n424\n \n\n\n \n \n \n \n\n\nEarnings per ordinary share attributable to Enstar:\n\n\nBasic\n$\n8.13\n \n \n$\n24.97\n \n\n\nDiluted\n$\n8.02\n \n \n$\n24.79\n \n\n\nWeighted average ordinary shares outstanding:\n \n \n \n\n\nBasic\n \n14,641,158\n \n \n \n16,980,240\n \n\n\nDiluted\n \n14,833,840\n \n \n \n17,100,954\n \n\n\n \n \n \n \n \n \n \n \n\n\n\nENSTAR GROUP LIMITEDCONDENSED CONSOLIDATED BALANCE SHEETSAs of March 31, 2024 and 2023\n\n\n\n \nMarch 31, 2024\n \nDecember 31, 2023\n\n\n \n(in millions of U.S. dollars, except share data)\n\n\nASSETS\n \n \n \n\n\nShort-term investments, trading, at fair value\n$\n6\n \n \n$\n2\n \n\n\nShort-term investments, available-for-sale, at fair value (amortized cost: 2024 — $41; 2023 — $62)\n \n41\n \n \n \n62\n \n\n\nFixed maturities, trading, at fair value\n \n1,862\n \n \n \n1,949\n \n\n\nFixed maturities, available-for-sale, at fair value (amortized cost: 2024 — $5,462; 2023 — $5,642; net of allowance: 2024 — $17; 2023 — $16)\n \n5,046\n \n \n \n5,261\n \n\n\nFunds held\n \n4,880\n \n \n \n5,251\n \n\n\nEquities, at fair value (cost: 2024 — $602; 2023 — $615)\n \n738\n \n \n \n701\n \n\n\nOther investments, at fair value (includes consolidated variable interest entity: 2024 - $97; 2023 - $59)\n \n4,018\n \n \n \n3,853\n \n\n\nEquity method investments\n \n326\n \n \n \n334\n \n\n\nTotal investments\n \n16,917\n \n \n \n17,413\n \n\n\nCash and cash equivalents (includes consolidated variable interest entity: 2024 — $0; 2023 — $8)\n \n450\n \n \n \n564\n \n\n\nRestricted cash and cash equivalents\n \n310\n \n \n \n266\n \n\n\nAccrued interest receivable\n \n73\n \n \n \n71\n \n\n\nReinsurance balances recoverable on paid and unpaid losses (net of allowance: 2024 — $121; 2023 — $131)\n \n692\n \n \n \n740\n \n\n\nReinsurance balances recoverable on paid and unpaid losses, at fair value\n \n207\n \n \n \n217\n \n\n\nInsurance balances recoverable (net of allowance: 2024 and 2023 — $5)\n \n170\n \n \n \n172\n \n\n\nNet deferred charge assets\n \n701\n \n \n \n731\n \n\n\nOther assets\n \n745\n \n \n \n739\n \n\n\nTOTAL ASSETS\n$\n20,265\n \n \n$\n20,913\n \n\n\nLIABILITIES\n \n \n \n\n\nLosses and loss adjustment expenses\n$\n10,452\n \n \n$\n11,196\n \n\n\nLosses and loss adjustment expenses, at fair value\n \n1,098\n \n \n \n1,163\n \n\n\nDefendant asbestos and environmental liabilities\n \n556\n \n \n \n567\n \n\n\nInsurance and reinsurance balances payable\n \n107\n \n \n \n43\n \n\n\nDebt obligations\n \n1,832\n \n \n \n1,831\n \n\n\nOther liabilities (includes consolidated variable interest entity: 2024 — $0; 2023 — $1)\n \n474\n \n \n \n465\n \n\n\nTOTAL LIABILITIES\n \n14,519\n \n \n \n15,265\n \n\n\nCOMMITMENTS AND CONTINGENCIES\n \n \n \n\n\n \n \n \n \n\n\nSHAREHOLDERS’ EQUITY\n \n \n \n\n\nVoting ordinary Shares (par value $1 each, issued and outstanding 2024: 15,224,431; 2023: 15,196,685)\n \n15\n \n \n \n15\n \n\n\nPreferred Shares:\n \n \n \n\n\nSeries C Preferred Shares (issued and held in treasury 2024 and 2023: 388,571)\n \n—\n \n \n \n—\n \n\n\nSeries D Preferred Shares (issued and outstanding 2024 and 2023: 16,000; liquidation preference $400)\n \n400\n \n \n \n400\n \n\n\nSeries E Preferred Shares (issued and outstanding 2024 and 2023: 4,400; liquidation preference $110)\n \n110\n \n \n \n110\n \n\n\nTreasury Shares, at cost:\n \n \n \n\n\nSeries C Preferred shares (2024 and 2023: 388,571)\n \n(422\n)\n \n \n(422\n)\n\n\nJoint Share Ownership Plan (voting ordinary shares, held in trust 2024 and 2023: 565,630)\n \n(1\n)\n \n \n(1\n)\n\n\nAdditional paid-in capital\n \n585\n \n \n \n579\n \n\n\nAccumulated other comprehensive loss\n \n(364\n)\n \n \n(336\n)\n\n\nRetained earnings\n \n5,309\n \n \n \n5,190\n \n\n\nTotal Enstar Shareholders’ Equity\n \n5,632\n \n \n \n5,535\n \n\n\nNoncontrolling interests\n \n114\n \n \n \n113\n \n\n\nTOTAL SHAREHOLDERS’ EQUITY\n \n5,746\n \n \n \n5,648\n \n\n\nTOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY\n$\n20,265\n \n \n$\n20,913\n \n\n\n \n \n \n \n \n \n \n \n\n\n\nNon-GAAP Financial Measures\n\n\n\n \n \n \n \n \n\n\n\nIn addition to our key financial measures presented in accordance with GAAP, we present other non-GAAP financial measures that we use to manage our business, compare our performance against prior periods and against our peers, and as performance measures in our incentive compensation program.\nThese non-GAAP financial measures provide an additional view of our operational performance over the long-term and provide the opportunity to analyze our results in a way that is more aligned with the manner in which our management measures our underlying performance.\nThe presentation of these non-GAAP financial measures, which may be defined and calculated differently by other companies, is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.\nSome of the adjustments reflected in our non-GAAP measures are recurring items, such as the exclusion of adjustments to net realized (gains)/losses and fair value changes on fixed maturity investments recognized in our statements of operations, the fair value of certain of our loss reserve liabilities for which we have elected the fair value option, and the amortization of fair value adjustments.\nManagement makes these adjustments in assessing our performance so that the changes in fair value due to interest rate movements, which are applied to some but not all of our assets and liabilities as a result of preexisting accounting elections, do not impair comparability across reporting periods.\nIt is important for the readers of our periodic filings to understand that these items will recur from period to period.\nHowever, we exclude these items for the purpose of presenting a comparable view across reporting periods of the impact of our underlying claims management and investments without the effect of interest rate fluctuations on assets that we anticipate to hold to maturity and non-cash changes to the fair value of our reserves.\nSimilarly, our non-GAAP measures reflect the exclusion of certain items that we deem to be nonrecurring, unusual or infrequent when the nature of the charge or gain is such that it is not reasonably likely that such item may recur within two years, nor was there a similar charge or gain in the preceding two years. This includes adjustments related to bargain purchase gains on acquisitions of businesses, net gains or losses on sales of subsidiaries, net assets of held for sale or disposed subsidiaries classified as discontinued operations and other items that we separately disclose.\nThe following table presents more information on each non-GAAP measure. The results and GAAP reconciliations for these measures are set forth further below.\n\n\n\nNon-GAAP Measure\n \nDefinition\n \nPurpose of Non-GAAP Measure over GAAP Measure\n\n\nFully diluted book value per ordinary share\n \nTotal Enstar ordinary shareholders' equityDivided byNumber of ordinary shares outstanding, adjusted for:-the ultimate effect of any dilutive securities (which include restricted shares, restricted share units, directors’ restricted share units and performance share units) on the number of ordinary shares outstanding\n \nIncreases the number of ordinary shares to reflect the exercise of equity awards granted but not yet vested as, over the long term, this presents both management and investors with a more economically accurate measure of the realizable value of shareholder returns by factoring in the impact of share dilution. We use this non-GAAP measure in our incentive compensation program.\n\n\nAdjusted return on equity (%)\n \nAdjusted operating income (loss) attributable to Enstar ordinary shareholders divided by adjusted opening Enstar ordinary shareholder's equity\n \nCalculating the operating income (loss) as a percentage of our adjusted opening Enstar ordinary shareholders' equity provides a more consistent measure of the performance of our business by enabling comparison between the financial periods presented. We eliminate the impact of fair value changes and net realized (gains) losses on fixed maturities and funds-held directly managed and the change in fair value of insurance contracts for which we have elected the fair value option, as: \n\nwe typically hold most of our fixed maturities until the earlier of maturity or the time that they are used to fund any settlement of related liabilities which are generally recorded at cost; and \nremoving the fair value option improves comparability since there are limited acquisition years for which we elected the fair value option.  \n Therefore, we believe that excluding their impact on our earnings improves comparability of our core operational performance across periods.    We include fair value adjustments as non-GAAP adjustments to the adjusted operating income (loss) attributable to Enstar ordinary shareholders as they are non-cash charges that are not reflective of the impact of our claims management strategies on our loss portfolios. We eliminate the net gain (loss) on the purchase and sales of subsidiaries and net income from discontinued operations, as these items are not indicative of our ongoing operations.   We use this non-GAAP measure in our incentive compensation program.\n\n\nAdjusted operating income (loss) attributable to Enstar ordinary shareholders(numerator)\n \nNet income (loss) attributable to Enstar ordinary shareholders, adjusted for:-fair value changes and net realized (gains) losses on fixed maturities and funds held-directly managed,-change in fair value of insurance contracts for which we have elected the fair value option (1),-amortization of fair value adjustments,-net gain/loss on purchase and sales of subsidiaries (if any),-net income from discontinued operations (if any),-tax effects of adjustments, and-adjustments attributable to noncontrolling interests\n \n\n\nAdjusted opening Enstar ordinary shareholders' equity (denominator)\n \nOpening Enstar ordinary shareholders' equity, less:-fair value changes on fixed maturities and funds held-directly managed,-fair value of insurance contracts for which we have elected the fair value option (1),-fair value adjustments, and-net assets of held for sale or disposed subsidiaries classified as discontinued operations (if any)\n \n\n\nAdjusted run-off liability earnings (%)\n \nAdjusted PPD divided by average adjusted net loss reserves.\n \nCalculating the RLE as a percentage of our adjusted average net loss reserves provides a more meaningful and comparable measurement of the impact of our claims management strategies on our loss portfolios across acquisition years and also to our overall financial periods.   We use this measure to evaluate the impact of our claims management strategies because it provides visibility into our ability to settle our claims obligations for amounts less than our initial estimate at the point of acquiring the obligations.       The following components of periodic recurring net incurred losses and LAE and net loss reserves are not considered key components of our claims management performance for the following reasons: \n\nPrior to the settlement of the contractual arrangements, the results of our Legacy Underwriting segment were economically transferred to a third party primarily through use of reinsurance and a Capacity Lease Agreement(3); as such, the results were not a relevant contribution to Adjusted RLE, which is designed to analyze the impact of our claims management strategies(2);  \nThe change in fair value of insurance contracts for which we have elected the fair value option(1) has been removed to support comparability between the two acquisition years for which we elected the fair value option in reserves assumed and the acquisition years for which we did not make this election (specifically, this election was only made in the 2017 and 2018 acquisition years and the election of such option is irrevocable); and\nThe amortization of fair value adjustments are non-cash charges that obscure our trends on a consistent basis.\n We include our performance in managing claims and estimated future expenses on our defendant A&E liabilities because such performance is relevant to assessing our claims management strategies even though such liabilities are not included within the loss reserves.We use this measure to assess the performance of our claim strategies and part of the performance assessment of our past acquisitions.\n\n\nAdjusted prior period development(numerator)\n \nPrior period net incurred losses and LAE, adjusted to: Remove: -Legacy Underwriting(2) operations-amortization of fair value adjustments, -change in fair value of insurance contracts for which we have elected the fair value option (1), and Add:   -the reduction/(increase) in estimates of net ultimate liabilities and reduction in estimated future expenses of our defendant A&E liabilities.  \n \n\n\nAdjusted net loss reserves (denominator)\n \nNet losses and LAE, adjusted to:Remove:-Legacy Underwriting(2) net loss reserves-current period net loss reserves-net fair value adjustments associated with the acquisition of companies,-the fair value adjustments for contracts for which we have elected the fair value option (1) andAdd:-net nominal defendant A&E liability exposures and estimated future expenses.\n \n\n\nAdjusted total investment return (%)\n \nAdjusted total investment return (dollars) recognized in earnings for the applicable period divided by period average adjusted total investable assets.\n \nProvides a key measure of the return generated on the capital held in the business and is reflective of our investment strategy. Provides a consistent measure of investment returns as a percentage of all assets generating investment returns. We adjust our investment returns to eliminate the impact of the change in fair value of fixed maturities (both credit spreads and interest rates), as we typically hold most of these investments until the earlier of maturity or used to fund any settlement of related liabilities which are generally recorded at cost.\n\n\nAdjusted total investment return ($) (numerator)\n \nTotal investment return (dollars), adjusted for:-fair value changes in fixed maturities, trading and funds held-directly managed; and-unrealized (gains) losses on fixed maturities, AFS included within OCI, net of reclassification adjustments and excluding foreign exchange. \n \n\n\nAdjusted average aggregate total investable assets (denominator)\n \nTotal average investable assets, adjusted for: -net unrealized (gains) losses on fixed maturities, AFS included within AOCI-fair value changes in fixed maturities, trading and funds held-directly managed\n \n\n\n\n(1) Comprises the discount rate and risk margin components.\n(2) As of January 1, 2024, not applicable. Refer to Note 2 - \"Segment Information\" of our Quarterly Report on Form 10-Q for the period ended March 31, 2024\n(3) The reinsurance contractual arrangements (including the Capacity Lease Agreement) were settled during the second quarter of 2023. Other than the settlement of these arrangements, we did not record any other transactions in the Legacy Underwriting segment in 2023.\nReconciliation of GAAP to Non-GAAP Measures\n\n\n\n \n\n\n\nThe table below presents a reconciliation of BVPS to Fully Diluted BVPS*:\n\n\n\n \n \nMarch 31, 2024\n \nDecember 31, 2023\n\n\n \n \nEquity (1)\n \nOrdinary Shares\n \nPer Share Amount\n \nEquity (1)\n \nOrdinary Shares\n \nPer Share Amount\n\n\n \n \n(in millions of U.S. dollars, except share and per share data)\n\n\nBook value per ordinary share\n \n$\n5,122\n \n14,658,801\n \n$\n349.41\n \n$\n5,025\n \n14,631,055\n \n$\n343.45\n\n\nNon-GAAP adjustment:\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nShare-based compensation plans\n \n \n \n338,576\n \n \n \n \n \n292,190\n \n \n\n\nFully diluted book value per ordinary share*\n \n$\n5,122\n \n14,997,377\n \n$\n341.53\n \n$\n5,025\n \n14,923,245\n \n$\n336.72\n\n\n\n(1) Equity comprises Enstar ordinary shareholders' equity, which is calculated as Enstar shareholders' equity less preferred shares ($510 million) prior to any non-GAAP adjustments.\nThe table below presents a reconciliation of ROE to Adjusted ROE* and Annualized ROE to Annualized Adjusted ROE*:\n\n\n\n \nThree Months Ended\n\n\n \nMarch 31, 2024\n \nMarch 31, 2023\n\n\n \n Net (loss) earnings (1)\n \n Opening equity (1) (2)\n \n(Adj) ROE\n \n Annualized(Adj) ROE\n \n Net (loss) earnings (1)\n \n Opening equity (1)\n \n(Adj) ROE\n \nAnnualized (Adj) ROE\n\n\n \n(in millions of U.S. dollars)\n\n\nNet (loss) earnings/Opening equity/ROE/Annualized ROE(1)\n$\n119\n \n \n$\n5,025\n \n \n2.4\n%\n \n9.5\n%\n \n$\n424\n \n \n$\n4,464\n \n \n9.5\n%\n \n38.0\n%\n\n\nNon-GAAP adjustments:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nRemove:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet realized losses on fixed maturities, AFS(2)/ Cumulative fair value changes to fixed maturities, AFS(3)\n \n6\n \n \n \n380\n \n \n \n \n \n \n \n18\n \n \n \n647\n \n \n \n \n \n\n\nFair value changes on fixed maturities, trading(2)/ Fair value changes on fixed maturities, trading(3)\n \n14\n \n \n \n234\n \n \n \n \n \n \n \n(40\n)\n \n \n400\n \n \n \n \n \n\n\nFair value changes on funds held - directly managed(2)/ Fair value changes on funds held - directly managed(3)\n \n5\n \n \n \n111\n \n \n \n \n \n \n \n(19\n)\n \n \n780\n \n \n \n \n \n\n\nChange in fair value of insurance contracts for which we have elected the fair value option / Fair value of insurance contracts for which we have elected the fair value option(4)\n \n(4\n)\n \n \n(246\n)\n \n \n \n \n \n \n20\n \n \n \n(294\n)\n \n \n \n \n\n\nAmortization of fair value adjustments / Fair value adjustments\n \n3\n \n \n \n(107\n)\n \n \n \n \n \n \n3\n \n \n \n(124\n)\n \n \n \n \n\n\nTax effects of adjustments(5)\n \n(2\n)\n \n \n—\n \n \n \n \n \n \n \n(3\n)\n \n \n—\n \n \n \n \n \n\n\nAdjustments attributable to noncontrolling interests(6)\n \n—\n \n \n \n—\n \n \n \n \n \n \n \n(2\n)\n \n \n—\n \n \n \n \n \n\n\nAdjusted operating (loss) income/Adjusted opening equity/Adjusted ROE/Annualized adjusted ROE*\n$\n141\n \n \n$\n5,397\n \n \n2.6\n%\n \n10.5\n%\n \n$\n401\n \n \n$\n5,873\n \n \n6.8\n%\n \n27.3\n%\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n(1) Net income (loss) comprises net income (loss) attributable to Enstar ordinary shareholders, prior to any non-GAAP adjustments. Opening equity comprises Enstar ordinary shareholders' equity, which is calculated as opening Enstar shareholders' equity less preferred shares ($510 million), prior to any non-GAAP adjustments.\n(2) Net realized gains (losses) on fixed maturities, AFS are included in net realized gains (losses) in our condensed consolidated statements of operations. Fair value changes in our fixed maturities, trading and funds held - directly managed are included in fair value changes in trading securities, funds held and other investments in our condensed consolidated statements of operations.\n(3) Our fixed maturities are held directly on our balance sheet and also within the \"Funds held\" balance.\n(4) Comprises the discount rate and risk margin components.\n(5) Represents an aggregation of the tax expense or benefit associated with the specific country to which the pre-tax adjustment relates, calculated at the applicable jurisdictional tax rate.\n(6) Represents the impact of the adjustments on the net income (loss) attributable to noncontrolling interests associated with the specific subsidiaries to which the adjustments relate.\n*Non-GAAP measure.\nThe tables below present a reconciliation of RLE to Adjusted RLE*:\n\n\n\n \n \nThree Months Ended\n \nAs of\n \nThree Months Ended\n\n\n \n \nMarch 31, 2024\n \nMarch 31, 2024\n \nDecember 31, 2024\n \nMarch 31, 2024\n \nMarch 31, 2024\n\n\n \n \nRLE / PPD\n \nNet loss reserves\n \nNet loss reserves\n \nAverage net loss reserves\n \nRLE %\n\n\n \n \n(in millions of U.S. dollars)\n\n\nPPD/net loss reserves/RLE %\n \n$\n24\n \n \n$\n10,827\n \n \n$\n11,585\n \n$\n11,206\n \n \n0.2\n%\n\n\nNon-GAAP adjustments for expenses (income):\n \n \n \n \n \n \n \n \n \n \n\n\nNet loss reserves - current period\n \n \n—\n \n \n \n(5\n)\n \n \n—\n \n \n(3\n)\n \n \n\n\nAmortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies\n \n \n3\n \n \n \n103\n \n \n \n107\n \n \n105\n \n \n \n\n\nChanges in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)\n \n \n(4\n)\n \n \n249\n \n \n \n246\n \n \n248\n \n \n \n\n\nChange in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities\n \n \n—\n \n \n \n516\n \n \n \n527\n \n \n522\n \n \n \n\n\nReduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E\n \n \n1\n \n \n \n32\n \n \n \n33\n \n \n33\n \n \n \n\n\nAdjusted PPD/Adjusted net loss reserves/Adjusted RLE %*\n \n$\n24\n \n \n$\n11,722\n \n \n$\n12,498\n \n$\n12,111\n \n \n0.2\n%\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n\n\n\n \n \nThree Months Ended\n \nAs of\n \nThree Months Ended\n\n\n \n \nMarch 31, 2023\n \nMarch 31, 2023\n \nDecember 31, 2023\n \nMarch 31, 2023\n \nMarch 31, 2023\n\n\n \n \nRLE / PPD\n \nNet loss reserves\n \nNet loss reserves\n \nAverage net loss reserves\n \nRLE %\n\n\n \n \n(in millions of U.S. dollars)\n\n\nPPD/net loss reserves/RLE %\n \n$\n10\n \n$\n11,226\n \n \n$\n12,011\n \n \n$\n11,619\n \n \n0.1\n%\n\n\nNon-GAAP adjustments for expenses (income):\n \n \n \n \n \n \n \n \n \n \n\n\nNet loss reserves - current period\n \n \n—\n \n \n(9\n)\n \n \n—\n \n \n \n(5\n)\n \n \n\n\nLegacy Underwriting\n \n \n—\n \n \n—\n \n \n \n(139\n)\n \n \n(70\n)\n \n \n\n\nAmortization of fair value adjustments / Net fair value adjustments associated with the acquisition of companies\n \n \n3\n \n \n121\n \n \n \n124\n \n \n \n123\n \n \n \n\n\nChanges in fair value - fair value option / Net fair value adjustments for contracts for which we have elected the fair value option (1)\n \n \n20\n \n \n278\n \n \n \n294\n \n \n \n286\n \n \n \n\n\nChange in estimate of net ultimate liabilities - defendant A&E / Net nominal defendant A&E liabilities\n \n \n2\n \n \n560\n \n \n \n572\n \n \n \n566\n \n \n \n\n\nReduction in estimated future expenses - defendant A&E / Estimated future expenses - defendant A&E\n \n \n1\n \n \n34\n \n \n \n35\n \n \n \n35\n \n \n \n\n\nAdjusted PPD/Adjusted net loss reserves/Adjusted RLE %*\n \n$\n36\n \n$\n12,210\n \n \n$\n12,897\n \n \n$\n12,554\n \n \n0.3\n%\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n(1) Comprises the discount rate and risk margin components.\n*Non-GAAP measure.\nThe tables below present a reconciliation of our Annualized TIR to our Annualized Adjusted TIR*:\n\n\n\n \nThree Months Ended\n\n\n \nMarch 31, 2024\n \nMarch 31, 2023\n\n\n \n(in millions of U.S. dollars)\n\n\nNet investment income\n$\n160\n \n \n$\n156\n \n\n\nNet realized losses\n \n(6\n)\n \n \n(18\n)\n\n\nFair value changes\n \n85\n \n \n \n206\n \n\n\n(Loss) income from equity method investments\n \n(5\n)\n \n \n11\n \n\n\nOther comprehensive income:\n \n \n \n\n\nUnrealized (losses) gains on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange\n \n(12\n)\n \n \n87\n \n\n\nTIR ($)\n$\n222\n \n \n$\n442\n \n\n\n \n \n \n \n\n\nNon-GAAP adjustment:\n \n \n \n\n\nNet realized losses (gains) on fixed maturities, AFS and fair value changes in trading and funds held - directly managed\n$\n25\n \n \n$\n(41\n)\n\n\nUnrealized losses (gains) on fixed maturities, AFS, net of reclassification adjustments excluding foreign exchange\n \n12\n \n \n \n(87\n)\n\n\nAdjusted TIR ($)*\n$\n259\n \n \n$\n314\n \n\n\n \n \n \n \n\n\nTotal investments\n$\n16,917\n \n \n$\n16,630\n \n\n\nCash and cash equivalents, including restricted cash and cash equivalents\n \n760\n \n \n \n1,143\n \n\n\nTotal investable assets\n$\n17,677\n \n \n$\n17,773\n \n\n\n \n \n \n \n\n\nAverage aggregate invested assets, at fair value(1)\n \n18,021\n \n \n \n18,615\n \n\n\nAnnualized TIR %(2)\n \n4.9\n%\n \n \n9.5\n%\n\n\nNon-GAAP adjustment:\n \n \n \n\n\nNet unrealized losses on fixed maturities, AFS included within AOCI and fair value changes on fixed maturities, trading and funds held - directly managed\n \n789\n \n \n \n994\n \n\n\nAdjusted investable assets*\n$\n18,466\n \n \n$\n18,767\n \n\n\n \n \n \n \n\n\nAdjusted average aggregate invested assets, at fair value*(3)\n$\n18,778\n \n \n$\n20,020\n \n\n\nAnnualized adjusted TIR %*(4)\n \n5.5\n%\n \n \n6.3\n%\n\n\n\n(1) This amount is a two period average of the total investable assets for the three months ended March 31, 2024 and 2023 as presented above, and is comprised of amounts disclosed in our quarterly and annual U.S. GAAP consolidated financial statements.\n(2) Annualized TIR % is calculated by dividing the annualized TIR ($) by average aggregate invested assets, at fair value.\n(3) This amount is a two period average of the adjusted investable assets* for the three months ended March 31, 2024 and 2023 as presented above.\n(4) Annualized adjusted TIR %* is calculated by dividing the annualized adjusted TIR* ($) by adjusted average aggregate invested assets, at fair value*.\n*Non-GAAP measure.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432956916"}