Maiden Holdings, Ltd (MHLD) has reported a 42.92 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $40.85 million, or $0.40 a share in the quarter, compared with $28.58 million, or $0.30 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $30.20 million, or $0.39 a share compared with $25.76 million or $0.34 a share, a year ago.
Revenue during the quarter grew 6.41 percent to $738.19 million from $693.70 million in the previous year period. Net premium earned for the quarter increased 6.04 percent or $39.76 million to $698.28 million. During the quarter, the company has written premium worth $690.65 million on net basis, up 15.27 percent or $91.50 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $690.41 million, or 98.87 percent of premium earned from $658.26 million or 99.96 percent of premium earned in the last year period. Operating income for the quarter was $47.78 million, compared with $35.43 million in the previous year period.
However, the adjusted operating income for the quarter stood at $47.78 million compared to $35.43 million in the prior year period. At the same time, adjusted operating margin improved 136 basis points in the quarter to 6.47 percent from 5.11 percent in the last year period.
The company has recorded a gain on investments of $1.90 million in the quarter compared with a gain of $0.16 million for the previous year period.
Commenting on the Company's results, Art Raschbaum, chief executive officer of Maiden, said: “Maiden continued to deliver strong results with a year-over-year improvement in our combined ratio, double digit operating return on common equity, increased investment income, continued growth in book value and disciplined growth from virtually all business activities, despite an increasingly challenging operating environment with intensifying competition, as well as growing loss cost volatility. Maiden’s growth during the quarter emanated from existing client relationships and new business. Our recent rating upgrade from AM Best to A stable, will further strengthen Maiden's unique value proposition to our clients and prospects.”
Assets outpace liabilities growth
Total assets increased 12.36 percent or $711.46 million to $6,467.96 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,911.60 million as on Sep. 30, 2016, up 8.31 percent or $376.88 million from year-ago.
Return on assets stood at 0.63 percent in the quarter, up 0.01 from 0.62 percent in the last year period. At the same time, return on equity was at 2.05 percent in the quarter, up 0.20 from 1.84 percent in the last year period.
Investments move up
Investments stood at $4,520.58 million as on Sep. 30, 2016, up 15.66 percent or $612.09 million from year-ago.
Meanwhile, reinsurance recoverables moved up 4.25 percent or $3.95 million over the year to $97.07 million on Sep. 30, 2016.
Total debt was at $351.33 million as on Sep. 30, 2016, down 2.41 percent or $8.67 million from year-ago. Shareholders equity stood at $1,556.36 million as on Sep. 30, 2016, up 27.38 percent or $334.58 million from year-ago. As a result, debt to equity ratio went down 7 basis points to 0.23 percent in the quarter from 0.29 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
