The Navigators Group, Inc (NAVG) has reported 20.94 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $22.01 million, or $1.46 a share in the quarter, compared with $18.20 million, or $1.23 a share for the same period last year. Revenue during the quarter grew 13.84 percent to $305.29 million from $268.18 million in the previous year period.
Total expenses move up
Operating loss for the quarter was $142.90 million, compared with an operating loss of $119.62 million in the previous year period. Net investment income was at $19.88 million for the quarter, up 14.41 percent or $2.50 million from year-ago period. The company has recorded a gain on investments of $1.59 million in the quarter compared with a loss of $0.76 million for the previous year period.
Stan Galanski, President and Chief Executive Officer, commented, “We are very pleased with our third quarter results. It is our 15th consecutive quarter of profitable underwriting results with net income up 20.9% from third quarter 2015 and a healthy combined ratio of 95.6%. Our investment portfolio performed well, with net investment income up 14.4% over third quarter 2015. Premium growth remained strong, with net written premium up nearly 10% for the quarter. Encouragingly, non-commission operating expenses were about flat with the third quarter of 2015, reflecting our efforts to control operating costs. Book value per share increased to $82.71 and was up nearly 9% from year end.”
Assets outpace liabilities growth
Total assets increased 6.55 percent or $300.87 million to $4,897.40 million on Sep. 30, 2016. On the other hand, total liabilities were at $3,693.12 million as on Sep. 30, 2016, up 4.93 percent or $173.44 million from year-ago. Return on assets stood at 0.53 percent in the quarter, up 0.05 from 0.48 percent in the last year period. At the same time, return on equity was at 1.83 percent in the quarter, up 0.14 from 1.69 percent in the last year period.
Investments move up
Investments stood at $3,139.39 million as on Sep. 30, 2016, up 8.07 percent or $234.33 million from year-ago. Meanwhile, yield on investments went up 4 basis points to 0.63 percent in the quarter. Total debt was almost stable over the past one year at $263.69 million on Sep. 30, 2016. Shareholders equity stood at $1,204.28 million as on Sep. 30, 2016, up 11.83 percent or $127.43 million from year-ago. As a result, debt to equity ratio went down 3 basis points to 0.22 percent in the quarter from 0.24 percent in the last year period.
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