Enstar Group has reported a consolidated net loss totalling $196 million for 2021’s third quarter, driven by a $285.2 million hit attributable to InRe Fund, a consolidated variable interest entity impacted by “significant” volatility in Chinese and other global equity markets
Performance across the first nine months of 2021 is more positive, with the group posting consolidated net earnings of $364.6 million.
The drivers behind this 9M net income include net investment income of $231 million and net realised and unrealised gains of $111.2 million, including $299.8 million relating to the firm’s consolidated variable interest entity, other investments and equities, partially offset by $188.6 million in net realized and unrealised losses relating to fixed income securities.
The group also secured earnings from equity method investments of $100.8 million during 9M.
Comparatively, Enstar hit consolidated net earnings of $615 million and $896.7 million in Q3 2020 and 9M 2020, respectively
Non-GAAP operating losses in 2021’s Q3 were $176 million while 9M saw a Non-GAAP operating income of $398.2 million