Enstar Group Limited, the global insurance group based in Bermuda, has reported consolidated net earnings of $437 million for fiscal year 2021.

That compares to consolidated net earnings of $1.7 billion in 2020.

The company said key drivers of net earnings for 2021 were:

•net investment income of $312 million;

•net unrealised gains of $178 million, comprised of $384 million relating to Enstar’s other investments, including equities, partially offset by net unrealised losses of $206 million relating to its fixed maturity securities; and

•favourable prior period development in net incurred losses and loss adjustment expense of $283 million.

Return on equity and adjusted return on equity were 7.1 per cent and 9.2 per cent, respectively, for 2021, compared to 39.7 per cent and 43.6 per cent, respectively, for 2020 and 26.6 per cent and 19.6 per cent, respectively, for 2019.

Enstar's ordinary shareholders' equity at December 31 amounted to $5.6 billion, or book value per ordinary share of $316.34 and adjusted book value per ordinary share of $310.80.

That compares to $6.2 billion, or book value per ordinary share of $286.45 and adjusted book value per ordinary share of $281.20, at December 31, 2020.

That is an increase of 10.4 per cent and 10.5 per cent, respectively, year-over-year.

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.