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Atlas Financial Holdings, Inc (AFH) has reported a 61.43 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $6.50 million, or $0.51 a share in the quarter, compared with $4.02 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 5.23 percent to $45.34 million from $43.08 million in the previous year period. Net premium earned for the quarter increased 3.80 percent or $1.59 million to $43.25 million.
Total expenses come down marginally
Benefits, losses and expenses for the quarter were at $36.36 million, or 84.07 percent of premium earned from $36.99 million or 88.78 percent of premium earned in the last year period. Operating income for the quarter was $8.97 million, compared with $6.09 million in the previous year period. Net investment income was at $1.40 million for the quarter, up 18.90 percent or $0.22 million from year-ago period. The company has recorded a gain on investments of $0.63 million in the quarter compared with a gain of $0.09 million for the previous year period.
cott D. Wollney, Atlas’ president and chief executive officer, stated, "As always, our focus continues to be bottom line execution and we are very pleased to report a favorable combined ratio, a 44.5% increase in underwriting income and continued better than industry ROE. As we’ve consistently communicated since the inception of Atlas, our team's commitment is to take a disciplined approach to growth, always prioritizing long-term return on equity through better than average underwriting results. Top line growth will always be less important than maximizing underwriting profit and sometimes, as was the case in recent quarters, a willingness to allow near term premium growth to take a back seat to longer term improved underwriting returns will be the outcome of our priorities."
Assets grow, liabilities fall
Total assets increased 0.61 percent or $2.45 million to $407.06 million on Sep. 30, 2016. On the other hand, total liabilities were at $260.47 million as on Sep. 30, 2016, down 5.77 percent or $15.96 million from year-ago. Return on assets stood at 1.66 percent in the quarter, up 0.60 from 1.06 percent in the last year period. At the same time, return on equity was at 4.38 percent in the quarter, up 1.31 from 3.08 percent in the last year period.
Investments come down marginally
Investments stood at $204.90 million as on Sep. 30, 2016, down 3.83 percent or $8.16 million from year-ago. Meanwhile, yield on investments went up 13 basis points to 0.68 percent in the quarter. Total debt was at $19.17 million as on Sep. 30, 2016, up 9.54 percent or $1.67 million from year-ago. Shareholders equity stood at $146.59 million as on Sep. 30, 2016, up 14.36 percent or $18.41 million from year-ago. As a result, debt to equity ratio went down 1 basis points to 0.13 percent in the quarter from 0.14 percent in the last year period.
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