Enstar Group Reports Second 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 six months ended June 30, 2021.
The company said, “Enstar reported consolidated net earnings of $377.3 million [or $17.28 per fully diluted ordinary share] and $560.5 million [or $25.60 per fully diluted ordinary share] for the three and six months ended June 30, 2021, respectively, compared to consolidated net earnings of $798.6 million [or $36.65 per fully diluted ordinary share] and $281.7 million [or $12.93 per fully diluted ordinary share] for the three and six months ended June 30, 2020, respectively.
“The key drivers of net earnings for the three months ended June 30, 2021 were:
- Net realized and unrealized gains of $405.2 million, including $330.0 million relating to our consolidated variable interest entity, other investments and equities, as well as $75.3 million relating to fixed income securities.
“The key drivers of net earnings for the six months ended June 30, 2021 were:
- Net realized and unrealized gains of $384.4 million for six months ended June 30, 2021, including $515.4 million relating to our consolidated variable interest entity, other investments and equities, partially offset by $130.9 million in unrealized losses relating to fixed income securities; and
- Earnings from equity method investments of $115.0 million.
“Non-GAAP operating income was $290.5 million [or $13.31 per fully diluted ordinary share] and $574.3 million [or $26.23 per fully diluted ordinary share] for the three and six months ended June 30, 2021, respectively, compared to non-GAAP operating income of $567.6 million [or $26.05 per fully diluted ordinary share] and $229.8 million [or $10.55 per fully diluted ordinary share] for the three and six months ended June 30, 2020, respectively.
“Enstar’s ordinary shareholders’ equity at June 30, 2021 amounted to $6.7 billion [or $304.59 per fully diluted ordinary share], compared to $6.2 billion [or $281.20 per fully diluted ordinary share] at December 31, 2020. After giving effect to strategic share repurchases completed subsequent to June 30, 2021, Enstar’s pro forma fully diluted book value per share was $319.25. The Form 10-Q, which is available on Enstar’s website, www.enstargroup.com, contains a more detailed description of Enstar’s business and financial results.”
