Bermuda-based insurer Enstar Group Limited has 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, respectively.

The results compare 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.

Enstar said the key drivers of net earnings for the second quarter were net realised and unrealised gains of $405.2 million, including $330 million relating to the company’s consolidated variable interest entity, other investments and equities, as well as $75.3 million relating to fixed income securities.

It added that the key drivers of net earnings for the first half of the year were net realised and unrealised gains of $384.4 million for the six months ended June 30, including $515.4 million relating to Enstar’s consolidated variable interest entity, other investments and equities, partially offset by $130.9 million in unrealised losses relating to fixed income securities – and earnings from equity method investments of $115 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, respectively.

That 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 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.

The company had fully diluted book value per share of $304.59 as of June 30, an increase of 43 per cent year-over-year.

After giving effect to strategic share repurchases completed subsequent to June 30, Enstar's pro forma fully diluted book value per share was $319.25.

Enstar is a Nasdaq-listed global insurance group that offers capital release solutions through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations.