Enstar Group Reports Third Quarter Results
Enstar Group Limited filed its quarterly report on Form 10-Q with the SEC, reporting its earnings and financial position for the three and nine months ended September 30, 2020.
Enstar reported consolidated net earnings of $615.0 million [or $28.24 per fully diluted ordinary share] and $896.7 million [or $41.14 per fully diluted ordinary share] for the three and nine months ended September 30, 2020, respectively, compared to consolidated net earnings of $117.7 million [or $5.42 per fully diluted ordinary share] and $708.3 million [or $32.58 per fully diluted ordinary share] for the three and nine months ended September 30, 2019, respectively.
The key drivers of net earnings were:
- Net realized and unrealized gains of $500.0 million for the three months ended September 30, 2020, including $432.7 million relating to other investments and equities and $67.3 million relating to fixed income securities;
- Net realized and unrealized gains of $838.6 million for the nine months ended September 30, 2020, including $631.5 million relating to other investments and equities and $207.1 million relating to fixed income securities;
Non-GAAP operating income was $574.4 million [or $26.37 per fully diluted ordinary share] and $804.2 million [or $36.89 per fully diluted ordinary share] for the three and nine months ended September 30, 2020, respectively, compared to non-GAAP operating income of $32.7 million [or $1.51 per fully diluted ordinary share] and $341.2 million [or $15.69 per fully diluted ordinary share] for the three and nine months ended September 30, 2019, respectively.
Enstar’s ordinary shareholders’ equity at September 30, 2020 amounted to $5,310.9 million [or $242.36 per fully diluted ordinary share], compared to $4,332.2 million [or $197.93 per fully diluted ordinary share] at December 31, 2019.
