James River Group Holdings, Ltd. (JRVR) has reported 43.73 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $18.45 million, or $0.61 a share in the quarter, compared with $12.84 million, or $0.43 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $17.72 million, or $0.58 a share compared with $12.84 million or $0.43 a share, a year ago. Revenue during the quarter surged 34.32 percent to $176.40 million from $131.33 million in the previous year period. Net premium earned for the quarter jumped 32.06 percent or $37.56 million to $154.69 million. During the quarter, the company has written premium worth $157.91 million on net basis, up 47.72 percent or $51.01 million.
Total expenses increase substantiallyNet investment income was at $16.73 million for the quarter, up 48.45 percent or $5.46 million from year-ago period. The company has recorded a gain on investments of $1.05 million in the quarter compared with a gain of $0.55 million for the previous year period. J. Adam Abram, chairman and chief executive officer of James River Group Holdings, Ltd. commented, “We are very pleased with our first quarter results, generating strong underwriting gains in all three of our operating segments and meaningful contributions from the investment portfolio. Our first quarter 14.8% annualized adjusted net operating income return on average tangible equity represents another solid result from our low volatility business model."
Liabilities outpace assets growthTotal assets increased 14.71 percent or $309.25 million to $2,411.32 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,703.06 million as on Mar. 31, 2017, up 21.95 percent or $306.56 million from year-ago. Return on assets stood at 0.85 percent in the quarter, up 0.14 from 0.71 percent in the last year period. At the same time, return on equity was at 2.60 percent in the quarter, up 0.79 from 1.82 percent in the last year period.
Investments increase substantiallyInvestments stood at $1,363.45 million as on Mar. 31, 2017, up 25.69 percent or $278.67 million from year-ago. Meanwhile, yield on investments went up 19 basis points to 1.23 percent in the quarter. Total debt was stable over the past one year at $192.36 million on Mar. 31, 2017. Shareholders equity was almost stable over the past one year at $708.26 million on Mar. 31, 2017. As a result, debt to equity ratio was almost stable at 0.27 percent in the quarter, when compared with the last year period.
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