Earnings Transcript for ESGRO - Q4 Fiscal Year 2023

Note: Transcript and audio provided by the company.

Peter Kalaev: Hello everyone, I’m Peter Kalaev, Group Treasurer. Thank you for listening to Enstar’s Fourth Quarter and Full Year 2023 Earnings Audio Review with CEO Dominic Silvester and CFO Matt Kirk. Before we begin, I’d like to remind everyone that this presentation contains forward- looking statements and non-GAAP financial measures. Forward-looking statements in this presentation include, but are not limited to, statements about Enstar’s expectations for future and pending transactions, run-off liability earnings, the performance of its investment portfolio and the impact of rising interest rates on Enstar’s business. These statements are inherently subject to risks, uncertainties and assumptions that may cause actual results to differ materially from the statements being made as of the date of this update or in the future. Additional information regarding these statements and our non- GAAP financial measures is outlined in the text that appears below the link to this recording. With that, I will turn it over to Dominic.

Dominic Silvester: Thank you, Peter. 2023 was a year of solid delivery for Enstar - we built on our 30-year history as the dominant legacy player through our partnerships with QBE and AIG and achieved profitable growth while maintaining balance sheet strength. As a result, we entered 2024 ideally placed to continue our significant contributions to the market and drive long-term shareholder value. Before Matt takes you through our 2023 performance in detail, I want to call out a few notable achievements

Matthew Kirk: Thanks, Dominic. We had a strong fourth quarter to cap off a solid 2023, recording $599 million of net income attributable to Enstar ordinary shareholders, with a return on equity, or ROE, of 13.7% and adjusted ROE of 9.0%. As a reminder, Adjusted ROE is a performance measure that excludes net realized and unrealized gains and losses on fixed maturity investments and funds held-directly managed, as well as other adjustments as detailed in our Form 10-K. For the full year, we recorded net income attributable to Enstar ordinary shareholders of $1.1 billion, ROE of 24.2% and adjusted ROE of 18.8%. In addition, we registered book value and fully diluted book value per share growth of 31.0% and 30.0%, respectively. Our full year results were driven by

End of Q&A: