Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
17
Notice: Undefined variable: fileR in
/me/beta.myiris.com/htdocs/newsCentre/bin/addLinksNew.php on line
142
Fidelity & Guaranty Life (FGL) has reported 125 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $108 million, or $1.85 a share in the quarter, compared with $48 million, or $0.82 a share for the same period last year.
Revenue during the quarter grew 3.34 percent to $340 million from $329 million in the previous year period. Net premium earned for the quarter declined 26.67 percent or $4 million to $11 million.
Benefits, losses and expenses for the quarter were at $171 million, or 1,554.55 percent of premium earned from $250 million or 1,666.67 percent of premium earned in the last year period. Operating income for the quarter was $169 million, compared with $79 million in the previous year period.
However, the adjusted operating income for the quarter stood at $41 million compared to $31 million in the prior year period. At the same time, adjusted operating margin improved 264 basis points in the quarter to 12.06 percent from 9.42 percent in the last year period.
Net investment income was at $240 million for the quarter, up 8.11 percent or $18 million from year-ago period. The company has recorded a gain on investments of $51 million in the quarter compared with a gain of $63 million for the previous year period.
"We've delivered another strong quarter and fiscal 2017 is off to a good start with solid increases in sales, net income, net investment income, adjusted operating income and assets under management," said Chris Littlefield, President and Chief executive officer of FGL. "As we look to the future, we expect to benefit if interest rates continue to rise and if the regulatory environment becomes more favorable under President Trump's administration. With respect to the Anbang transaction, we are continuing discussions with Anbang regarding an extension of the outside termination date beyond February 8, 2017. We expect to make an announcement on or about February 9, 2017 regarding the outcome of our discussions."
Assets outpace liabilities growth
Total assets increased 7.67 percent or $1,921 million to $26,952 million on Dec. 31, 2016. On the other hand, total liabilities were at $25,200 million as on Dec. 31, 2016, up 6.64 percent or $1,568 million from year-ago. Return on assets stood at 0.40 percent in the quarter, up 0.18 from 0.22 percent in the last year period. At the same time, return on equity was at 6.16 percent in the quarter, up 2.73 from 3.43 percent in the last year period.
Investments move up
Investments stood at $21,076 million as on Dec. 31, 2016, up 11.20 percent or $2,123 million from year-ago. Meanwhile, yield on investments went down 3 basis points to 1.14 percent in the quarter. Meanwhile, reinsurance recoverables moved down 3.04 percent or $108 million over the year to $3,444 million on Dec. 31, 2016.
Total debt was at $400 million as on Dec. 31, 2016, up 33.33 percent or $100 million from year-ago. Shareholders equity stood at $1,752 million as on Dec. 31, 2016, up 25.23 percent or $353 million from year-ago. As a result, debt to equity ratio went up 1 basis points to 0.23 percent in the quarter from 0.21 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
