Endurance Specialty Holdings Ltd (ENH) has reported 158.03 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $133.72 million, or $1.92 a share in the quarter, compared with $51.82 million, or $0.73 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $100.72 million, or $1.52 a share compared with $46.23 million or $0.80 a share, a year ago. Revenue during the quarter grew 18.38 percent to $685.15 million from $578.75 million in the previous year period. Net premium earned for the quarter increased 9.54 percent or $53.15 million to $610.16 million. During the quarter, the company has written premium worth $348.99 million on net basis, up 3.65 percent or $12.30 million.
Total expenses move up marginallyBenefits, losses and expenses for the quarter were at $545.95 million, or 89.48 percent of premium earned from $521.81 million or 93.68 percent of premium earned in the last year period. Operating income for the quarter was $139.20 million, compared with $56.94 million in the previous year period. Net investment income was at $62.24 million for the quarter, up 276.44 percent or $45.70 million from year-ago period. The company has recorded a gain on investments of $13.40 million in the quarter compared with a gain of $5.03 million for the previous year period.
Liabilities outpace assets growth
Total assets increased 5.71 percent or $801.60 million to $14,830.43 million on Sep. 30, 2016. On the other hand, total liabilities were at $9,607.20 million as on Sep. 30, 2016, up 7.07 percent or $634.70 million from year-ago. Return on assets stood at 1.01 percent in the quarter, up 0.54 from 0.48 percent in the last year period. At the same time, return on equity was at 2.49 percent in the quarter, up 1.63 from 0.86 percent in the last year period.
Investments move up
Investments stood at $8,773.10 million as on Sep. 30, 2016, up 13.44 percent or $1,039.36 million from year-ago. Meanwhile, yield on investments went up 50 basis points to 0.71 percent in the quarter. Net premiums and other receivables decreased 94.14 percent or $2,055.68 million over the year to $127.85 million on Sep. 30, 2016. Meanwhile, reinsurance recoverables moved down 12.65 percent or $207.92 million over the year to $1,436.30 million on Sep. 30, 2016.
Total debt was at $705.18 million as on Sep. 30, 2016, down 22.94 percent or $209.97 million from year-ago. Shareholders equity stood at $5,223.24 million as on Sep. 30, 2016, up 3.30 percent or $166.89 million from year-ago. As a result, debt to equity ratio went down 5 basis points to 0.14 percent in the quarter from 0.18 percent in the last year period.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
