The Navigators Group, Inc. (NAVG) has reported 21.69 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $21.59 million, or $0.71 a share in the quarter, compared with $17.74 million, or $0.59 a share for the same period last year. On an adjusted basis, net profit for the quarter was $17.70 million, when compared with $16.41 million in the last year period. Revenue during the quarter grew 13.94 percent to $310.04 million from $272.11 million in the previous year period.
Total expenses move upNet investment income was at $20.11 million for the quarter, up 8.69 percent or $1.61 million from year-ago period. The company has recorded a gain on investments of $4.04 million in the quarter compared with a loss of $2.08 million for the previous year period. Stan Galanski, president and chief executive officer, commented, "We are pleased to report profitable results for the fourth quarter and full year, led by strong performances in our U.S. Insurance and Global Reinsurance segments. While our International Insurance segment was adversely impacted by property loss activity during the fourth quarter and full year, largely emanating from North American exposures underwritten at Lloyd’s, our Marine and Professional Liability businesses within the segment were profitable. Premium growth remained strong, with Net written premium up 15.6% for the quarter and 13.6% for the full year, reflecting the ongoing development of more recent product initiatives. Net investment income was up 8.7% for the quarter and 15.6% for the full year while maintaining the portfolio’s credit quality." Mr. Galanski continued, "While we are a growing company, we continue to emphasize cost control. Our Other operating expenses for the quarter were down 1.9% and up only 4.7% for the full year, which is well below our rate of revenue growth. Despite challenging market conditions, we continue to execute on a strategy built around our culture of underwriting excellence, local decision-making and superb customer experiences."
Assets outpace liabilities growthTotal assets increased 5.02 percent or $230.03 million to $4,814.04 million on Dec. 31, 2016. On the other hand, total liabilities were at $3,635.85 million as on Dec. 31, 2016, up 4.24 percent or $147.99 million from year-ago. Return on assets stood at 0.53 percent in the quarter, up 0.06 from 0.47 percent in the last year period. At the same time, return on equity was at 1.83 percent in the quarter, up 0.21 from 1.62 percent in the last year period.
Investments move upInvestments stood at $3,130.52 million as on Dec. 31, 2016, up 6.58 percent or $193.30 million from year-ago. Meanwhile, yield on investments went up 1 basis points to 0.64 percent in the quarter. Total debt was almost stable over the past one year at $263.73 million on Dec. 31, 2016. Shareholders equity stood at $1,178.19 million as on Dec. 31, 2016, up 7.48 percent or $82.04 million from year-ago. As a result, debt to equity ratio went down 2 basis points to 0.22 percent in the quarter from 0.24 percent in the last year period.
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