Enstar Group Limited · OTC:ESGOF
Enstar — Q1 2024 Earnings Presentation
16 slides from Enstar's earnings presentation, May 2, 2024
Slide 1: Realising Value Investor Financial Supplement
Enstargroup.com Enstargroup.com Realising Value Investor Financial Supplement March 31, 2024 ENSTAR GROUP LIMITED
Slide 2: Table of Contents
| enstargroup.com 2 Table of Contents Page Explanatory Notes 3 Financial Highlights 5 Consolidated Results by Segment 6 Capital Position & Credit Ratings 8 Non-GAAP Measures 9 Reconciliation to Fully Diluted Book Value per Share 11 Reconciliation to Adjusted Return on Equity 12 Reconciliation to Adj
Slide 3: Explanatory Notes
| enstargroup.com 3 Explanatory Notes About Enstar Enstar 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 complet
Slide 4: Explanatory Notes (continued)
4 Explanatory Notes (continued) Investment Composition In certain instances, U.S. GAAP requires, in part, that invested assets be classified based upon the legal form of the investment which may not correspond to management’s view of the underlying economic exposure. For example: 1. Enstar has certa
Slide 5: Financial Highlights: Key Income Metrics
| enstargroup.com 5 Three Months Ended March 31, 2024 March 31, 2023 Key Income Metrics ROE 2.4 % 9.5 % Annualized ROE 9.5 % 38.0 % Adjusted ROE (1) 2.6 % 6.8 % Annualized adjusted ROE (1) 10.5 % 27.3 % Basic net earnings per share $ 8.13 $ 24.97 Diluted net earnings per share $ 8.02 $ 24.79 Key Run
Slide 6: Consolidated Results by Segment - Q1 2024
| enstargroup.com 6 Consolidated Results by Segment - Q1 2024 Three Months Ended March 31, 2024 Run-off Investments Corporate and other (1)(2) Total REVENUES Net premiums earned $ 11 $ — $ — $ 11 Net investment income — 160 — 160 Net realized losses — (6) — (6) Fair value changes in trading securiti
Slide 7: Consolidated Results by Segment - Q1 2023
| enstargroup.com 7 Consolidated Results by Segment - Q1 2023 Three Months Ended March 31, 2023 Run-off Assumed Life (1) Investments Corporate and other (2) Total REVENUES Net premiums earned $ 8 $ — $ — $ — $ 8 Net investment income — — 156 — 156 Net realized losses — — (18) — (18) Fair value chang
Slide 8: Capital Position & Credit Ratings
| enstargroup.com 8 Capital Position & Credit Ratings Credit ratings (1) Standard and Poor’s Fitch Ratings Long-term issuer BBB+ (Outlook: Stable) BBB+ (Outlook: Stable) 2029 Senior Notes BBB+ BBB 2031 Senior Notes BBB BBB 2040 and 2042 Junior Subordinated Notes BBB- BBB- Series D and E Preferred Sh
Slide 9: Non-GAAP Measures
9 Non-GAAP Measures Non-GAAP Measure Definition Purpose of Non-GAAP Measure over GAAP Measure Fully diluted book value per ordinary share Total Enstar ordinary shareholders' equity Divided by Number of ordinary shares outstanding, adjusted for: -the ultimate effect of any dilutive securities (which
Slide 10: Non-GAAP Measures (continued)
| enstargroup.com 10 Non-GAAP Measures (continued) Non-GAAP Measure Definition Purpose of Non-GAAP Measure over GAAP Measure Adjusted run-off liability earnings (%) Adjusted PPD divided by average adjusted net loss reserves. Calculating the RLE as a percentage of our adjusted average net loss reserv
Slide 11: Reconciliation to Fully Diluted Book Value Per Share
| enstargroup.com 11 Reconciliation to Fully Diluted Book Value Per Share As of March 31, 2024 December 31, 2023 Equity (1) Ordinary Shares Per Share Amount Equity (1) Ordinary Shares Per Share Amount Book value per ordinary share $ 5,122 14,658,801 $ 349.41 $ 5,025 14,631,055 $ 343.45 Non-GAAP adju
Slide 12: Reconciliation to Adjusted Return on Equity - Q1 2024 and 2023
| enstargroup.com 12 Reconciliation to Adjusted Return on Equity - Q1 2024 and 2023 (1) Net (loss) earnings comprises net (loss) earnings attributable to Enstar ordinary shareholders, prior to any non-GAAP adjustments. Opening equity comprises Enstar ordinary shareholders' equity, which is calculate
Slide 13: Reconciliation to Adjusted Run-off Liability Earnings - Q1 2024 and 2023
| enstargroup.com 13 Reconciliation to Adjusted Run-off Liability Earnings - Q1 2024 and 2023 Three Months Ended As of Three Months Ended March 31, 2023 March 31, 2023 December 31, 2022 March 31, 2023 March 31, 2023 RLE / PPD Net loss reserves Net loss reserves Average net loss reserves RLE % PPD/ne
Slide 14: Reconciliation to Adjusted Total Investment Return
| enstargroup.com 14 Reconciliation to Adjusted Total Investment Return Three Months Ended March 31, 2024 2023 Net investment income $ 160 $ 156 Net realized losses (6) (18) Fair value changes in trading securities, funds held and other investments 85 206 (Loss) income from equity method investments
Slide 15: Investment Composition
| enstargroup.com 15 Investment Composition - March 31, 2024 Other Investments Equities Cash (2) Funds Held Short-term and fixed maturities, trading and AFSMarch 31, 2024 Hedge Funds Fixed income funds Equity funds Private equity funds CLO equities CLO equity funds Private credit funds Real estate e
Slide 16: Investment Composition - December 31, 2023
| enstargroup.com 16 Investment Composition - December 31, 2023 Other Investments Equities December 31, 2023 Hedge Funds Fixed income funds Private equity funds CLO equities CLO equity funds Private credit funds Real estate equity Other(1) Publicly traded equities Exchange- traded funds Privately he