Allied World Assurance Company Holdings, AG (AWH) has reported an 8.43 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $80.34 million, or $0.90 a share in the quarter, compared with $74.10 million, or $0.81 a share for the same period last year.
Revenue during the quarter went down marginally by 2.09 percent to $639.18 million from $652.80 million in the previous year period. Net premium earned for the quarter declined 6.08 percent or $35.26 million to $544.86 million. During the quarter, the company has written premium worth $676.05 million on net basis, down 3.98 percent or $28 million.
Total expenses come down marginally
Operating income for the quarter was $79.20 million, compared with $72.19 million in the previous year period.
Net investment income was at $52.31 million for the quarter, down 1.78 percent or $0.95 million from year-ago period. The company has recorded a gain on investments of $40.68 million in the quarter compared with a gain of $18.86 million for the previous year period.
President and chief executive officer Scott Carmilani commented, "Despite a challenging market environment, I am pleased with our ability to produce an annualized net income return on average shareholder's equity of 8.9% this quarter, while growing diluted book value per share by 2.8% from year-end 2016. Additionally, we have made great strides within the Global Markets Insurance segment, which generated a 14.4 percentage point improvement over the prior year period, as we are beginning to reap the benefits of the strategic re-underwriting of this segment. Looking ahead, I feel we are well positioned for continued growth in our core specialty businesses."
Assets, liabilities fall
Total assets decreased 2.19 percent or $300.47 million to $13,427.53 million on Mar. 31, 2017. On the other hand, total liabilities were at $9,789.14 million as on Mar. 31, 2017, down 3.96 percent or $403.47 million from year-ago.
Return on assets stood at 0.68 percent in the quarter, down 0.01 from 0.69 percent in the last year period. At the same time, return on equity was at 2.21 percent in the quarter, up 0.11 from 2.10 percent in the last year period.
Investments come down
Investments stood at $7,694.89 million as on Mar. 31, 2017, down 11.66 percent or $1,015.51 million from year-ago. Meanwhile, yield on investments went up 7 basis points to 0.68 percent in the quarter.
Net premiums and other receivables decreased 2.62 percent or $23.16 million over the year to $862.24 million on Mar. 31, 2017.
Total debt was at $816.94 million as on Mar. 31, 2017, down 37.95 percent or $499.65 million from year-ago. Shareholders equity stood at $3,638.39 million as on Mar. 31, 2017, up 2.91 percent or $102.99 million from year-ago. As a result, debt to equity ratio went down 15 basis points to 0.22 percent in the quarter from 0.37 percent in the last year period.
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