Mount Logan Capital reported consolidated net income before taxes of $6.1 million for 2024, compared with a loss of $15.8 million a year earlier.
The improvement was primarily due to higher insurance service results, lower net insurance finance expenses, increased net investment income and a decline in general and administrative expenses in the insurance segment.
Adjusted basic earnings per share was $0.46 for 2024, compared with a loss of $0.44 in 2023.
As of Dec. 31, 2024, total capital was $150.3 million, an increase of $20.8 million from a year earlier. Total capital includes debt obligations and shareholders’ equity.
Mount Logan declared a shareholder distribution of $0.02 per common share for the quarter ended Dec. 31. The dividend is payable on April 10 to shareholders of record on April 3.
Total revenue for the asset management segment was $4.4 million in the fourth quarter, which reflects a 19% increase from a year ago. The increase was primarily due to higher management fees from the Opportunistic Credit Interval Fund and higher equity investment earnings from Sierra Crest Investment Management.
Meanwhile, total net investment income for the insurance segment was $23.8 million for the quarter, an increase of $4.5 million, or 23% from the same period a year earlier. The increase was attributed to growth in the investment portfolio and higher investment income due to a reversal of an over-accrual of income from the third quarter of 2023.
For 2024, total revenue for the asset management segment was $15.7 million, up from $11.8 million a year ago. The increase was driven by growth in management and incentive fees, which rose by $5.8 million.
Spread-related earnings for the insurance segment increased to $15.3 million for 2024, compared with a loss of $1.7 million in 2023, primarily due to higher net investment income, lower cost of funds and reduced operating expenses.
CEO and chairman Ted Goldthorpe said the company’s earnings results for the fourth quarter and full-year 2024 reflect the sustainable earnings power of the company’s asset management and insurance platforms.
“Our focus remains on driving consistent operating performance improvements, while advancing our strategic priorities to scale the business through organic growth and strategic acquisitions,” Goldthorpe said.
